Divorcing & want to keep your home?

General Angela Calla 12 Apr

We are happy to inform you there is a mortgage product avaliable to help you

There is an option where you can now qualify to take their ex-spouse off the title/mortgage of the house and re mortgage up to 95% value of the home instead of 80%. 

It’s always unfortunate when things don’t work out the way you want them too but at least this may help some people keep their homes. 

During the separation of assets, it can be unfamiliar territory where you can lose a lot of money.  It is good to know someone that can help look at ways to save you as much money as possible.

Contact us for handling these private and delicate family matters.

Angela Calla Mortgage Team

604-802-3983 callateam@dominionlending.ca

Host of The Mortgage Show Saturdays @ 7pm on CKNW

 

Banks telling finance minister to stop messing with pricing as they raise rates

General Angela Calla 10 Apr

Finance Minister Jim Flaherty shouldn’t interfere with mortgage pricing set by the country’s lenders, Bank of Nova Scotia Chief Executive Officer Richard Waugh said

Flaherty, who has taken steps to cool the housing market in a bid to avert a crash, raised concerns last month over reduced five-year mortgage rates offered by Bank of Montreal and Manulife Financial Corp. amid record levels of household debt in Canada. Both lenders have since increased rates.

“I understand why the finance minister is concerned about the Canadian economy, but I just philosophically don’t think” government should be setting product pricing, Waugh said yesterday in an interview in Halifax, Nova Scotia, where the bank held its annual shareholders meeting. “Despite the difficulties of central banks to use interest rates, the alternative of trying to manage specific products or prices, to me, is fraught with difficulty.”

Scotiabank hasn’t been approached “that I’m aware of,” by Flaherty over the Toronto-based bank’s mortgage rates, said Waugh, 65. He said Canada will have a “soft landing” in the housing market instead of a full-scale crash.

“Volumes for mortgage brokers and banks will be affected, but I don’t see it as a credit event of any significance,” said Waugh. Kathleen Perchaluk, a spokeswoman for Flaherty, didn’t return e-mails seeking comment.

Canada’s third-largest bank may expand in unsecured lending, such as credit cards, Waugh said. The bank had avoided expansion in that area in the aftermath of the financial crisis, he said.

Unsecured Lending

“The unsecured credit card and personal loan portfolio has behaved better than we thought,” said Waugh, who is also a vice chairman of the Institute of International Finance. “As the world is healing, I think that gives us an opportunity to expand what we call our risk appetite and take more of a prudent risk on our unsecured credit.”

In October, Waugh relinquished his role as president and was succeeded by Brian Porter, paving the way for an eventual transition to the top job. Waugh declined to say when he will retire and wouldn’t say whether he will still be CEO at the bank’s next annual meeting in Kelowna, British Columbia.

Related

“It’s not imminent, but it will happen in a timely manner,” Waugh said. “There’s lots of things I’m planning to do and healthy to do. There will be a time, but I’m not going to disclose that right now.”

Foreign Trade

One of the issues Waugh plans to pursue as CEO and into his retirement is urging Canadian companies to boost trade with emerging-markets countries, the subject of his speech at yesterday’s shareholder meeting. In addition to his own bank, Waugh cited Linamar Corp. and Magna International Inc. as firms that have seized the opportunity.

“There is this sense of, perhaps, growing protectionism,” in countries such as the U.S., Waugh said. “It has to be done right now, because it’s not going to get better. The European and American companies are going to get stronger and boy, when that comes, competition’s really going to be keen.

Bloomberg.com

To review your borrowing options contact The Angela Calla Mortgage Team 604-802-3983 or callateam@dominionlending.ca

Using RRSP’s for your downpayment, what you need to know

General Angela Calla 4 Apr

DID YOU KNOW…

The Home Buyers’ Plan (HBP) is a program for first-time homebuyers that allows you to withdraw funds from your RRSPs to buy or build a home. You can withdraw up to $25,000 tax-free ($50,000 for a couple). Your RRSP contributions must remain in the RRSP for at least 90 days before you can withdraw them under the HBP. Generally, you have to repay all withdrawals to your RRSPs within a period of no more than 15 years. You’ll have to repay an amount to your RRSPs each year until your HBP balance is zero. If you don’t repay the amount due for a year, it will have to be included in your income for that year. Click here for more information from Canada Revenue Agency.

Questions for your first home purchase? Contact us today

Angela Calla Mortgage Team

callateam@dominionlending.ca

604-802-3983

When is it time for a mortgage review

General Angela Calla 4 Apr

 
You may have heard about already low interest rates getting even lower and wonder what to do with this information!

