Summer Report in Mortgages                Thursday August 18th 2016

Before taking the step from renting to buying, there are additional boxes to check, such as looking at your personal financial situation and getting advice from a mortgage specialist.

Not surprisingly, homeownership continues to rank high on the list of priorities and goals for Canadians of all ages. A recent Ipsos study found that almost three in 10 say they are likely to buy a home within the next two years, and 89 per cent feel buying a house or condo is a good investment. 

Having an opportunity to build equity while enjoying the comforts of your own home is attractive, yet it is essential to crunch the numbers before taking the plunge, says Bill Whyte. “You want to go in with your eyes wide open. Don’t get caught up in the hype, do your homework and comparisons, and make an informed choice,” says the senior vice-president and chief of member services at Meridian, Ontario’s largest credit union.

Mr. Whyte considers current interest rates an important factor fuelling the real estate market. “The historic low interest rate environment can help people gain entry into the market – it allows them to carry more debt. And while rates may not stay exactly where they are today, they are not likely to jump dramatically over the next few years.

“Today, you can get a five-year mortgage rate for under 2.5 per cent, which can make this time frame very stable for people who have taken all the different aspects of their personal situation into account.”

While low interest rates act as an incentive for prospective homebuyers, entering a “hot market – where real estate prices have outpaced earnings – can [be] challenging,” he cautions.

Residents in the Toronto area, for example, may adjust their expectations as they search for more affordable options, he explains. “Some are moving further into the suburbs or even beyond, to Hamilton, Guelph, Barrie or Oshawa. Others opt for areas with higher density and choose a condo, where we haven’t seen quite the same price increase as in detached homes.”

Both scenarios have different implications for expenses – such as commuting costs – that homebuyers should be aware of, says Mr. Whyte. “You have to make sure you can afford your mortgage and related expenses.”

Working through a budget with a mortgage professional or financial adviser can be helpful, especially for first-time buyers, he notes.

“Knowing your goals can help you map outthe steps for getting there” Angela Calla, is a Host of”The Mortgage Show on CKNW AM980 Saturdays at 7pm

The same principles apply in the Vancouver region, says mortgage professional Angela Calla, who is also the host of The Mortgage Show on CKNW Radio. “A one-bedroom condo in downtown Vancouver can cost $500,000 on average, which would take a gross annual household income of approximately $100,000 to qualify for. If you look at Port Coquitlam or Coquitlam, which is a 30-minute commute from the downtown core, a one-bedroom condo can still be purchased for around $200,000, which takes a gross annual income of approximately $40,000 to qualify for,” she explains. “For the Coquitlam condo example, you would need to have a $10,000 down payment. Your mortgage payment is approximately $890 a month, plus $300 in strata fees and taxes. That puts your total monthly payment at around $1,190.”

An estimate like this can help potential homebuyers test their appetite for owning a place. “If you are paying over $1,500 a month in rent, why not take a look at what’s out there for you?” suggests Ms. Calla.

She adds that it’s never too early to seek advice. “Knowing your goals can help you map out the steps for getting there. If you are saving for a $10,000 down payment, for example, and you’re starting from zero, you would aim for saving $834 a month for a year by finding ways to reduce your spending or bringing in that money by selling an asset,” she says. “And if you have outside debt, it’s important to know which loans should be paid out to help your qualifications along.”

Mr. Whyte cautions that goals need to be realistic since one of the most common pitfalls is purchasing a home that is out of the buyer’s  price range. “There is no sense owning a home if you’re not able to pay your bills or go out and do the things you want to do,” he says. “We also recommend ‘stress testing’ your mortgage rate – we run the scenario of it going up one per cent at the end of the term to see if you can afford that.”

Some first-time homebuyers are gifted money from their parents for getting a foothold in the housing market, he says. Others postpone purchasing a home in order to save a more substantial sum for a down payment.

Mr. Whyte has also seen examples where friends and family members pool their resources in order to afford homeownership. “Among the non-traditional scenarios are two young families, groups of friends, or elderly and younger relatives getting together to buy a home,” he says, adding that Meridian offers mortgage solutions that are designed to take such creative approaches into account.

