4 Considerations If You’re Making a Property Purchase During COVID-19

General Angela Calla 18 Mar

We know some people are going through a life transition, or making investment decisions that involve a property purchase.

Here are a few things to consider to help you make the best decisions for you.

  1. Where is your down payment coming from?  If it’s coming from the investment market, or upcoming wages, or gift that’s from investments or a refinance you will want to ensure it’s accessible and your lender has a way to get you the deposit  (a branch open).  With the investment market down for many, people not being able to work and some bank branches not having branches open you will want to have a plan in place.
  2. Appraisals & Inspections – you will want to ensure the appraisal will be able to be completed with access as some providers are not entering homes right now.
  3. Subject to financing – the lenders are very busy right now with record inquiries on mortgages.  Ensure you have all your documents in order prior to submitting an offer and a minimum of 10-14 business days is recommended once your contract is accepted and sent to your Broker.
  4. Lawyers – you will want to ensure your legal representatives are working and have a method to complete the required paperwork.  Best to confirm their availability early in the process as this meeting has to be in person.

Things are changing rapidly, and lenders are adapting and modifying policies to help through these times and as things move forward, your professionals will do all they can within their control to 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 Update

General Angela Calla 16 Mar

With all the updates that keep pouring in, we would like to invite you to see these as they happen by following our Facebook page: https://www.facebook.com/angelacallamortgageteam/

In efforts to keep this short for you as I’m sure you have received lots of emails over this past week on our Facebook page you will find the below helpful resources.

1.  A list of common lenders that you can call if you are having troubles making an upcoming mortgage payment.

2. Alternatively, utilizing that list, you can also call your existing lender and get your balance and penalty amount to take advantage of todays rates and learn without biased from us if its your best interest to make a change.  This will be the information required with a copy of your most recent mortgage statement, a note of combined income and estimated property value to see if its worth an in-depth review.  Please send this information to callateam2@dominionlending.ca.

Through these changing times, rest assured we are here to help you and those you care most about every single step of the way and are working via phone and email.

Kindly note:

-Lenders are experiencing a very high volume of calls and emails.  We anticipate these reduced rates will be the norm for the next while so there is no immediate rush but while you’re likely spending more time at home, now will be a good time to review.

-If a mortgage approval is in the works already with our team, you can have confidence the lowest rate available for your scenario will be provided at closing.

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.

 

Angela Calla on Global News – Bank of Canada Rate Cuts

General Angela Calla 11 Mar

In light of the recent nose dive mortgage rates have taken, it’s a great opportunity to potentially save money, especially in these 4 stages of life.

  1. Looking to make a property purchase or renovation
  2. Have a mortgage renewal upcoming
  3. Have debt outside of your mortgage with interest over 3%
  4. Anyone who has a mortgage over 3.09% its time to review

If you or someone you care about want to see if these recent changes can help you please call us at 604-802-3983 or email us at:  callateam@dominionlending.ca

Here is the clip: COVID-19 Concerns Spark Bank of Canada Rate Cut

Exciting news, last week I had the honour as being announced as a official nominee for the YWCA Woman of Distinction Award.

More details here: YWCA WODA

Other links you may find helpful:

Our Facebook page: https://www.facebook.com/angelacallamortgageteam/

Our Mobile App: https://www.dlcapp.ca/app/angela-calla

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.

Get out of debt using home equity: When breaking a mortgage makes sense

General Angela Calla 4 Mar

Canadians are more in debt than ever. The average Canadian owes roughly $1.70 for every dollar of earned income per year after taxes, two in five Canadians don’t think they’ll ever get out of debt, and more than a third of Canadians have no retirement savings, according to a 2019 survey.

But building home equity and consolidating debt into one manageable monthly payment can help consumers climb out of the hole. In partnership with the Angela Calla Mortgage Team, we take a closer look at when breaking a mortgage to get out of debt makes sense.

Read more here:  Global News

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.

Bank of Canada lowers overnight rate target to 1 ¼ percent

General Angela Calla 4 Mar

Here is our first decrease in the Bank of Canada prime rate for 2020. Here is the full report from today Bank of Canada and the next meeting is April 15th 2020.

What does this mean for consumers?

Since 2016, lenders started breaking the norm in terms of discounts being passed along to consumers as they were keeping larger cuts for themselves to help with the reduced revenue due to the new mortgage rule changes and speculation taxes coming into place. I have written in detail about this in my book The Mortgage Code which helps provide clarity on how lenders operate and how to use it to your benefit.

I suspect that while the Bank of Canada generally does .25 per cent increases or decreases, we will only see a .15 or point.10 discount once the banks decide what to do with their prime as a result that will reduce the cost of mortgages and lines of credit.  More to come on this.

An important metric to keep in mind is that every 5 basis points in mortgage amount per $100,000 is $3 a month in difference.

For example, a .25 basis point decrease on a $350,000 mortgage would be $50 a month in reduction. A .15% decrease works out to $30 a month decrease.

While the BOC prime is key in determining bank prime, one thing to keep in mind is fixed rates are at record lows. Economic uncertainty means the cost of borrowing money will remain low.

To optimize the market to your advantage consider this:

1.            If you’re thinking of a home purchase, get a pre-approval in place. You can start with our app and complete the process after review https://www.dlcapp.ca/app/angela-calla

2.            If you have a mortgage rate over 3.5%, let’s review to see what the numbers would be with your specific scenario to see if a modification would benefit you to secure a lower rate for a longer period of time. If you are in a variable- let’s review your options for discount vs fixed.

