Budgeting during our state of emergency

General Angela Calla 7 Apr

During these times I wanted to offer you a worksheet (in a Printable PDF or Editable Spreadsheet) while people are going through the budgeting process and evaluating their financials as a tool to help empower you.

Before you look at this sheet here are some basics and links I wanted to bring to your attention to help you preserve cash.

While you go through this please note here are some helpful links:

Applying for EI

Numbers for Lenders for mortgage payment deferral

Other options to potentially delay payments

Information for Landlords 

Property Taxes

Hydro

Car Loans Insurance Premiums (Personal, Car, Life)

There are currently no deferral systems in place for strata payments but you can learn about the best way to manage your meetings.

How to manage Strata meetings during COVID-19

You may also want to consider going through your credit card and bank statements for subscriptions, expenses and charity donations you believe are no longer necessary. This could potentially free up a sizeable amount of income.

Feel free to share this with anyone you believe could benefit! We’re here to help.

Do you have outside debt? Want to take a mortgage for a test drive? Email us at callateam@dominionlending.ca

Angela Calla is a 16-year award-winning woman of influence mortgage expert. Alongside her team, passionately assisting mortgage holders to get the best mortgage, and educating them on The Mortgage Show on CKNW for over a decade and through her best-selling book The Mortgage Code available on Amazon. To purchase the book click here: The Mortgage Code. Proceeds from all sales will be donated to Access Youth Outreach Services. Angela can be reached at callateam@dominionlending.ca or 604-802-3983.

Information for renters and landlords during COVID-19

Latest News Angela Calla 7 Apr

The B.C. government reassures renters they will not be evicted if they cannot pay rent during the state of emergency related to novel coronavirus (COVID-19). As announced on March 25, 2020, the Province has halted evictions during the COVID-19 crisis.

To support renters who are facing a loss of income during the pandemic, a new Temporary Rental Supplement (TRS) will also offer up to $500 a month to help renters pay part of their rent and help ensure landlords continue to receive at least some rental income right now. More information about this program will be available by mid-April 2020. While the program will launch later this month, qualified tenants will be able to receive supplemental rent support for April, May and June 2020. This supplement is in addition to funding available from the federal government and the $1,000 B.C. Emergency Benefit for Workers.

There are existing programs for renters, such as Shelter Aid for Elderly Renters (SAFER) and the Rental Assistance Program (RAP).

More information on these programs is available online.

In response to the challenges posed by the current crisis, there are also programs available from the federal government online.

While the rental supplement is designed to help renters pay their rent during this emergency, renters will be responsible for any outstanding rent owing after the state of emergency has ended.

Renters who are not experiencing financial hardship should still pay their rent. Tenants who are able to make even a partial rent payment are encouraged to do so.

The people providing rental housing rely on rent payments to pay for their utilities, mortgages and other bills related to the rental property. If renters are unable to pay the full rent or need more time, they are encouraged to inform their landlord and to apply for the supplement and other support programs.

People interested in the new TRS program should monitor the BC Housing website for details on eligibility, the application process and other steps. This information will be posted on this website in the coming weeks.

To protect both renters and landlords during this time, the Province has frozen rent increases for existing tenants, allowed landlords to restrict the use of common areas by tenants or guests to protect against the transmission of COVID-19, and given renters the right to control who enters their units, except in emergency circumstances. These measures and others are outlined in the March 25, 2020, announcement.

Renters and landlords are encouraged to do their best to come to mutual solutions during the pandemic. People with specific questions should contact the Residential Tenancy Branch.

For translations and further info please visit the BC Government Website.

 

Landlord BC is comprised of passionate professionals and industry experts, BC’s top resource for owners and managers of rental housing, a member-driven professional association leading the rental housing industry in BC, over 3,300 members strong. Their members include property owners, property managers with purpose-built rentals, secondary suites, and investment properties. Passionate about making members jobs easier, legislation clearer, and the rental housing market better for everyone.

 

Angela Calla is a 16-year award-winning woman of influence mortgage expert. Alongside her team, passionately assisting mortgage holders to get the best mortgage, and educating them on The Mortgage Show on CKNW for over a decade and through her best-selling book The Mortgage Code available on Amazon. To purchase the book click here: The Mortgage Code. Proceeds from all sales will be donated to Access Youth Outreach Services. Angela can be reached at callateam@dominionlending.ca or 604-802-3983.