” End of article”

The Angela Calla Mortgage Team can help you personally with your mortgage, Please email callateam@dominionlending.ca or call 604-802-3983 www.angelacalla.ca 

I am really grateful after over a decade of living my passion as a mortgage professional and educator, a wedding and 2 babies later to still be considered a Young Gun again. Its a pleasure to be along side with this Canada Wide list. A HUGE congratulations to my friends who made the list.‪#‎callateam‬   

Young Guns 2016

Once again, CMP’s annual Young Guns list offers an insightful glimpse into the industry as it stands today and what it may be in the future. While everyone featured on this list is under the age of 35, that doesn’t mean they’re lacking in experience – or, indeed, wisdom. Many of the brokers on this list have more than a decade in the mortgage business under their belts. As such, they have strong opinions on where the industry is headed and what changes need to be made to ensure the continued credibility and legitimacy of the mortgage business. 

Many of this year’s Young Guns work in the intense markets of Vancouver and Toronto, which continue to dominate the conversa-tion about real estate in Canada. Some believe talk of a bubble is economist scaremongering – and that it’s growing tiresome – while others take the view that the current growth cannot go on forever, so contingencies should be put in place. 

Another major talking point among this year’s selection was how important technology has become, particularly in regard to the different expectations of Baby Boomers, Gen Xers and millen-nials. The consensus is that being able to adapt is crucial to success in 2016, and harnessing the many tools of the digital era is what will separate those at the top of the industry from the rest. That said, the days of the face-to-face meeting and personal phone call aren’t quite over yet, and our Young Guns agree that these forms of communication are still necessary for developing solid relation-ships with clients. 

If the young shall inherit the earth, and these young mort-gage professionals shall inherit this particular business, then the industry is clearly in the best of hands. 

 

ANGELA CALLA
Mortgage professional
DOMINION LENDING CENTRES 
Age: 33

When discussing what attracted her to the mortgage business, Angela Calla is unequivocal about the need to find value for her clients as they make the biggest purchase of their lives. “I love saving people money for what matters in life – anything is better than interest!” she says. “It’s my passion. I want to continue to educate Canadians on how to get their mortgage working for them. With our help, bottom line, you will always save the most amount of money.”

Contact Information

• Website http://angelacalla.ca/
• Email acalla@dominionlending.ca
• Phone 604-802-3983 

 

Looking for a highly organised, motivated, quick learning, fast moving mortgage fulfilment specialist with excellent communication, and customer service skills with a desire to grow to join The Angela Calla Mortgage Team at DLC.

If you have worked in a busy compliance related industry, mortgage, finance, real estate, insurance, legal this could be a great fit.

Must type a min of 50 wpm, understand outlook, excel, and a quick learner with internal programs such as our DLC intranet, Fiologix, Otto, etc.

You will be required to either have a mortgage broker license or get it within 3 months of hire.

Your duties will include and will not be limited to: Customer Inquiries/Payment Modifications, Data Input, review of credit reports, qualification documents, reviewing uploading applications/paperwork, updating all systems, clients and associates with our current systems/processes.

You would be assisting with all paperwork, compliance, appointment , customer service, follow up tasks, marketing as delegated and initiated to execute the teams goals and see projects through.

This is a base salary plus bonus, commission and benefits from our Port Coquitlam office.

Extra hours outside of Monday to Friday 9-5pm will need to be accommodated when required for workflow and maintain our Customer Service Expectations. Please email your resume to acalla@dominionlending.ca 

When you are applying to get a new mortgage, you will be required to provide documentation. It’s important to understand, for compliance reasons, that all documents provided must be complete (all pages), unaltered and clearly legible.

One of these documents is a letter of employment. This is to be done on a company letterhead and must show your start date, occupation, salary/wage and guaranteed hours.

Lenders are looking for certainty.  If we see something on your letter that may not best position you, we will advise you immediately.

The person who wrote the letter will be called by the lender to verify the details, so it’s important that the person or someone with the same authority is available to take this call or call the lender back as soon as possible.

Most lenders require that Letters of Employment are not more than 30 days old when received by them.

Pay stubs are also required to support and confirm the letter.  As with all documents requested, they must be clear and legible.  If they are not prepared by a 3^rd party, then bank account statements may be required to show the pay deposits going into your account.

If you have multiple sources of income, then your T1 Generals may be required.  As with all documents requested, all of the pages must be included.  We recommend that your accountant sends us electronic copies of these via email. It’s common for the last 2 or 3 years to be requested, based on your personal scenario and qualifications.

