10 First Time Homebuyer Mistakes Courtesy of Genworth Financial 

If you’re on the hunt for your first home and want to have a smooth and successful home purchasing experience avoid these common first-time homebuying mistakes.

1. Thinking you don’t need a real estate agent

You might be able to find a house on your own but there are still many aspects of buying real estate that can confuse a first-time buyer. Rely on your agent to negotiate offers, inspections, financing and other details. The money you save on commission can be quickly gobbled up by a botched offer or overlooked repairs

2. Getting your heart set on a home before you do your homework

The house that’s love at first sight may not always be what it seems, so keep an open mind. Plus, you may be too quick to go over budget or may overlook a potential pitfall if you jump in too fast.

3. Picking a fixer-upper because the listing price is cheaper

That old classic may have loads of potential, but be extra diligent in the inspection period. What will it really cost to get your home where it needs to be? Negotiating a long due-diligence period will give you time to get estimates from contractors in case you need to back out.

4. Committing to more than you can afford

Don’t sacrifice retirement savings or an emergency fund for mortgage payments. You need to stay nimble to life’s changes, and overextending yourself could put your investments – including your house – on the line.

5. Going with the first agent who finds you

Don’t get halfway into house hunting before you realize your agent isn’t right for you. The best source: a referral from friends. Ask around and take the time to speak with your potential choices before you commit.

6. Diving into renovations as soon as you buy

Yes, renos may increase the value of your home, but don’t rush. Overextending your credit to get it all done fast doesn’t always pay off. Take time to make a solid plan and the best financial decisions. Living in your home for a while will also help you plan the best functional changes to the layout.

7. Choosing a house without researching the neighbourhood

It may be the house of your dreams, but annoying neighbours or a nearby industrial zone can be a rude awakening. Spend time in the area before you make an offer – talk to local business owners and residents to determine the pros and cons of living there.

8. Researching your broker and agent, but not your lawyer

New buyers often put all their energy into learning about mortgage rates and offers, but don’t forget that the final word in any deal comes from your lawyer. As with finding agents, your best source for referrals will be friends and business associates.

9. Fixating on the lowest interest rate

Yes, a reasonable rate is important, but not at the expense of heavy restrictions and penalties. Make a solid long-term plan to pay off your mortgage and then find one that’s flexible enough to accommodate life changes, both planned and unexpected. Be sure to talk your your Dominion Lending Centres mortgage professional to learn more.

10. Opting out of mortgage insurance

Your home is your largest investment so be sure to protect it. Mortgage insurance not only buys you peace of mind, it also allows for more flexible financing options. Plus, it allows you to take advantage of available equity to pay down debts or make financial investments.

Angela Calla, Mortgage Expert, AMP of the Year in 2009 has been helping British Columbian families save money with the best mortgage strategy for over a decade from her Port Coquitlam office location. She is a regular contributor to national and regional media outlets and long time host of The Mortgage Show on CKNW Saturdays at 7pm, and sits on many advisory boards for mortgage lenders & insurers. 

The Angela Calla Mortgage Team gives you clarity on the best mortgage by being transparent, unbiased free mortgage advise with choice. We are here to help you personally with your mortgage at 604-802-3983 or callateam@dominionlending.ca

Shawn, a self employed businessman & real estate investor, initially came to us for a solution to purchase his rental with a lower downpayment than his bank wanted. We were able to save 15% of the cash initially and that’s only the begining of his savings. Shawn joined The Angela Calla Mortgage Team on CKNW The Mortgage Show to share how we helped him once again 4 and a half years later, obtain a mortgage tailored just for him. We restructured the mortgage 6 months prior to maturity saving him $500.00 a month! Those savings can now be put back into the mortgage or used to invest in another property. Now that he has experienced this he will only go to The Angela Calla Mortgage Team for a mortgage for his needs or anyone he cares about  Email us directly to see how we can help you at callateam@dominionlending.ca. https://soundcloud.com/cknw/the-mortgage-show-shawn-interview-jan-28-2017

Angela Calla, Mortgage Expert, AMP of the Year in 2009 has been helping British Columbian families save money with the best mortgage strategy for over a decade from her Port Coquitlam office location. She is a regular contributor to national and regional media outlets and long time host of The Mortgage Show on CKNW Saturdays at 7pm, and sits on many advisory boards for mortgage lenders & insures.

