Angela Calla, AMP acalla@dominionlending.ca t: @angelacalla 604-802-3983

Angela Calla, AMP acalla@dominionlending.ca @angelacalla 604-802-3983

Rates, Rates, Rates… it’s what determines who has the best mortgage, right? WRONG! This is often what borrowers have been conditioned to believe to try to make a complex matter simple in today’s quest for simplicity.

Consider this: lenders are luring customers in their doors by offering slightly lower mortgage, only to make it up elsewhere (such as through unfavourable mortgage terms and fees).

On a $300,000 mortgage, the payment difference between 3.29% and 3.19% ( 10 basis points) only works out to a monthly savings of $16.21 – just $972.60 for an entire 5-year term.

By making one simple shift in how you set your payments up when taking the 3.29% rate, you can actually take 4.6 years off the life of your mortgage – saving you $70,660.62 off the top instead of taking the lower “rate” – as the “terms” are set up in your best interest.

If you simply took the lower ”rate” due to not knowing the “terms”, you could actually end up paying $6,695.59 more than had you opted for the slightly higher rate product that included more suitable terms. These lower rates also come equipped with added fees and unfavourable terms such as prepayment penalties, legal and discharge costs, appraisal costs and portability/blending restrictions.

Remember your AMP works in your best interest and not the lender’s. We make recommendations without bias as we’re compensated equally regardless of whether we place your mortgage with a  bank, trust company or credit union. We are here through the life of your mortgage and we believe in empowering Canadian borrowers to make financially literate decisions so you understand how the recommended mortgage works in your favour based on ALL the TERMS – and bring you closer to mortgage freedom.

Angela Calla is Host of The Mortgage Show on CKNW Saturdays @ 7pm One of Canada’s top Mortgage Experts and AMP of the Year in 2009 by Caamp she can be reached at 604-802-3983 or acalla@dominionlending.ca t: @angelacalla

Lenders offer great options for a short period of time (all the time not just at this point in time), as we see below in the article from Reuters todays market is no exception. Working with us we ensure you have the best option not only when you first get a mortgage but throughout the entire term of you having a mortgage, so you can use any market to your advantage. Our service is free and without bias as we are compensated equally regardless of where we place your mortgage. Contact us for your rate hold today at callateam@dominionlending.ca

(Reuters) – Canada’s big banks, which entered a mini-price war on mortgages last month, are now raising their rates ahead of schedule, due to higher costs that make the cheap mortgages more expensive to fund.

Royal Bank of Canada (RY.TO) and Toronto-Dominion Bank (TD.TO), which had offered a record-low rate of 2.99 percent on a four-year mortgage, said on Wednesday they were cancelling the offer, well ahead of the original expiry date of February 29th.

TD’s lowest rate on a four-year mortgage is now 3.39 percent, it said.

Bank of Nova Scotia (BNS.TO) followed suit on Thursday, while a Canadian Imperial Bank of Commerce (CM.TO) spokesman said the bank would likely adjust rates on Friday.

The moves underscore how nervous the banks have become about narrow margins in their consumer lending portfolios. Bond yields have begun to inch higher from historically low levels in December. Banks typically issue bonds to fund their mortgage lending.

“Our long term funding costs have gone up considerably due to global economic concerns, and while we have held off in passing on these rate changes to our clients, it is now necessary for us to increase this mortgage rate,” said RBC spokesman Matt Gierasimczuk.

Analysts say the banks will struggle to increase earnings this year due to low rates, which narrow the margins on loans.

While they can partially compensate for that by raising lending volumes, the Bank of Canada and the federal Finance Department have been warning Canadians to lower their already-high debt levels.

Bank of Montreal (BMO.TO) kicked off the price war when it announced a two-week offer of a record-low 2.99 percent 5-year mortgage in mid-January.

The move to cut rates drew criticism as it came just days after bank CEOs had warned of the possibility of a housing bubble in certain regions across the country.

(Reporting by Cameron French; editing by Rob Wilson)

Angela Calla can help you get the best mortgage options and ensuring you have a rate hold in place contact her at 604-802-3983 or callateam@dominionlending.ca @angelacalla

If you make $15 dollars and hour full time, you can own a home in these 5 hot spots

1. Coquitlam

2. Port Coquitlam

3. Surrey (has enough jobs for the housing avaliable)

4. Langley

5. Delta

You can purchase up to a 2 bedroom apartment in these areas and there are approximatly 350 homes avaliable in this category. With the monthly cost including taxes and maintenence fees of these examples of approx $1100 a month, that’s lower than the average rent in some places. Although this won’t be an option for all, some people will be pleasantly surprised these deals really do exist.

To get pre approved to learn about your options at no cost to you, and get a full list of avaliable properties in this range and area email me at acalla@dominionlending.ca or call 604-802-3983

Angela Calla, AMP Dominion Lending Centres

Vancouver is the world’s second-least affordable major city to buy a house, according to an annual survey of global housing markets.

The Eighth Annual Demographia International Housing Affordability Survey covers 325 metropolitan markets around the world.

It measures the markets using something called the “median multiple,” which is the median house price divided by gross annual median household income.

The study comes as Canadian banks worry about the state of the market and economists suggest prices could drop by as much as 10 per cent in cities such as Vancouver and Toronto.

Canada was the third most affordable market, behind the United States and Ireland. The markets that were surveyed were Australia, Canada, China (Hong Kong), Ireland, United Kingdom and the United States.

The report suggests the country is actually a very affordable place to own a home. There’s a catch, of course. It depends where you buy. And it’s a big country.

At 10.6 – with prices at $678,500 and incomes at $63,800 – Vancouver comes second only to Hong Kong in the major market category (cities over one million population), which has a rating of 12.6 ($3.1-million median house price, with income at $249,000).