When there is a change in rates of 0.5- 0.8 of a percent it’s worth it for us to work the numbers to see if there is any additonal savings by taking advantage of todays lower fixed rates, and securing that for you for a longer period of time, so if you have an interest rate of 3.5% or higher it justifies a review.

A mortgage should be reviewed quickly each year; we find it easy to remember to review your mortgage when you get your taxes done as you will have your documents handy. This way you ensure even if you did your mortgage only a year ago you can ensure you are always saving the most amount of money and optimizing the current mortgage market.
 

Thanks and have a great day,
Angela Calla, AMP
Dominion Lending Centres-Angela Calla Mortgage Team
Host of The Mortgage Show Saturdays at 7pm on CKNW AM980
Phone: 604-802-3983 Fax: 604-939-8795
“An introduction to someone you care about is a big responsibility.it’s also the biggest compliment a client can give us & it’s not taken lightly. We pledge to treat everyone that is referred to us with the utmost respect & professionalism”.
www.angelacalla.ca <http://www.angelacalla.ca/
Reach my Team Chris Adkins & Denzil Anderson at 604-939-8777 & callateam2@dominionlending.ca

Top 5 Mortgage Mistakes

General Angela Calla 4 Apr

Obtaining financing on a new or existing home can be a stress-free, straight-forward process if you’re prepared. But if you’re not prepared, there are many common mistakes you can make. Most of these mistakes are easily avoidable with some preparation and informed advice – feel free to call or email with any questions/concerns!

Below are the Top 5 Mortgage Mistakes people make when trying to secure financing for their home:

  1. Failing to choose the best product for their situation
  2. Automatically renewing their current mortgage with their existing lender
  3. Signing documents without reading them
  4. Taking it to the limit – running up credit
  5. Not planning for your mortgage application

1. Failing to choose the best product for your situation There are many different types of loans out there. There are fixed- and variable-rate products, hybrid and no-frills mortgages, lines of credit, term options, amortization choices, and more.

And although choice is great, it can be quite overwhelming without expert advice. While one person would benefit from a variable-rate product, their neighbour may be better suited to a fixed-rate product. The key is to always explain your current situation and future goals in detail so we can select a product that best meets those needs.

2. Automatically renewing with your existing lender Although you may feel an allegiance with the current financial institution that holds your loan, they may not be able to offer you the best products. When refinancing or renewing, it’s

 

important to always shop the market for your best available option, much like you did when securing your first mortgage. This ensures you end up with the best mortgage rate and terms customized to your unique situation. In many cases your bank will offer you the posted rate in hopes that you’ll simply sign and return the commitment without shopping around. Make sure you do your due diligence when refinancing and renewing. After all, this is your home, your mortgage and your money!

3. Signing documents without reading them Never sign documents without reading them. If you’re unsure about something, always ask for clarification. Remember that you’re the one entering into the agreement, so you need to understand and agree with that commitment.

4. Taking your credit to the limit Make sure that your credit balances are in your favour when it comes to your mortgage application. Lenders are looking for an appropriate debt-to-income ratio. In other words, you need to have more income than you have debt. Avoid running up a balance on your credit cards and pay down existing debts as much as possible.

5. Failing to plan ahead If you know that you’ll need to obtain, renew or refinance a mortgage, it’s essential to plan for it by ensuring your credit is in order. If it’s not, start preparing. Don’t make any purchases on your credit cards that you can’t pay off and if you carry a balance on your credit cards, start paying them down. Refrain from making any large purchases before securing your mortgage. If you’re planning to buy a car, wait until after you have secured financing, as your debt-to-income ratio will rise and you don’t want this while trying to secure a mortgage.

Understanding how the mortgage process works and how lenders qualify your loan will help you avoid the above mistakes. As always, if you have any questions or concerns, clarification is just a phone call or email away!

Angela Calla Mortgage Team

callateam@dominionlending.ca 604-802-3983

Flaherty wants higher rates, don’t wait to review your mortgage

General Angela Calla 28 Mar

Courtesy of the Globe and Mail March 2013

Finance Minister Jim Flaherty has pressed Manulife Bank into reversing a mortgage-rate cut, underscoring the government’s determination to prevent lenders from stoking the housing market at a time of soaring consumer debt.

Mr. Flaherty instructed one of his officials to call Manulife on Monday night and indicate displeasure at its move to lower the rate on a five-year fixed mortgage to 2.89 per cent from 3.09 per cent, saying its new promotion was “unacceptable,” according to his spokesperson.