The best mortgage plan is one that is developed by assessing your goals and life stage. The Angela Calla Mortgage Team will help you personally call us at 604-802-3983 or email callateam@dominionlending.ca to contact  Angela Calla directly call 604-802-3983 or visit www.angelacalla.ca

Bruce joined The Angela Calla Mortgage Team on CKNW The Mortgage Show to share how we helped changed his families life, both working full time, with a 12 year old daughter there was not enough hours in the day to be able to pay out the outside debts they have accumulated. After our help, we restructured the mortgage saving them a $2,900.00 a month which now they have no more outside debt, are saving money monthly and can move up the property ladder to a house in the near future; which was not an option before this was completed. The future is looking a lot brighter for this family, and we have already helped one of Bruce’s co-workers as he wanted to ensure the people he cares about get the best mortgage help. Email us directly to see how we can help you callateam@dominionlending.ca https://soundcloud.com/cknw/tms-interview-bruce-012617-edit 

Angela Calla has been a licensed mortgage broker for 14 years – since she was 22 years old. She has been with Dominion Lending Centres since its inception in January 2006. Residing in Port Moody, British Columbia, Angela is a regular expert guest on several news stations, television shows, radio programs and local and national publications. She was the AMP of the year in 2009, and has consistently been one of DLC and the industry’s top performers since 2006. She can be reached at callateam@dominionlending.ca 604-802-3983 

Hear Barry a painting contractor of 20 years in the Coquitlam area share on CKNW The Mortgage Show how with running a business and a 3 year old and 5 month old The Angela Calla Mortgage Team saved him $1075.00 a month by redoing his #mortgage early and consolidating their debt. Quite the relief with 2 maternity leaves in the last 3 years. #wehaveamortgageforthat email us callateam@dominionlending.ca to see how we can help you. https://soundcloud.com/cknw/the-mortgage-show-jan262017-barry-interview 

Angela Calla has been a licensed mortgage broker for 13 years – since she was 22 years old. She has been with Dominion Lending Centres since its inception in January 2006. Residing in Port Moody, British Columbia, Angela is a regular expert guest on several news stations, television shows, radio programs and local and national publications.

She was the AMP of the year in 2009, and has consistently been one of DLC and the industry’s top performers since 2006. She can be reached at callateam@dominionlending.ca 604-802-3983 

Click HERE to listen to Angela Calla breakdown the Home Equity Partnership program and who it works best for, outside debts and what lenders wont tell you. 

Its never to early to to late to gain clairity on your options so you can put a plan together and learn whats right for you. The best mortgage plan is one that is developed by assessing your goals and life stage. The Angela Calla Mortgage Team will help you personally call us at 604-802-3983 or email callateam@dominionlending.ca

To contact Angela Calla directly call 604-802-3983 or visit www.angelacalla.ca

With a new year is a great time for planning for your future, below are some links on what income, downpayment and options are avalianble for you if you are looking at becoming a homeowner.

Average Rent in Vancouver as reported by BIV https://www.biv.com/article/2016/12/average-rent-one-bedroom-apartment-dips-vancouver-/ (obviously much lower in the tri-cities and fraser valley)  

Worried about rent increases? Here is the amount your rent can be increased this year http://www2.gov.bc.ca/gov/content/housing-tenancy/residential-tenancies/during-a-tenancy/rent-increases 

Process of approval HOEP pre approval/ approval from Mortgage Broker to get best lender,

Then apply to BC Government 15 page document takes about 15 min, then about a 5 day turn around time, then we provide that verification to the lender, then they send it to lawyer for closing.

