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 

Intelligently shopping for a mortgage is nearly impossible.  The terms all appear to be the same, you are bombarded with marketing, and in some cases you’re offered confusing bundle offers that sound amazing.  For years, clients have falsely thought it was all about the best “rate”.  Newsflash!!!  The rate is only a small part of a mortgage and what smart people have learned when seeking out a professional is that having a lower rate can actually cost you more.  Lenders are smart.   They will market their policies as advantages to customers even though the policies are very costly in the long run.  Unless borrowers gain clarity from a mortgage professional, they will never even know to ask about these mortgage details.   Below is what lenders will never tell you or quickly skim over:

1. Penalty Costs

Any lender that uses a posted interest rate and issues a discount off of that rate will cost, on average, three times more to exit the mortgage than lenders that do not use a posted rate.  If you go to the lender directly, they are there to sell you their product, so this is obviously not something that is brought to your attention.  Taking a mortgage like this can be financial suicide.   Borrowers learn about this the hard way when they sell their homes or when they want to take advantage of changes in the market or their lives.   At that time they learn that the higher costs will hinder or prevent their financial goals in a very bad way.  Provided that you and your property qualify with a monoline lender (a lender that doesn’t use posted interest rates), you would be crazy to get a mortgage elsewhere!   Only independent mortgage professionals have access to these types of lenders.   Their service is free and they place the mortgage with a lenders that best suit your needs rather than lenders that are trying to gain as much profit from you as possible.  HUGE difference. Don’t learn this the hard way. You don’t have to Google very much to see how people have been devastated by high IRD (Interest Rate Differential) penalties. It’s what lenders don’t tell you that ends up costing you.2.

2. Collateral charge

A collateral mortgage might be sold to you as something that magically allows you the ultimate flexibility to borrow more money later on.  In reality, it’s the ultimate trap. You still have to requalify for any future modifications to your mortgage and they register the mortgage for higher than your property value.   This means you can’t get secured lines of credit elsewhere or switch your mortgage at the end of the term without incurring exit fees!    Are you beginning to see how marketing and positioning doesn’t tell the whole story?  If you have a choice and your product needs allow it, don’t allow a lender to trap you.  This is where transparency is key, which is provided to you by an independent mortgage professional.

3. Lender History

How does your lender treat their existing clients? Is your lender constantly offering new clients all of the flash and dash with new electronics and free accounts but completely snubbing their existing customers with higher rates and fees?   Are they the first lender to raise interest rates and the last to decrease them? How do they handle changes in the market that may provide an opportunity for you to save money?   Do you think someone who is paid to work at a lender is going to bring this to your attention?  There are significant examples of this happening all of the time and if you qualify for a better lender, why would you take this abuse?

When you know better, you do better.  Mortgage professionals are here to provide you with clarity and the power of choice.   Don’t make the irreversible financial mistake of falling for a lender’s sales pitch.    As your mortgage professional, we are here to help save you from this and to help you achieve the lowest cost of borrowing.

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