You made it!! Once you have your down payment and have qualified for a pre-approved mortgage (your credit score is in order and all documentation has been provided), you are ready to start searching for your perfect home. Your Mortgage Professional can give you recommendations for a realtor, if you don’t have one already.

CLOSING TIPS

• Clean up your debt and credit score. These two things will carry you through your financial life, so it is important to learn the right habits and put the work in now.
• Get pre-approved! It is worth it.
• Stick to your budget! You went through a lot of effort to prepare it, so don’t look at anything over your budget (even if that house has a REALLY great pool!).
• Don’t forget about closing costs and additional fees! Leave room in your purchase price for these things.
• Ask questions! Anything you are unfamiliar with or are uncomfortable with, ASK! That is what your Mortgage Professional and realtor are here for.

Angela Calla is a 16-year award-winning woman of influence and mortgage expert. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. She educates and empowers individuals on the “The Mortgage Show”, which she’s hosted for over a decade and is the best selling author of The Mortgage Code available on Amazon. All proceeds from her book sales are donated to Access Youth Outreach services, a local charity in our community supporting our youth. Additionally, in August of 2020 she surpassed $1 Billion dollars in funded personal mortgage volume at the young age of 37.

Angela leads by example with passion and conviction. She is known as an industry expert on TV and radio and the go-to source for publishers across the Country. She has even been known to sign the national anthem at sporting events! On top of all her achievements, Angela finds the time to be a loving wife and mother of two beautiful children.

For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or 604-939-8777.

The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent. The Bank is maintaining its extraordinary forward guidance, reinforced and supplemented by its quantitative easing (QE) program. The Bank is recalibrating the QE program to shift purchases towards longer-term bonds, which have more direct influence on the borrowing rates that are most important for households and businesses. At the same time, total purchases will be gradually reduced to at least $4 billion a week. The Governing Council judges that, with these combined adjustments, the QE program is providing at least as much monetary stimulus as before.

The global and Canadian economic outlooks have evolved largely as anticipated in the July Monetary Policy Report (MPR), with rapid expansions as economies reopened giving way to slower growth, despite considerable remaining excess capacity. Looking ahead, rising COVID-19 infections are likely to weigh on the economic outlook in many countries, and growth will continue to rely heavily on policy support.

In the United States, GDP growth rebounded strongly but appears to be slowing considerably. China’s economic output is back to pre-pandemic levels and its recovery continues to broaden. Emerging-market economies have been hit harder, especially those with severe outbreaks. The recovery in Europe is slowing amid mounting lockdowns. Overall, global GDP is projected to contract by about 4 percent in 2020 before growing by just over 4 ½ percent, on average, in 2021–22.

Oil prices remain about 30 percent below pre-pandemic levels. Meanwhile, non-energy commodity prices, on average, have more than fully recovered. Despite continued low oil prices, the Canadian dollar has appreciated since July, largely reflecting a broad-based depreciation of the US dollar.

In Canada, the rebound in employment and GDP was stronger than expected as the economy reopened through the summer. The economy is now transitioning to a more moderate recuperation phase. In the fourth quarter, growth is expected to slow markedly, due in part to rising COVID-19 case numbers. The economic effects of the pandemic are highly uneven across sectors and are particularly affecting low-income workers. Recognizing these challenges, governments have extended and modified business and income support programs.

After a decline of about 5 ½ percent in 2020, the Bank expects Canada’s economy to grow by almost 4 percent on average in 2021 and 2022. Growth will likely be choppy as domestic demand is influenced by the evolution of the virus and its impact on consumer and business confidence. Considering the likely long-lasting effects of the pandemic, the Bank has revised down its estimate of Canada’s potential growth over the projection horizon.

CPI inflation was at 0.5 percent in September and is expected to stay below the Bank’s target band of 1 to 3 percent until early 2021, largely due to low energy prices. Measures of core inflation are all below 2 percent, consistent with an economy where demand has fallen by more than supply. Inflation is expected to remain below target throughout the projection horizon.

As the economy recuperates, it will continue to require extraordinary monetary policy support. The Governing Council will hold the policy interest rate at the effective lower bound until economic slack is absorbed so that the 2 percent inflation target is sustainably achieved. In our current projection, this does not happen until into 2023. The Bank is continuing its QE program and recalibrating it as described above. The program will continue until the recovery is well underway. We are committed to providing the monetary policy stimulus needed to support the recovery and achieve the inflation objective.

PRESS RELEASE

Angela Calla is a 16-year award-winning woman of influence and mortgage expert. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. She educates and empowers individuals on the “The Mortgage Show”, which she’s hosted for over a decade and is the best selling author of The Mortgage Code available on Amazon. All proceeds from her book sales are donated to Access Youth Outreach services, a local charity in our community supporting our youth. Additionally, in August of 2020 she surpassed $1 Billion dollars in funded personal mortgage volume at the young age of 37.

Angela leads by example with passion and conviction. She is known as an industry expert on TV and radio and the go-to source for publishers across the Country. She has even been known to sign the national anthem at sporting events! On top of all her achievements, Angela finds the time to be a loving wife and mother of two beautiful children.

For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or 604-939-8777.

At 10 am eastern, the Bank of Canada made its nineth interest rate decision of the year. While the overnight rate did not change – it remains at just 0.25 percent, which is great news for borrowers – the Bank’s commentary about the outlook for Canada’s economy did.

In particular, the Bank announced it will hold its policy interest rate at what it calls the effective lower bound until economic slack is absorbed. In its current projection, the Bank does not expect this to happen until into 2023.