Is the program right for you: http://angelacalla.ca/blog_post?id=18765 

Who it helps people who want to own a home for the ownership benefits but have not saved enough down payment, it’s a MATCH of up to 5% 37,500.00 and 750k Purchase price combined household income of 150k – the max example here  http://www.angelacalla.ca/blog_post?id=18429

A few examples from the government http://www.angelacalla.ca/blog_post?id=18426

What’s the cost MORE! The premium on the whole mortgage is .7% higher, plus you have extra legal fee’s approx. $800 plus if you keep the loan for 20 years you pay triple the amount you borrowed on average and the rate is variable so we know the metric, prime rate plus.5%  but can’t confirm the rate in future.

Not all lenders are participating in this program, the lenders that are are changing daily, so we will help you with clarity on that as we go through an individual application 

Single:

Condos $225 (-) Langley/ Cloverdale/Abbotsford:

Click Here to View Listings

Maple Ridge condo $225 (-):

Click Here to View Listings

Looking for something a little less expensive 

31 listings Surrey under $200k:

Click Here to View Listings 

Or

2 people earning $20/hour full time

that for a total household income of 83,000.00 400k

Couple:

Fraser Valley Town Homes $400 (-):

Click Here to View Listings

Increased CHMC fee’s – from my blog  http://www.angelacalla.ca/blog_post?id=18694 close the what they were in 2000. For previous low down payment options, rates have been over 5% in the past. 

Its never to early to to late to gain clairity on your options so you can put a plan together and learn whats right for you. If you have questions on purchasing a home or an existing mortgage, please contact The Angela Calla Team directly at 604-802-3983 or callateam@dominionlending.ca 

I was recently a guest with CKNW Jon Meyer on The Vancouver Real Estate Today show and dicussed the top 3 catagories likely to benefit from the program, with some helpful tips and considerations to give you the whole picture. Listen here  https://omny.fm/shows/cknw/jan-21-vancouver-real-estate-today 

Questions on the best mortgage for you? Contact The Angela Calla Mortgage Team to help you personally 604-802-3983 callateam@dominionlending.ca

Angela Calla, Mortgage Expert, AMP of the Year in 2009 has been helping British Columbian families save money with the best mortgage strategy for over a decade from her Port Coquitlam office location. She is a regular contributor to national and regional media outlets and long time host of The Mortgage Show on CKNW Saturdays at 7pm, and sits on many advisory boards for mortgage lenders & insures. She can be reached directly to help you at 604-802-3983 or callateam@dominionlending.ca www.angelacalla.ca 

 Is the BC HOME Partnership Program Right For You? Courtesy of DLC associate Pam Pinkert 

The BC HOME Partnership Program was created for first time home buyers who have good credit and good income but do not meet the requirements for a minimum 5 percent down payment.  With at least 2.5% down payment the BC Home Partnership Program will allow you to purchase your home sooner than waiting to save the full 5% minimum down payment.

As a home buyer you can take full advantage of the program by paying back the loan amount within the first 5 years during the interest free period.  Between the 6-10 year time frame the interest rate is preset to 3.2% (current Prime rate of 2.7% plus .5%).

First step —get a pre-approval from your Dominion Lending Centres mortgage broker.

If you meet the eligibility requirements and have 2.5% for a down payment is the BC HOME Partnership Program right for you? 

The answer is “Yes”. Here’s why.

For example, consider a purchase price of $400,000 with total 5% down of $20,000.

The 2.5% loan portion from the BC HOME Partnership Program is interest and payment free for the first 5 years.  Then in year 6 payments based on 3.2% and 20 year amortization would be payable at $56 per month. In year 11-15 the rate would be reset based on the Prime lending rate plus .5% at the time.

For those home buyers with at least 5% down payment of their own funds is the BC HOME Partnership Program right for you?