Register for our Webinar on Mortgage Clarity

General Angela Calla 6 Apr

Looking for some Mortgage Clarity during these challenging times? Join us for Angela Calla’s Webinar with the Tri-Cities Chamber of Commerce.

Register here

 

Angela Calla is a 16 year award-winning woman of influence mortgage expert. Alongside her team, passionately assisting mortgage holders get the best mortgage, and educating them on The Mortgage Show on CKNW for over a decade and through her best-selling book The Mortgage Code available on Amazon. To purchase the book click here: The Mortgage Code. Proceeds from all sales will be donated to Access Youth Outreach Services. Angela can be reached at callateam@dominionlending.ca or 604-802-3983.

Summary of Canada’s Emergency Benefits

General Angela Calla 6 Apr

Here is a summary of Canada’s emergency benefits.  Today is the day you are able to begin applying.   Although they are asking us to stagger the applications based on your month of birth.

𝗥𝗘𝗦𝗢𝗨𝗥𝗖𝗘𝗦 𝗢𝗙 𝗖𝗢𝗩𝗜𝗗-𝟭𝟵

𝗛𝗼𝘄 𝗧𝗼 𝗔𝗽𝗽𝗹𝘆 𝗙𝗼𝗿 𝗘𝗜 & 𝗖𝗢𝗩𝗜𝗗-𝟭𝟵 𝗥𝗲𝗹𝗮𝘁𝗲𝗱 𝗕𝗲𝗻𝗲𝗳𝗶𝘁𝘀

EMPLOYMENT INSURANCE

EMERGENCY SUPPORT BENEFIT

EMERGENCY INSURANCE SICKNESS BENEFIT

EMERGENCY CARE BENEFIT

NEED MORTGAGE HELP?

CHILD CARE BENEFITS

𝗦𝗨𝗣𝗣𝗢𝗥𝗧𝗜𝗡𝗚 𝗥𝗘𝗡𝗧𝗘𝗥𝗦, 𝗟𝗔𝗡𝗗𝗟𝗢𝗥𝗗𝗦 𝗗𝗨𝗥𝗜𝗡𝗚 𝗖𝗢𝗩𝗜𝗗-𝟭𝟵

TAX DEADLINE

𝗗𝗲𝗱𝗶𝗰𝗮𝘁𝗲𝗱 𝗘𝗜 𝗣𝗵𝗼𝗻𝗲 𝗟𝗶𝗻𝗲: 1-833-381-2725

𝗖𝗮𝗻𝗮𝗱𝗮’𝘀 𝗖𝗢𝗩𝗜𝗗-𝟭𝟵 𝗘𝗰𝗼𝗻𝗼𝗺𝗶𝗰 𝗥𝗲𝘀𝗽𝗼𝗻𝘀𝗲 𝗣𝗹𝗮𝗻

𝗖𝗢𝗩𝗜𝗗-𝟭𝟵 𝗕𝗖 𝗦𝘂𝗽𝗽𝗼𝗿𝘁 𝗔𝗽𝗽 𝗮𝗻𝗱 𝗦𝗲𝗹𝗳-𝗔𝘀𝘀𝗲𝘀𝘀𝗺𝗲𝗻𝘁 𝗧𝗼𝗼𝗹

Supporting Families During COVID-19: Child Mind Institute

COVID-19 Action Plan: B.C.’s first steps to support people, businesses

Protecting jobs during difficult times

COVID-19 Provincial Support and Information

ICBC allowing drivers to put off payments for 90 days, renew licences by phone

Tips for managing anxiety during the COVID-19 pandemic

𝗧𝗥𝗔𝗩𝗘𝗟 𝗔𝗗𝗩𝗜𝗦𝗢𝗥𝗜𝗘𝗦 – 𝗖𝗔𝗡𝗔𝗗𝗔

𝗧𝗥𝗔𝗩𝗘𝗟, 𝗩𝗜𝗦𝗔 𝗔𝗗𝗩𝗜𝗦𝗢𝗥𝗜𝗘𝗦 𝗔𝗡𝗗 𝗨𝗣𝗗𝗔𝗧𝗘𝗦 – 𝗜𝗡𝗗𝗜𝗔

 

Non-medical Questions

📞 Call 1-888-COVID19

📱 Text 604-630-0300

 

Medical Questions only

🏥 Call 8-1-1

 

Angela Calla is a 16 year award-winning woman of influence mortgage expert. Alongside her team, passionately assisting mortgage holders get the best mortgage, and educating them on The Mortgage Show on CKNW for over a decade and through her best-selling book The Mortgage Code available on Amazon. To purchase the book click here: The Mortgage Code. Proceeds from all sales will be donated to Access Youth Outreach Services. Angela can be reached at callateam@dominionlending.ca or 604-802-3983.

