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.

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.

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

Good Afternoon,

Today it was announced there will be changes to the mortgage stress test April 6^th 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.

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.

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.

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 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.

If you are considering separating from your spouse and you own a home, some considerations will need to be made about how to best move forward financially.   When it comes to getting a mortgage, here are the top 4 considerations to factor in when separating from your partner.

1. Can one spouse afford to pay out another?

In order to determine approximately how much mortgage you would qualify for, you would need to multiply your employment income by 4.  This amount gives you the approximate amount allowable for a mortgage minus any debt or loans.  Ensure you learn what applies to you for your credit and employment with the variety of lenders available.  An independent mortgage professional will be able to protect your credit score by using one application to shop multiple lenders. There are lenders that will allow one spouse to refinance the other spouse out up to 95% of the properties value without a sale.

2. Will there be spousal or child support?

This will impact both parties, the spouse who is paying now will have to include the amount being paid out which will decrease there amount for qualifications.  The person receiving the support will be able to utilize a percentage of the money received in support to assist in getting a mortgage.  Other factors would weigh into the mortgage amount allowable such as credit, the kids ages, and current employment. Its important to know that every lender has a different percentage that they will allow in child support to use as income.

3. Your living arrangements during your separation journey can create different layers to navigate through when assessing your mortgage.

As an example, if both parties have moved out, this will change the occupancy and how the lender views the property, changing the property status from owner occupied to rental. I bring this up as with some divorce’s, a parent may step in as a co signer to help their child keep the home if they can qualify to do so.  Unless its owner occupied, many lenders are not favorable to co signers on rental properties. There are different ways this can be navigated.

4. Who can give me advice on what?

Divorce can be an emotional time.  It is life changing and can be difficult to navigate.  This is a time where you will need to rely on the expertise of your Mortgage Broker, Financial Advisor, Lawyer and Accountant.  Each has their area of expertise so questions about your mortgage and how-to best position yourself and learn your qualifications should be brought to your Mortgage Broker.  We will work together with all your advisors to help you through this difficult journey.  A lawyer or an accountant will not understand what lenders are willing to do are not willing to do with a mortgage.  Each expert will have to stay in their respective lanes while working together on this life transition, all with the view of doing what’s best for you. Every party can only advise based on the current snapshot of information within there related fields.

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 recently collaborated with a group of women on her second book called Dynamic Women ® Success Secrets.  For Media interviews, speaking inquiries or personal mortgage assistance, please contact Angela at acalla@dominionlending.ca

Get ahead of your finances, turn the tables and get your equity working for you. We cannot increase the hours in the day and wages can only go up so much. Most people have the desire to have a little more financial freedom and want to get their money working for them, they just don’t know how. Here are the three secrets!

1. Learn how much equity you have in your home.

Take the assessed value of your home and take into consideration that Lenders are very conservative with this number.  Determine how much you still have remaining on your mortgage to pay.   With a $1 million home value (be conservative) you can utilize up to $800,000 minus your mortgage. If your mortgage is $400,000, you would up to $400,000 remaining and available to deploy how you best see fit.

2. Look at breaking your mortgage to add in outside debt

Don’t be afraid of the penalty. Breaking your mortgage is a good thing when you have the advantage of the net benefit.  Also moving forward, look to see if you qualify with a monoline lender. This is the best kept secret for equity building. Consolidating your debt into your mortgage will also improve your credit score and be a significant emotional benefit to you. Some people save $300 to $3,000 a month by doing this.

3. Determine how you can get money available to you and work with your accountant to see how you can free up cash flow.

Maybe you can invest in RRSP’s to minimize your taxes and get a refund to further enhance your wealth, or an RESP to help your kids get started and get the government money that’s available to match it. If you’re going to do renovations that make your home more energy efficient –   there are refunds available and this will increase the value of your home. Maybe now you can purchase a revenue- producing investment like a rental property while making your mortgage tax deductible.

The options are vast when you are focused on yourself and are working together with people who share that same focus. With tax time quickly approaching – this is your time to learn how to get what you already have working in the best position possible. Remember, all it takes is one step forward and you can get the information related to you directly from the source.

Angela Calla is a 15 year award-winning woman of influence and 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 her book sales are donated to local charities helping families in the tri-city community.  For media interviews, speaking inquiries or personal mortgage assistance, please contact Angela at callateam@dominionlending.ca or 604-802-3983.