Toronto sits in 18th place ($406,400/$73,600), sandwiched between Boston and Los Angeles with a rating of 5.5.

Montreal is the world’s 23rd least affordable market, with a rating of 5.1 ($281,700/$54,700).

“Canada’s Median Multiple was 3.5, indicating slightly deteriorating housing performance from last year’s 3.4,” the report states.

“All of the 128 affordable markets (having a Median Multiple of 3.0 or below) were in Ireland, Canada and the United States. There were 117 affordable markets in the United States and nine affordable markets in Canada and two affordable markets in Ireland.”

There were no affordable markets in Australia, New Zealand or the United Kingdom.

“The 87 moderately unaffordable markets were divided between the United States (64), Canada (19), Ireland (3) and the United Kingdom (1). There were no moderately unaffordable markets in Australia or New Zealand.”

The report said the world’s least affordable markets all had something in common – “each of the least affordable markets were characterized by more restrictive land-use regulations which materially increases the price of land and makes housing less affordable.”

The most affordable major market in the world was Detroit, with a multiple of 1.4 ($66,500/$48,700).

Over all, Windsor was the most affordable Canadian city of any size, with a ratio of 2.2 ($149,900/ $67,900).

Courtesy of the Globe and Mail

Angela Calla, AMP

Dominion Lending Centres 604-802-3983 callateam@dominionlending.ca

Good Afternoon,

I thought I would share with you my involvement in the OWN’s show Million Dollar Neighbourhood, which begins airing in late January.

I had the opportunity to be involved with Episode 4 where the hundred families came together to put together a charity “Wine and Dine event” with celebrity Chef Anthony Sedleck in one short week with the goal of raising $100,000.

Here is the trailer for the show, and I hope you can tune in Feb 12^th 2012 to see the results of the episode: http://ownca.oprah.com/videos.aspx?vid=1323832461001

These families’ journey has been amazing, and they have been given some great tools and guidance to improve their financial literacy. I feel grateful to be one of their guests.

Angela Calla, AMP
Mortgage Expert
Host of “The Mortgage Show” on CKNW AM980 Saturdays at 7pm

Enjoy the link below with these helpful tips

http://www.rebgv.org/sites/default/files/Top%2026%20Grants%20and%20Rebates%20-%20Updated%20January%2010,%202012.pdf

Angela Calla, AMP Dominion Lending Centres 604-802-3983 acalla@dominionlending.ca

Good Morning,

No surprises here, prime remains the same the full press release can be viewed here http://www.bankofcanada.ca/publications-research/press-releases/

What is making news is we finally have longer term fixed rates below prime at 2.99%, various lenders have different policies and conditions on this offer, which may or may not be worth it for you and as independent mortgage brokers we can show you which lender has the best option and terms for you without bias.

Jim and Linda of Port Moody reviewed their mortgage this week and the details were as follows:

Old Mortgage: $300,000                                                New Mortgage of $310,000 ( to include the penalty and legal fee’s)

                                4.25% 25 year amortization        2.99% 25 year amortization

                                Monthly Payment $1619           Monthly Payment $1466

Savings $153 a month and when applied to the mortgage it saved them $18,841.95 in interest alone AND took 3 years off the life of their mortgage

If you or anyone that you care about would like to see if this could do the same for them, we are here to help personally and work towards making 2012 your best money saving year

 Contact us at: 604-802-3983 or acalla@dominionlending.ca

Always here to help, have a great week.

Angela Calla, AMP
Mortgage Expert
Host of “The Mortgage Show” on CKNW AM980 Saturdays at 7pm

Divorce your mortgage and debts

 If you’re carrying a mortgage with an interest rate higher than 4% or debts that are costing you more than $300 a month, it’s time to divorce your debts with a new mortgage restructure.

Let’s face it, you’re not only in a partnership with your spouse or significant other, but also the debts that you have could easily outlive your marriage or life. With 6 out of 10 Canadians living paycheque to paycheque, one little change or short hours in a pay period could really have an impact on your finances!

The good news is that, in today’s market – and thanks to historically low interest rates – it has never been easier to divorce your mortgage and debts.

 Let me show you how to make 2012 your year to reduce debt!

 Mortgage Divorce: Out with the Old

 Example: $300,000 mortgage with a 35-year amortization

.               2007 average 5-year fixed interest rate: 5.89%

Restructured Mortgage: In with the New

2011 average: 3.39%

.               An interest rate of 3.39% = a $1,325 monthly mortgage payment

.               An interest rate of 5.89% = a $1,764 monthly mortgage payment

.               This translates into a $439 monthly savings or $5,368 more in your

pocket each year!

.               It also means taking more than 10 years off the length of your

mortgage

.               To earn an extra $439 per month net (after taxes) at a $20 an hour

job, you have to work three days

 Debt Divorce

The minimum payment on a $10,000 loan should be $300, but for some loans (the most profitable for the lenders – that’s why they tend to also be easy to access) they can be as low as $10. This will last longer than most marriages – and lives for that matter. This would take to 70 years to pay off with more than $100,000 in interest for the original $10,000 loan. If you add that time period to your current age, it sure doesn’t feel empowering – even if you’re only 20!

With the new proper “relationship” with your mortgage and debts, using the same example above, you can increase your monthly payment with a new mortgage structure (still saving more than $300 a month) and be debt free a decade earlier!

This is a divorce where you won’t have child or spousal support, and it will actually add quality years to your life with you family.

Angela Calla, AMP

Dominion Lending Centres-Angela Calla

AMP of the Year in 2009

Host of ” The Mortgage Show” Saturdays @ 7pm on CKNW AM980 Phone : 604-802-3983 Fax: 604-939-8795

Email: acalla@dominionlending.ca

www.angelacalla.ca