B.C.’s new rental support measures leave landlords in lurch

General Angela Calla 2 Apr

A B.C. emergency-response rental package that could balloon above $1 billion over the next 90 days will leave landlords exposed to huge losses, according to agents and LandlordBC.

Tenant advocates are openly wondering if it even makes sense to pay rent.

In a response to the COVID-19 crisis, the March 25 announcement by the provincial government will end virtually all rental evictions – including those currently in process – freeze rental increases, and pay $500 direct to landlords to help tenants battling job and income losses over the next three months.

Read more here: Business in Vancouver

Angela Calla is a 16 year award-winning woman of influence mortgage expert. Alongside her team, passionately assisting mortgage holders get the best mortgage, and educating them on The Mortgage Show on CKNW for over a decade and through her best-selling book The Mortgage Code available on Amazon. To purchase the book click here: The Mortgage Code. Proceeds from all sales will be donated to Access Youth Outreach Services. Angela can be reached at callateam@dominionlending.ca or 604-802-3983.

Another Emergency Decrease from The Bank of Canada

General Angela Calla 27 Mar

We hope you are staying healthy and safe during these changing times.  This morning the Bank of Canada reduced it’s prime rate by .50 basis points.

Here is the full report and the need-to-know facts:  Bank of Canada

Next week we will learn what will be passed along to consumers – banks are all working together on liquidity and several other factors so this will be a wait and see scenario.  If you have a variable rate mortgage enjoy the discount.  Now is NOT the time to lock in.  It could be awhile until you see the benefit of that as each lender has different policies, rest assured any discount that is applicable with your mortgage you will receive.

We often get asked, with all these cuts, should I break my fixed rate mortgage and go variable? Now is not that snapshot in time and here’s why.  Lenders have eliminated their discounts off prime and the fixed rates today are better based on the math at this time.  Only if you have a mortgage over 3.5 percent, want to access equity to pay out higher interest rate loans or if you are still working, you can access equity to put aside an emergency fund.

The Bank of Canada does not impact fixed rates, fixed rates are rising due to liquidity with reduced deposits on hand and adapting to deferrals.

If you have a renewal coming up or need to make a purchase – get a rate hold in place, then you can watch the market and decide.  Once this is all behind us, many economists are predicting the fixed rates should dip down a bit.  Only time will tell.

Not only do bonds impact fixed rates, but so does liquidity and cost of adapting to the present circumstances.  With deposits lower with business shutting down and over 1 million people applying for EI last week alone, the banks don’t have as much deposits coming in and that’s why we have seen the cuts we have and other easing measures such as bond buy back etc.

Other changes this week include:

Scotiabank coming out to say they will now allow deferral on up to 4 properties regardless of occupancy – Scotiabank customers must contact Scotiabank directly for this Assistance for renters from BC housing for $500.00 (more on this at https://www.facebook.com/angelacallamortgageteam/).  More to come on this Emergency Relief Fund for EI Insurers have banned together for purchases in the works prior to pandemic that are closing prior to Sept. 2020 (ACMT – Income Temporarily Interrupted).

Please reach out to us with any questions for you or someone you care about. Our response may be delayed, and our answers may change daily, however you can count on us to help anyway we possibly can. We will get through this together.  callateam@dominionlending.ca

What You Need to Know About Deferring Mortgage Payments

General Angela Calla 27 Mar

Since the banks announced that homeowners struggling in the COVID-19 pandemic could defer mortgage payments for up to six months, more than a million Canadians are reported to have tried to take up the offer.

But with phone lines jammed, and websites unable to process applications that are assessed on a case-by-case basis, many homeowners looking for a deferral or seeking answers have had little success.

Confusion reigns over what makes a homeowner eligible for an emergency deferral, how the program works, whether interest is payable and whether deferring payments will affect credit scores. Unfortunately, with the situation changing on a daily basis, and lenders forced to make up rules as they go, it has been impossible for most people to get any information.

To clear up some of these issues, Glacier Media Real Estate spoke with five mortgage experts who offered their insights and advice on some frequently asked questions.