An income tax Notice of Assessment is often required.  This is what you receive back from the CRA after you have filed your taxes.  You can also get this from your accountant (depending on how they filed your taxes) or online by signing up for your PIN on the CRA website. If you have a tax balance owing, a Statement of Account reflecting a $0.00 balance or other confirmation of payment will be required.  If you received a tax refund, then a bank statement showing the deposit of the return may be required to confirm authenticity.

Please keep in mind that all lenders reserve the right to ask for additional documentation at any time.  We will always try to anticipate their requirements and manage them carefully in order to assist you. Everything required is requested by us at an appropriate time.   We provide a strategy that will result in the lowest cost of borrowing and we will work in an efficient manner to ensure the smoothest possible completion of your mortgage.

Angela Calla

DLC-Angela Calla Mortgage Team

604-802-3983 callateam@dominionlending.ca 

Shopping for a new home can be fun and exciting, but there are many details that contribute to a property’s marketability.

Mortgages that have the lowest total cost are reserved for the most marketable properties that are in prime locations as per the lender’s criteria.

Please remember that a mortgage professional can never advise a buyer to make any subject-free offers or even to remove the subjects on an offer.  The decision to remove subjects is one that the buyer has to make once all of the conditions for their mortgage approval have been satisfied with the lender(s).    Also remember that there cannot be any major changes to the borrower’s application details prior to the completion of their purchase as it may affect the borrower’s qualifications and change the conditions of the approval.

A mortgage professional will provide a buyer with the lowest cost and best mortgage for their scenario and for the property that they select to purchase.   This comes without limitations as we are without bias to any particular lenders and we protect a buyer’s credit score, which is another contributing factor to the best mortgage.

Here are some of the property details that can affect a lender’s decision on whether or not they approve a mortgage:

Property Zoning- if the zoning is anything other than plain residential then your options will be limited.  This sounds simple.  However, some condos are zoned commercial if there is a large commercial component to the complex. Industrial, Agricultural Land Reserve (ALR), or leasehold (government or otherwise) will limit a buyer’s options.

Strata Property                              House

Cable Cord Construction              Oil Tank(s) on the property

Self-Managed Stratas (no strata management company)

Size of the property- below 500 sq. feet

Doesn’t use Municipal Sewage Or Waste

Former Grow Op                           Former Marijuana Grow Op or used for illegal activity

Outdated Electrical                         Over 1 Acre and/or Multiple buildings

Age Restriction(s)                          Any animal use

Rental Usage                                Any structural issues/damages work done without permits

Ongoing or Upcoming Assessments or Legal Proceedings

Prior fixes in the building not done to the lender’s preference

Contingency fund with less than $1500 per unit in the entire Strata

The lender always reviews the details of each property only when an accepted offer is in place.  The request for information can be a simple document or it can require an explanation/written documentation from various parties.   This information may go back several years in order to get to the source of the issue.   This, of course, takes more time.

With complexities such as these, it’s important that a real estate agent discloses the information to their buyer right away so that it can be brought to the lender’s attention.    The agent should also be proactive in getting any and all documentation pertaining to the building/property so that the buyer can evaluate if a property has long term value to them.    Many of the issues stated above can affect the long term value and marketability of a property.

As a mortgage professional, we share any and all information that the lender provides to us if they decide not to approve a property that is being purchased.   We care about protecting borrowers from a bad real estate investment and are without bias in the advice that we provide.

We are always here to help,

Angela Calla

Mortgage Expert

Dominion Lending Centres

T: 604-802-3983

E: callateam@dominionlending.ca

W: www.angelacalla.ca

As a matter of fact I have been thinking of a testimonial, I’ve just been quite busy.  Here is our story, pick out whatever part you like.  I hope reading it give you folks a smile.

We got our down payment through a gift of inheritance, we never even considered that with housing prices the way they were going that we could ever afford a house of our own.   I had heard of Angela Calla on CKNW but I figured that she would mostly deal with large accounts seeing as she is the biggest name I know of.  I have had experiences with businesses that are used to dealing with larger clients and I was not always treated very well with my average sized pockets.  I spoke with a family friend who happened to know Angela Calla and strongly recommended her, told me she was a wonderful young lady and would be very good to me. 

