What happens to your credit rating when you miss a mortgage payment?

General Angela Calla 22 Jul

Your mortgage payment doesn’t always show up on your credit report, but if you are late on multiple payments, it could affect the interest rate you’re offered from the bank when your mortgage comes up for renewal again. Read the full article from the Globe and Mail here  

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

 

 

Documents required to get the best mortgage rate

General Angela Calla 22 Jul

The fine folks at MoneySense Magazine have put together this “cheat sheet” of the documents required to get the best mortgage rate! Read all about it HERE

Want to ensure you have the best mortgage? The Angela Calla Mortgage Team can help you directly at 604-802-3983 or callateam@dominionlending.ca. Contact us today!

 

 

Ottawa eyes tougher new mortgage rules, larger down payments, to curb Canada’s red hot housing market

General Angela Calla 16 Jul

As if 5% wasn’t already a STRETCH here in the Lower Mainland… it “could” be moving up. We are just fine with 25 year amortization as well. I suggest the Gov’t take a peek at CONSUMER SPENDING not housing…   It’s the purchase of depreciating assets and the “fun factor”  that are getting folks in trouble with debt with the no qualifying and high rates!  Please, lay off us responsible peeps buying appreciating assets! Please stop manipulating the market where its not needed.

 Read the full article from the Financial Post HERE

 

The Financial Post has learned Ottawa has been studying proposals to increase the minimum down payment from 5% and is particularly keen on adding restrictions for high-priced housing, hitting Canada’s…

The Angela Calla Mortgage Team is here to help you personally with your mortgage related questions contact us directly at 604-802-3983 or callateam@dominionlending.ca

Pick the best mortgage

General Angela Calla 15 Jul 

There are MANY things to consider when picking a mortgage.To pick the best formula for your situation, you’ll first need to understand the factors that impact how much interest you’ll end up paying for your mortgage loan. MoneySense Magazine explains it all . Read & Share.   

Want to ensure you have the #bestmortgage? The #CallaTeam can help you directly at 604-802-3983 or callateam@dominionlending.ca. Contact us today!

Are there pitfalls to the “early mortgage renewal”?

General Angela Calla 15 Jul

Are there pitfalls to the “early mortgage renewal”?

The Globe & Mail highlights six excellent points to consider.

  1. Consider ALL switching costs and savings
  2. Consider the risk of rising rates
  3. Don’t overestimate the risk of rising rates
  4. Factor in the hassle element
  5. Shop around (or use a mortgage broker!)
  6. Don’t succumb to pressure tactics

Lots of great information in this article so be sure to check it out.

 

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

More than half of first-time home buyers are using mortgage brokers to get financing

General Angela Calla 15 Jul

A Canada Mortgage and Housing Corporation (CMHC) survey suggests more than half of first-time home buyers are using mortgage brokers to get financing. Read the full article from CBC news HERE

Questions on determining the best mortgage for you and your future? The Angela Calla Mortgage Team is here to help call us at 604-802-3983 or callateam@dominionlending.ca We look forward to helping you.

 

 

 

 

Young first-time buyers flooding the housing market

General Angela Calla 15 Jul

According to the Canadian Association of Accredited Mortgage Professionals (CAAMP), first-time home buyers are the MAIN drivers behind housing markets across Canada! LOTS of great stats in this Calgary Sun piece.

Read the Full article HERE

The Angela Calla Mortgage Team is here to help you personally with your mortgage related questions contact us directly at 604-802-3983 or callateam@dominionlending.ca


5 things to know about July 2015 rate cut from the BOC

General Angela Calla 15 Jul

1.  This is now the lowest prime rate we have seen since 2009.   There have

been 2 prime rate reductions already this year.

2. The banks don’t always respond and reduce their Bank Prime Rate.  They pocket the difference as a profit when they are borrowing money, so it’s common after a rate reduction for them to respond slower and in the most recent reduction they did not match the rate decrease in full.

3. While rates have been at a historic low (or close to it) for the past several years, this does not generally impact your ability to qualify for a

higher loan amount.   So far, there has been no change to the qualifying

rate required to get a variable rate mortgage, which is more than double that of the rate you will actually receive. Variable rate qualification is based on a rate of 4.64%.  In terms of a payment reduction for existing mortgages, only expect an approx $4.00 per 100K. This provides an opportunity to optimize your mortgage by keeping your payment the same or increasing it.

4. Fixed Rates are primarily based on the bond market and Variable Rates are tied to prime rate- whom you select as your mortgage consultant for life must have a plan for watching these indicators, while also putting together a long term mortgage strategy for you.