Assuming inflation does not rise to 2% on a sustainable basis, this could mean several more years of low borrowing rates.

To provide greater insight into this latest announcement, First National summarized the Bank’s statement here for easy reference.

Angela Calla is a 16-year award-winning woman of influence and mortgage expert. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. She educates and empowers individuals on the “The Mortgage Show”, which she’s hosted for over a decade and is the best selling author of The Mortgage Code available on Amazon. All proceeds from her book sales are donated to Access Youth Outreach services, a local charity in our community supporting our youth. Additionally, in August of 2020, she surpassed $1 Billion dollars in funded personal mortgage volume at the young age of 37.

Angela leads by example with passion and conviction. She is known as an industry expert on TV and radio and the go-to source for publishers across the Country. She has even been known to sing the national anthem at sporting events! On top of all her achievements, Angela finds the time to be a loving wife and mother of two beautiful children.

For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or 604-939-8777.

The previously known Genworth has changed its name to Sagen. They have re-branded to tell their story:

“Well for us, this was a great opportunity to do something we’d never done before… to tell our own story. After talking with our employees and customers during this brand renewal, we heard some pretty amazing things about our incredibly high service level, our thought leadership on industry developments and product development, and the fantastic teamwork demonstrated by our incredible staff. We knew that while our visuals would change, these qualities are part of our story and will live forever.

We’ve been one of Canada’s leading mortgage insurance providers for over 25 years and have helped millions of Canadians realize their dreams of homeownership. We are driven by a desire to be the most trusted provider for the lending community across Canada. We couldn’t be more proud of what we’ve accomplished so far but more importantly, the great things we’ll achieve in the future.”

Information about their transition can be found here.

Angela Calla is a 16-year award-winning woman of influence and mortgage expert. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. She educates and empowers individuals on the “The Mortgage Show”, which she’s hosted for over a decade and is the best selling author of The Mortgage Code available on Amazon. All proceeds from her book sales are donated to Access Youth Outreach services, a local charity in our community supporting our youth. Additionally, in August of 2020 she surpassed $1 Billion dollars in funded personal mortgage volume at the young age of 37.

Angela leads by example with passion and conviction. She is known as an industry expert on TV and radio and the go-to source for publishers across the Country. She has even been known to sign the national anthem at sporting events! On top of all her achievements, Angela finds the time to be a loving wife and mother of two beautiful children.

For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or 604-939-8777.

COVID-related Mortgage Deferrals are coming to an end.

What does this mean for me?

Your payments will return to normal and increase to include a portion of the deferred payment.

If you are back to work and have accumulated debt outside your mortgage, you may qualify to re-structure your existing mortgage so you can payout some higher interest debt and take out some extra equity to have an emergency fund handy should we see anything like this again.

If I am an landlord, what are my rights with my tenant?

Now that the emergency order is over, any deferred rent is due over an above regular rent and they have until July 10^th, 2021 to pay back outstanding rent installments.

Landlords will now have an option to report rent to the credit bureau as well. Landlords will be able to access this in the future to get a deeper picture of a tenant, and tenants will now have to carry less credit for mortgage approval which can help up to 33% of Canadians!

How do I protect myself moving forward if a financial or health emergency comes up?

We recommend setting up an auto payment plan that takes from the concept of “paying yourself first”. A simple pre-authorized debit into the proper investment vehicle will help you with taxes that are due from anyone who received CERB (tax bill is coming for that), as well as setting up an emergency fund.

Tax time and your mortgage:

How do we prepare and protect ourselves moving forward?

CERB is taxable so if you have your new budget in place to “pay yourself first” you will have a buffer for that and be ready.

If you have been working from home during this time, a portion of your mortgage may be tax deductible, along with any other funds used for an arms length investments.

How will lenders report deferrals moving forward?

Any payment deferrals made after the end of CERB will follow most lenders normal practice. While no more deferrals will be granted at this moment in time under the federally supported program, missed or differed payments required now, will show as late payments on your credit and will negatively impact your future costs of borrowing.

We highly recommend looking at other customized solutions (such as accessing your equity) if you have debt outside your mortgage or need an emergency fund.

Do I have all government grant available to me?

We’re in a time where it’s essential to be hands on with your finances.  In conjunction with your mortgage professional, a financial planner and/or accountant and ask them their recommended proactive steps – try to avoid just handing them a document package at the end of the year.

Be upfront about changes in your marital status, health, income changes, and any renovations done to your home. This will ensure you are all on the same page and protected no matter what life changes happen on your journey.

If you or a loved one are looking for guidance managing these changing times, we are always here to help. Reach out to us at hello@countoncalla.ca and we’ll put a plan in place to ensure you’re set up for success. You are not alone. ❤

Angela Calla is a 16-year award-winning woman of influence and mortgage expert. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. She educates and empowers individuals on the “The Mortgage Show”, which she’s hosted for over a decade and is the best selling author of The Mortgage Code available on Amazon. All proceeds from her book sales are donated to Access Youth Outreach services, a local charity in our community supporting our youth. Additionally, in August of 2020 she surpassed $1 Billion dollars in funded personal mortgage volume at the young age of 37.

Angela leads by example with passion and conviction. She is known as an industry expert on TV and radio and the go-to source for publishers across the Country. She has even been known to sign the national anthem at sporting events! On top of all her achievements, Angela finds the time to be a loving wife and mother of two beautiful children.

For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or 604-939-8777.