Read more here:  Western Investor

Angela Calla is a 16 year award-winning woman of influence mortgage expert. Alongside her team, passionately assisting mortgage holders get the best mortgage, and educating them on The Mortgage Show on CKNW for over a decade and through her best-selling book The Mortgage Code available on Amazon. To purchase the book click here: The Mortgage Code. Proceeds from all sales will be donated to Access Youth Outreach Services. Angela can be reached at callateam@dominionlending.ca or 604-802-3983.

COVID-19 – Borrowers with Income Temporarily Interrupted

General Angela Calla 25 Mar

I hope everyone is staying safe and keeping peace of mind.  During this time, I am receiving a lot of requests for clarification on how lenders are  we dealing with applications where clients income has unfortunately been interrupted. While most lenders will likely follow this for insured files its important you confirm directly with your mortgage broker.

Below is an update with a little more clarity on income guidelines we received through one of you lender partners MCAP.
The good news is that all 3 insurers have unified and issued a position on the pipeline for deals submitted and approved as of today.
Therefore on those transactions we can be confident to say we are following insurers guidelines for deals up until March 25th.

INSURED/INSURABLE & UNISURABLE PURCHASE (30yr/$1M+) DEALS – unified strategy from insurers:

In light of the current environment related to COVID-19, we understand that certain borrowers may have had income temporarily interrupted that may be in the midst of the home-buying process. The Mortgage Insurers have collaborated to provide further guidance on the treatment of applications for these situations currently in the pipeline as noted below.

Where a Lender has been advised that a borrower with a previously approved application is experiencing income disruption due to COVID-19 and the borrower still wants to move ahead with the application, the Mortgage Insurer will maintain its previous approval provided all the following conditions are met:

  •              The application was approved as of March 25, 2020
  •              The borrower has entered into a legal binding purchase and sale agreement and waived financing conditions as of March 25, 2020
  •              The closing date is on or before September 30, 2020

In such cases, the Lender will maintain the previously provided income that was originally used to qualify the mortgage insurance application. The Lender must continue to complete appropriate income/employment confirmation (based on the income/employment prior to the interruption) and document their file accordingly.

If the situation does not fall into the criteria above, Lenders should adjudicate the file based on the current income situation.  Exceptions may be considered on a case-by-case basis, the Lender should refer the application to the Mortgage Insurer for further assessment.

If you have any further questions, we are here to help guide and assist you.

Angela Calla is a 16 year award-winning woman of influence mortgage expert. Alongside her team, passionately assisting mortgage holders get the best mortgage, and educating them on The Mortgage Show on CKNW for over a decade and through her best-selling book The Mortgage Code available on Amazon. To purchase the book click here: The Mortgage Code. Proceeds from all sales will be donated to Access Youth Outreach Services. Angela can be reached at callateam@dominionlending.ca or 604-802-3983.

COVID-19 Mortgage Updates- Common Questions Answered

General Angela Calla 23 Mar

Hopefully, you are doing well during these uncertain times.  We hope you have been receiving our ongoing communications we sent last week with the lender’s numbers and up-to-the-moment updates as they become available through our Facebook page.  While response times are delayed, I wanted to take a moment to answer some common questions to help you with clarity as much as we possible can.

What is a mortgage deferral?

A mortgage deferral, if approved, allows you to delay the payments for the time granted, and done on a case by case basis.  These vary greatly and is based solely on the decision from the lender.  We have seen approvals between one and six months, with extended delay times for approval.

What happens during the deferral period?

Although you won’t be obligated to make the principal and interest payment, you will be required to continue to pay for your mortgage insurance (if you have it – critical illness/death) and property tax portions should the lender be collecting on your behalf.

How does it work?

Once the deferment is over your payment will increase to be higher and ON TOP of your regular payments. The amount will be added to each payment remaining on the term. The longer the deferral the higher your payments will be after the deferral period.

Who qualifies?

As of this moment, only those who DO NOT have the ability to work or make payments as a result of COVID-19.  Anyone who is still employed at this time will not qualify.

What about rental property mortgages?

Deferrals in general are not being approved on rentals at this time.  If /when they are, it will come with additional costs for the landlord as noted above once determined.  Landlord BC is working on a rent bank and details are expected later this week.

What about my secured line of credit?

Experience has demonstrated lenders are increasing their spreads based rates on variable rate mortgages for secured lines of credit.  If you have one that is drawn, we will want to look at locking that into either a fixed rate or variable rate mortgage.  If you are still employed, it might be worth refinancing at today’s low rates into one whole new mortgage.