Unlike two weeks ago, when the Finance Minister personally scolded Bank of Montreal for cutting its rate to 2.99 per cent, his warning was heeded.

The unprecedented intervention reflects deep concern about residential real-estate prices and debt. The number of home sales has dropped markedly since Mr. Flaherty changed the rules last summer to make it more difficult to obtain mortgages, but house prices have not come down significantly in most areas of the country and debt-to-income levels continue to hit new highs.

A mortgage-rate war as the spring selling season begins could undo his steps to cool the market.

But the Finance Minister’s decision to intervene personally with rate-setting decisions is raising questions about the degree to which he should attempt to influence prices in the private sector. And it angered some bankers who suggested that Ottawa is not treating all financial institutions equally, while interfering with market forces.

For instance, a top executive at one of the big banks noted that tighter mortgage underwriting guidelines imposed by the federal banking regulator last year did not apply to provincially regulated credit unions, giving the latter an advantage. If the real goal of policy makers is to raise rates, then the Bank of Canada should raise interest rates, he said.

“Don’t sit there and tell the banks not to compete and not to be aggressive,” said the executive, who did not want to be named. “You can’t control it by telling a few banks and insurance companies what to do.”

Consumers are generally able to negotiate with banks to obtain mortgage rates below the advertised price, and many lenders are offering rates as low as the one promoted Monday by Manulife Bank, which is a fairly small player in the market.

The Finance Minister told reporters Tuesday that he was pleased by Manulife’s response. “I had one of my staff call and indicate my displeasure, which is the same thing I did with Bank of Montreal except [in that instance] I called myself,” he said. The concern is that by promoting ultra-low rates, lenders could spur a rebound in the housing market.

However, Mr. Flaherty and many economists believe that the current slowdown is healthy and will prevent a more serious market correction down the road.

Chartered banks had $865-billion in outstanding mortgages as of December, according to the Bank of Canada. And the government also has a keen interest in the country’s mortgage market because it backstops mortgage insurance, leaving taxpayers exposed to any serious upheaval, said National Bank Financial analyst Peter Routledge. In that sense, Mr. Flaherty is wisely using moral suasion to minimize potential future losses to government coffers, he said.

“I can’t think of another situation I’ve seen where government has intervened like this and caused a reversal in a pricing decision,” Mr. Routledge added. He said that Mr. Flaherty is now using this tactic because he’s already tightened mortgage insurance rules four times since 2008, and the central bank is maintaining low interest rates.

“Can you imagine a Conservative government trying to put a price control on the market?” Mr. Routledge said. “It underlines the seriousness of the problem of household debt.”

Glen Hodgson, vice-president and chief economist of the Conference Board of Canada, said Mr. Flaherty’s intentions are good, but his actions carry risk.

“He should be very careful about singling an individual bank out repeatedly. I mean, it’s legitimate for banks to want to win market share and clearly they think they can make money,” said Mr. Hodgson, who has worked at the federal finance department and Export Development Canada. “If ministers want to influence the course of markets in Canada, they can either use soft power or hard power, and this is him using the bully pulpit of the finance minister, to try and influence behaviour. I mean he can use much sharper tools if he wants. I wouldn’t encourage him to do that.”

NDP Leader Thomas Mulcair said Mr. Flaherty’s interventions are inappropriate.

“It’s banana-republic behaviour,” Mr. Mulcair said. “We live in a society based on the rule of law. Parliament enacts laws, the administration can have regulations, you can have orders in council, but since when do you use political weight to push back on financial institutions responding to a market parameter that’s totally legal?”

Liberal MP Ralph Goodale, who was federal finance minister from December 2003 to February 2006, said Mr. Flaherty’s “dubious” actions raise a lot of serious policy questions.

Mr. Goodale said in his experience, interactions with banks were largely handled by the department’s deputy minister or other public servants, not the minister or political staff. He said Mr. Flaherty should meet with all the heads of banks as a group if he’s concerned about mortgage rates, rather than dealing with banks one at a time.

“Are we now into a situation where the minister is regulating retail rates?” he asked. “Well, that’s a pretty fundamental change in the way our financial institutions have operated.”

Bankers were extremely reluctant to speak on the record Tuesday for fear of further public rebukes. “No one’s going to risk having a comment on this issue for fear of irrational actions from Ottawa,” one banker said.