My initial thoughts could not be further from the truth, once I contacted Angela she first made me feel like her most important customer, she helped me find a Realtor and told me some of the things to expect.  Once John and Dave helped me get pre-approved and explained to me what exactly that was, my fiancé and I  began looking at houses.  After getting out-bid for a few of the only detached houses still in our price range in Abbotsford, we decided to try to find a townhouse closer to our current address in Surrey.  It would appear everyone else decided to look for a townhouse in Surrey when we did as the market was absolutely insane. So Insane was the market that even when we were the highest bid on a townhouse that we loved we still couldn’t get an accepted offer.  When I was all but ready to give up Angela Calla, John Hsu, and David Holmes worked with my Realtor and after a few very fast, confusing, and down right frustrating turn of events and changes we managed to get an accepted offer mid-week, and they figured out all the financing details in an exceptionally short period of time. 

I then went into Angela Calla’s office at Dominion Lending to get some paperwork signed.  Until this point I had not met anyone in person and again I had thoughts of past dealing with other companies and I was nervous.  When I met John, he greeted me like a friend and was extremely patient with me answering my every question and explaining everything at a level that I could easily grasp.  He let me know all of my options and helped me to work out was would work best for me.  John was also great with my 1 year old daughter who wanted to be let in on some of the paperwork and claim the meeting room as her own.  I finally met Angela and David in person once all the papers were signed, and the warmth and welcoming feeling I got when I was at her office could best be described as the welcoming you get when you show up to a family barbecue. 

So if you were to ask me if I would recommend this particular team of people to someone in the future, I would.  In fact I would suggest that if you are a first time home buyer Angela Calla and her team should be the first place you go.  why should anyone settle?  The Angela Calla team group of warm regular folks that will do what it takes to get things done.    

Thanks guys, Jesse of Surrey

10 things to know about the 2016/17 provincial budget:

1. Buyers of newly-built homes worth up to $750,000 will be exempt from the property transfer tax, saving up to $13,000, effective Wednesday (only for Canadian citizens or permanent residents).

2. The new home tax exemption will only apply to people who actually live in the home as their principal residence for a year after the purchase (relatives do not qualify) and B.C. will share information with Revenue Canada to double-check whether the rules are being followed.

3. Homes (both new and used) sold for more than $2 million will see an increased property transfer tax of 3 per cent, up from 2 per cent.

4. The existing first-time homebuyers program for used homes remains in place, but the threshold is unchanged for properties worth less than $475,000.

5. Property buyers will need to disclose their citizenship for government tracking.

6. MSP premium rates will rise $3 per month for an adult to $78, starting in 2017, but children are now exempt.

7. The special discounted MSP rate for couples is eliminated, adding $14 a month to a family with two adults.

8. Taxpayer-supported debt is budgeted to rise to $43.2 billion, which means 3.7 cents of every dollar government earns it pays in debt servicing.

9. The $47.5 billion budget next year will have an estimated surplus of $264 million. The economy is expected to grow 2.4 per cent.

10.Income assistance for those on disability will rise $77 a month, except for those who already receive a bus pass or transit assistance. It’s the first increase in the rate in nine years. The overall welfare rate remains unchanged.

Readmore: http://www.vancouversun.com/business/budget+offers+help+buyers+homes/11723141/story.html#ixzz40NJPxtd2

Dec 31st 2015

Vancouver, BC – Dominion Lending Centres (DLC), Canada’s top mortgage company, is proud to announce its acquisition of Mortgage Architects, a leader in the Canadian mortgage space. DLC will keep all three of its brands (Dominion Lending Centres; Mortgage Centre Canada; Mortgage Architects) and run each of them alongside one another.
 
The DLC group of companies will now reach close to 40% market share, with a combined $32 billion in annual mortgage volume, translating to more than 100,000 individual mortgages per year.  

With now over 4,800 accredited mortgage professionals in the three companies, this acquisition will make the Dominion Lending Centres group of companies the largest mortgage originator in all of Canada – ahead of all major banks. 

See more here http://www.bnn.ca/Video/player.aspx?vid=780812 

Questions on your mortgage? The Angela Calla Mortgage Team is here to help you personally 604-802-3983 callateam@dominionlending.ca