The answer is “Yes”. Here’s Why.

For example, consider a purchase price of $400,000 with total 5% down of $20,000 and no money from the BC HOME Partnership Program.

The difference in using 5% of your own money versus 2.5% of your own money and 5% from the BC HOME Partnership Program will cost you $950 more in the mortgage insurance premium (rolled into your mortgage) and $2 per month more for your mortgage payment.

If you prefer to keep some of your down payment funds and take advantage of the BC HOME Partnership Program, after 5 years if you have not paid off the BC HOME Partnership loan you would have that additional payment of $56 per month. The overall cost of the mortgage and loan payments over the life of the mortgage would result in $1,080 more in interest by taking advantage of the program instead of using all of your own funds for down payment.

Note – the rates used for the first mortgage and the loan for down payment have been kept the same for this example for comparison only.  Rates are subject to change at the end of each term.

For those home buyers with 10% down payment of their own funds is the BC HOME Partnership Program right for you?

The answer is “Yes”. Here’s Why.

Consider a purchase price of $400,000 with total 10% down of $40,000 (5% from own resources and 5% from the BC Home Partnership Program).

The difference in using 5% of your own money and 5% from the BC Home Buyer Program versus 10% of your own money is $720 less in the insurance premium (as you have a larger down payment) and $148 per month less for your mortgage payment.  After 5 years if you have not paid off the BC HOME Partnership loan you would have that additional payment of $112 per month.  If you continue with the loan throughout the life of the mortgage the net overall savings in interest is $5,000.

The BC HOME Partnership Program provides a cost effective options for first-time home-buyers.

Your down payment portion can come from savings including RRSP or gifted money from a family member.

Note – the rates used for the first mortgage and the loan for down payment have been kept the same for this example for comparison only.  Rates are subject to change at the end of each term.

These are only an example of the options for you as a first-time buyer and subject to income, credit and residency qualification. 

To ensure you are clear about the opportunity for your specific situation contact your mortgage broker.

Questions on the best mortgage for you? Contact The Angela Calla Mortgage Team to help you personally 604-802-3983 callateam@dominionlending.ca

Angela Calla, Mortgage Expert, AMP of the Year in 2009 has been helping British Columbian families save money with the best mortgage strategy for over a decade from her Port Coquitlam office location. She is a regular contributor to national and regional media outlets and long time host of The Mortgage Show on CKNW Saturdays at 7pm, and sits on many advisory boards for mortgage lenders & insures. She can be reached directly to help you at 604-802-3983 or callateam@dominionlending.ca www.angelacalla.ca

Hear Kim of #mapleridge & her family of 6 share how Angela Calla Mortgage Team saved them over $1,200.00 dollars each month by redoing their #mortgage. Their future is much brighter now. 4 teenagers & running a business & still doing charity work for others in there community & abroad. Such an amazing family, an honour to help #wehaveamortgageforthat News Talk 980 CKNW’s The Mortgage Show Listen here: https://soundcloud.com/cknw/kim-interview-102116-edit Contact us to help you directly with your mortgage callateam@dominionlending.ca 604-802-3983 Who do you knwo with a mortgage renewal coming up?

Hear from Sean & Lynn of #langley we helped save $800/month by redoing their mortgage. We helped them buy their 1st home. A wedding & 2 kids later & a few years, that savings sure comes in handy. Especially tax free and they didn’t have to work any more hours in the day (whch how could they, it would be impossible running a business and haveing 2 kids) How did they get so “lucky”? It’s not luck. It started started with the right #mortgage #wehaveamortgageforthat Angela Calla Mortgage Team and our ongoing management that is included with the mortgages we do. Listen to News Talk 980 CKNW interview here: https://soundcloud.com/cknw/tms-interview-sean-120118 Questions on if we can save you money on your mortgage? Contact us directly at callateam@dominionlending.ca or 604-802-3983