Contact the Angela Calla Mortgage Team to review your mortgage options today 604-802-3983 or callateam@dominionlending.ca

Buying a home in the next 2 years? You need to know about new 2% transition tax

General Angela Calla 9 Mar

If you are planning on buying a new home over the next two years, then you  need to know about the 2% BC Transition Tax.

It is a new tax that comes into effect on April 1, 2013. It will apply to the  sale of new residential homes that are 10% or more complete as of April 1, 2013.  The 2% BC Transition Tax will end on March 31, 2015.

The 2% BC Transition Tax applies to the full price of a new home, which is  10% or more complete, where ownership or possession is on or after April 1,  2013, but before April 1, 2015. The 5% GST also applies to the full price of a  new home, where ownership or possession is on or after April 1, 2013.

With the end of the HST and the return to the PST/GST system, the BC  government chose to introduce the 2% BC Transition Tax as a way, in their words,  “to ensure the equitable application of tax for purchasers of new residential  homes currently under the HST system” and after April 1, 2013 when the province  returns to GST on new residential homes. The government also wishes to replace  some of the revenue lost through the return to the PST.

BC’s portion of the HST will no longer apply to newly built homes where  construction begins on or after April 1, 2013. Builders will once again pay 7%  PST on their building materials (construction inputs). The provincial government  asserts that on average, about 2% of the home’s final price is embedded PST that  builders pay on their building materials.

For newly built homes where construction begins before April 1, 2013, but  ownership and possession transfer after, purchasers will not pay the 7%  provincial portion of the HST. Instead, purchasers will pay 5% GST and the 2%  Transition Tax on the full house price. The Transition Tax rebate for builders  (sellers) recognizes that the builder will not be able to claim input tax  credits on the PST paid on building materials acquired after March 31, 2013. The  rebate is available where both of the following conditions are met:

. The 2% BC Transition Tax applies to the sale of new housing; and

. Construction or substantial renovation is at least 10%, but not more than  90%, complete before April 1, 2013.

THE TRANSITION TAX REBATE FOR SELLERS OF NEW HOUSING WILL BE CALCULATED ON  THE DEGREE OF COMPLETION OF THE HOUSING AS OF APRIL 1, 2013:

DEGREE OF CONSTRUCTION COMPLETE AS OF APRIL 1, 2013

Less than 10 %

10% ? and < 25%

25% ? and < 50%

50% ? and < 75%

75% ? and < 90%

90% or greater

TRANSITION TAX REBATE AS A % OF CONSIDERATION OR FAIR MARKET VALUE

Not applicable

1.5%

1.0%

0.5%

0.2%

0.0%

THE 2% BC TRANSITION TAX DOES NOT APPLY TO:

. the sale of vacant land, whether the GST would apply or not;

. the sale of new commercial units; or

. REALTOR® commissions.

Read more: http://www.vancouversun.com/news/transition+homes+coming+april+2013/8049624/story.html#ixzz2N55CU829

Money Saving Real Estate Tips as heard on CKNW Mortgage Show

General Angela Calla 28 Feb

As heard on The Mortgage Show on CKNW with Angela Calla. To get pre approved email us at callateam@dominionlending.ca or call 604-802-3983

Wonder what the sellers agents job is, and what their contractual obligations are? Don’t make the mistake of not knowing that could cost you thousands

Listen to this to learn

1. Why it’s important to have a buyers agent that is working on our behalf

2. How a buyers agents gets paid

3. How do they negociate price on my behalf.

 

This has been brought to you by:

Robert Boies Royal LePage Coronation West cell: 604 341 3009 t: @willingtwo E-mail: robboies@royallepage.ca www.willingsellerwillingbuyer.com

Rob Boies can be reached directly at robboies@royallepage.ca will keep you abreast of all of these types of oppertunities meeting your speciafications

Thanks for visiting

Angela Calla, AMP

The Mortgage Show is joined by Maureen McGrath our resident RN at CKNW…

General Angela Calla 14 Feb

The Mortgage Show is joined by Maureen McGrath our resident RN at CKNW & Sexpert discuss these 3 topics

 

1. How when finances are tight, the silence in the bedroom isn’t always a good thing.

2. Sexual drive and worth and its connection to money

3. The freedom when you feel accomplished in you financial life

 

Listen to the interview here! – maureen_interview_-_february_14.mp3

 

All this stress can be easily eliminated when you contact us to take the feat out of your financing

Want to review your mortgage? The Angela Calla Mortgage Team is here to help you

Contact us today at 604-802-3983 or callateam@dominionlending.ca

Join us Saturday’s at 7pm on CKNW AM980