5. If you have a VRM or LOC, you don’t have to do anything to receive the rate reduction- the lenders will do it for you automatically once they have decided how they will choose to follow the BOC’s announcement.

Want to ensure you have the best mortgage? The Angela Calla Mortgage Team can help you directly at 604-802-3983 or callateam@dominionlending.ca. Contact us today!

Bank Of Canada Reduces Overnight Rate

General Angela Calla 15 Jul

 

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Good Morning,

Prime was reduced this morning from the current .75% to .5%. Bank Prime is different than The Bank of Canada Prime Rate. Here is the press release from this morning. http://www.bankofcanada.ca/2015/07/fad-press-release-2015-07-15/

Like earlier this year the Banks will not likely follow this adjustment in its entirety. One large bank has decided to only reduce there prime to 2.75 (10 basis points ) on Thursday. More details here: http://www.cbc.ca/news/business/bank-of-canada-cuts-benchmark-interest-rate-to-0-5-1.3152673 

The other lenders will announce later and usually all end up reducing their prime accordingly. For a variable rate mortgage holder this could mean up to a reduction in the payment due approx $4.00 per $100,000.00 carried in mortgage on average monthly. This is an oppertunity to pre pay your mortgage by keepng the payments the same or increasing your payments, so keep an eye out for your next statement or preview your mortgage online.

Should you have any questions about your mortgage, require a rate hold for you or someone you care about, or would like to ensure you have the mortgage to result in the most savings, email us today at acalla@dominionlending.ca or call 604-802-3983 for us to help personally.

Have a good week.

Angela Calla, AMP

DLC-Angela Calla

604-802-3983

Buying a foreclosure

General Angela Calla 8 Jul

 

In Canada we have an extremely low foreclosure rate compared with other parts of the world. By most estimates we currently hover at around 0.30%. The US is closer to 1.2%, and Greece is hitting as high as 33%.

Credit our tightly regulated lending environment for that rate not rising past 0.40%, even during the 2009 economic crisis. At our loosest, Canada was still much tighter than most other nations.

Also Canadians do not easily give up on their homes.

This said, if shopping for a new home or an investment property, there are usually one or two foreclosure properties worth considering in your target market. It is true that foreclosures often sell at a discount from current market value, but typically not that significant of a discount.

Things to consider: Writing the initial offer you can insert ‘subjects’ such as appraisal, inspection, and financing and have a comfortable length of time to prepare a budget based on detailed quotes for any work that needs to be done to restore the property.

The offer will be written to the lender, not the original homeowner who is now just the occupant.

The former homeowner/current occupant may be able to occupy the property right up until the day you take possession. There is no guarantee that they will not take the appliances, furnace, lighting fixtures, or anything not nailed down when they leave. There is essentially a (perhaps bitter) third party occupying the home that you are buying in as-is condition. Not ‘as-is’ when viewed, as is standard in a transaction, but ‘as-is’ the day you are handed the keys. For this reason a vacant property is often preferable, as there is reduced risk of further damage to the property.

The alternative is preparing your financing in advance of writing an offer and showing up on the assigned day in court and making a competing sealed bid.

 

The judge will determine if the property is selling close enough to fair market value, which it must, and the homeowner has an opportunity to dispute any ‘lowball’ offers as being unreasonable. In Canada a lender cannot sell the property simply for what is owed. It is all about fair market value.

A lender has also likely been without payments for anywhere from 12 – 24 months, as the system is heavily biased towards Canadians not losing their homes. This means the property may have been occupied by somebody at no cost to them for nearly two full years. Count on very little maintenance or upkeep having been done during that time.

An excellent plan is to knock on doors and ask neighbours questions about the property and its history . Was it a rental property with a string of bad tenants? Were there illegal activities on site? All good things to know.

Determine the maximum purchase price in advance. Factor in the appraisal, the inspection, and the budget for repairs. And in the calm of your own office or home, well in advance of entering the heated atmosphere of the courtroom, settle on that maximum figure. Then stick to your maximum bid as planned.

The foreclosure process is a segment of law that truly allows socialist roots to shine through. It is based on giving every opportunity to homeowners to not only recover their property, but also to see it sell for a reasonable price.

It is not quite as lucrative an arena for investors as it is in the USA, but opportunities do exist. Be sure to enlist the services of your Mortgage Broker to assist you through the process. Having experienced professionals in your corner is vital in such transactions.
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