3.            If you have debt outside of your mortgage, let’s review if it’s advantageous to add that into your existing mortgage.

4.            If you have a mortgage renewal coming up, get the rate held and watch the market until three weeks before completion to see what options become avaliable.

Please remember, if you have a mortgage funding with us in coming weeks, we do a full lookback prior to closing to ensure you have the lowest cost of borrowing for your circumstances. 

My team is here to help you navigate this ever changing market. We can help you or a loved one today at 604-802-3983 or callateam@dominionlending.ca.  Follow our facebook page for more news; Facebook – Angela Calla Mortgage Team

Breaking News – Change to Insured Mortgage Stress Test April 6, 2020

General Angela Calla 18 Feb

Good Afternoon,

Today it was announced there will be changes to the mortgage stress test April 6th 2020 for insured mortgages. The change will be the contract plus 2%. As an example, that takes the current stress test from some lenders at 5.19% to 4.79% as a qualifying rate once effective.

Below is the full press release and how it will help the average pre approval broken down by The Angela Calla Mortgage Team  is located below

https://www.canada.ca/en/department-finance/news/2020/02/minister-morneau-announces-new-benchmark-rate-for-qualifying-insured-mortgages.html

Combined household income $120,000.00 with the current stress test is a $580,000.00 purchase price

New stress test, this applicant potentially qualifies for a purchase price of $607,500.00

Change in amount $27,500 subject to approval

  1. While this is a change in the right direction, please note this will heat up what is already shaping up to be a busy spring market.
  2. To increase your purchase price, you must also increase the down payment (in the example above an extra $2,500.00)
  3. This will also increase your closing costs slightly.  Also note, the strata fees and property taxes may also be increased at this point and impact the qualification.

If you or someone you care about is looking to get pre- approved or revisit there existing pre approval please reach out to us directly or introduce us in an email to callateam@dominionlending.ca  and also our app is a very helpful tool we recommend to utilize download it here: https://dlcapp.ca/app/angela-calla

Follow our Facebook page here: for more breaking news as it happens: https://www.facebook.com/angelacallamortgageteam/

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.

Strata Condo Insurance

General Angela Calla 11 Feb

There may be a little relief coming for condo owners who may be affected by the skyrocketing Condo Insurance premiums.

The IBABC is getting involved by proposing two main reforms to provincial legislation:

  1. a $50,000 cap on the deductible assessment and non-insured loss assessment
  2. a change in standard definition of a strata unit to ensure the basic components of a condo such as walls, ceilings, drywall, sub-floor, basic electrical & plumbing are covered by strata insurance

This may not bring total relief but could ease the pain a bit, pending the insurers agree. Here is a link to the statement fro IBABC:  2020 Strata Insurance Media Release

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.

Canadian 5-year Yield Fell To Lowest Level Since October

General Angela Calla 29 Jan

Global investors are selling stocks and piling into the safety of bonds in response to fears that the Wuhan coronavirus could disrupt global economic activity. Gold prices, another haven, have also risen. The Government of Canada 5-year bond yield traded this morning at roughly 1.35%, well below its nearly 1.70% level one month ago. The 5-year yield leads fixed mortgage rates, so if this trend persists, we might see widely available fixed-5-year rates in the 2.50% range once again in February. 

 

 

 

 

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.

Angela Calla on Global News – Ask an Expert – Navigating Divorce and your Mortgage

General Angela Calla 28 Jan

I was invited to Global Morning News to discuss mortgage considerations when going through divorce.

While it is a very multifaceted topic, when it comes to the best unbiased mortgage options, while protecting your credit, and at no cost to you; we can help ensure all the options are considered, simply by the access we have in our profession.

Including:

  • What you can afford
  • The best structure to keep families in the home
  • How to get a mortgage if you are self employed
  • A reverse mortgage option for those over 55 or utilizing a co-signer

While your accountant, financial planner and lawyer will all have a significant role as well.

Here is the 9 minute clip: Ask an Expert – with Angela Calla

It was originally inspired for an article I wrote for What’s On Magazine Port Coquiltam which is here on my blog: 4 Mortgage Consideration prior to Divorce

If you or someone you care about personally would like to learn about there options, or you have a friend, family member or associate that is a lawyer, accountant, or financial planner that you would like to ensure has the most up to date options to help those they serve, we are also booking speaking engagements at this time.

Kindly reach out to me directly at acalla@dominionlending.ca

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 go to Access Youth Outreach Services.  Angela can be reached at callateam@dominionlending.ca or 604-802-3983

December 2019 Real Estate Stats | 2019 Home Assessment

General Angela Calla 6 Jan

December 2019 real estate stats are in & your 2019 B.C home assessment has become available. Click this link in order to check yours: https://www.bcassessment.ca

If you have any questions on qualifying for a mortgage to purchase a home, mortgage renewal, debt consolidation or spousal buyout- please reach out.

 

Angela Calla is a 15 year award-winning Mortgage Expert, Woman Of Influence & has been awarded Entrepreneur of the year 2019 by the Poco Best Biz Awards. Alongside her team, she passionately assists mortgage holders get the best mortgage, and educating them on “The Mortgage Show” on CKNW for over a decade.   She is an international best selling author on Amazon with her book, The Mortgage Code.   Proceeds from her book sales are donated to Access Youth Outreach services, a local charity in our community supporting our youth.  She is magazine contributor, a speaker and co-author of a second book called Dynamic Women ® Success Secrets.  For Media interviews, speaking inquiries or personal mortgage assistance, please contact Angela at acalla@dominionlending.ca.