My employment is secure, and I am working throughout this pandemic, what can I do to be proactive and protect myself?

If you don’t presently have six months of living expenses set aside and you are still employed, this would be the time to take out some equity for emergency funds.

My parents/grandparents (over 55) lost money in the stock market and I’m worried about them having the cashflow they need.

A reverse mortgage will allow them to access their equity in a lump sum, or monthly payment or combination of the two.  As a reverse mortgage is not viewed as income. They will still receive any entitled pensions and not have to take further losses in the stock market if that’s how they were drawing their living expenses.  They will not have to traditionally income qualify, they will make no monthly payments and have access to there equity, this is a way better alternative then utilizing high interest rate credit cards to get by.

Please reach out to us with any questions to callateam@dominionlending.ca and while our responses will be delayed and we may not have all the answers, we will always do anything we can to help at our earliest opportunity.

Stay healthy and safe

Angela Calla Mortgage Team

DEFERRING MORTGAGE PAYMENT UPDATE

General Angela Calla 23 Mar

We hope that you’re staying healthy through these changing times.  It’s business as usual here at our office and the lenders have all been communicating with us that their policies are changing rapidly and they are working very hard to reduce wait times.   They are doing everything they can to assist everyone.  The current wait times are 4 hours on the phone on average and 3-5 business days for further approval. They hope to shorten this response time and are working on systems to become more efficient.

We are also placing updates on our Facebook Page:https://www.facebook.com/angelacallamortgageteam/

We were sent the information below that will help you with the process.  Here is what you can expect to be asked and what to have handy to reduce wait times:

  1. Were you laid off in an industry directly impacted by COVID-19?

Customers who have had the income directly impacted by COVID-19 and need immediate assistance because they are unable to make their mortgage payments should contact us. These customers will be offered up to 6 months payment relief.

  1. Were you laid off in an industry NOT directly impacted by COVID-19 (i.e banks)?

They may request additional information & confirm the lay-off so have that information ready. They are prepared to work on a solution that may include up to 6 months of payment relief.

  1. Are you still working but have other factors impacting your ability to make a mortgage payment

Customers who have been financially impacted by COVID-19 but are still able to work, and may still reach out to us if they are in immediate need and at risk of missing a mortgage payments. Solutions are being offered on a case by case basis and may include payment relief.

The lenders want you to know that they are being hit extremely hard right now, not only with deferring payment requests but also with the change in Prime Rate & annual mortgage statement requests.   This is the perfect storm for banks because it was already the most busy season for customer service departments and then the pandemic hit right at the same time.  Please be patient and understand that banks want to help but they only have so much manpower to handle this unique situation.

Lenders have asked to be called or emailed directly with the above information at hand and will get back you at their first opportunity.

If we can help with anything please reach out to us at callateam@dominionlending.ca

Below is a list of numbers and available email addresses

LIST OF LENDERS

Customer Service Numbers below:

ATB 1-800-332-8383

B2B 1-800-263-8349

BMO 1-877-895-3278

Bridgewater 1-866-243-4301

CIBC 1-800-465-2422

CMLS 1-888-995-2657

DLC 1-866-928-6810

cap@paradigmquest.com

Equitable 1-888-334-3313

Connect First 403-736-4000

Chinook Financial 403-934-3358

First Calgary Financial 403-736-4000

First National 1-866-557-5509

accounts@firstnational.ca

Haventree 1-855-272-0051

Home Trust 1-855-270-3630

HSBC 1-888-310-4722

ICICI 1-888-424-2422

Manulife 1-877-765-2265

MCAP 1-800-265-2624

Merix 1-877-637-4911 option 4

customerservice@merixfinancial.com

Marathon 1-855-503-6060

Optimum 1-866-441-3775

RBC 1-800-769-2511

RFA 1-877-416-7873

RMG 1-866-809-5800

Scotia 1-800-472-6842

Servus 1-877-378-8728

Street Capital 1-866-683-8090

TD 1-866-222-3456

Angela Calla is a 16 year award-winning woman of influence mortgage expert. Alongside her team, passionately assisting mortgage holders get the best mortgage, and educating them on The Mortgage Show on CKNW for over a decade and through her best-selling book The Mortgage Code available on Amazon. To purchase the book click here: The Mortgage Code. Proceeds from all sales will be donated to Access Youth Outreach Services. Angela can be reached at callateam@dominionlending.ca or 604-802-3983.