Another Woeful Tale of Mortgage Penalties

General Angela Calla 9 Oct

When you deal with a lender directly for a mortgage this article below is the norm. Most clients though are unaware of how different lenders calculate thier penalties and we always work to show you the lowest exit cost for the mortgage you end up selecting from the choices presented.

http://www.cbc.ca/news/canada/edmonton/td-bank-client-devastated-by-17-000-mortgage-penalty-1.2790108

Angela Calla Mortgage Team 604-802-3983 callateam@dominionlending.ca

Self Employed? Here is what you will need for a Mortgage

General Angela Calla 3 Oct

Self Employed? Here is what you will need for a Mortgage

With more than 30% of Canadians receiving at least a portion of their income from means that place them in the self-employed category, it’s important to know exactly what documentation you’ll be required to provide when seeking a mortgage. The simplest way to provide this information is to send your bookkeeper or accountant an email, CCing us, advising that you’re applying for a mortgage and requesting the following files be sent electronically. When we consult with you on your mortgage inquiry, we’ll send you a a similar list detailing what we need so we can correspond with your bookkeeper or accountant to help you moving forward:

 

  1. T1 Generals from the last 2 years & Notice of Assessments
  2. Notice of Articles (first 4 pages)
  3. 2 Years of Financials (depending on requested mortgage amount)
  4. Business Licences for the last 2 years
  5. GST summary or returns
  6. Copy of corporate bank account information (if proving assets or down payment proceeds are coming from this means)
  7. Keep in mind that the more information you include on the type of business you run, your main client or contracts, your price list or understanding of your billing process, the number of employees or subcontractors you work with, if you have an actual office or are working from home, etc, the clearer picture the lender will have in order to present your best options
  8. Lenders may ask for copies of invoices and contracts, and it’s important to remember the lender has the right at any time to ask for any further documentation they deem necessary for the approval of your mortgage

 

Self-employed mortgages require the use of experienced brokers who understand the various ways you’re compensated through your business, and how you and your accountant have selected your pay structure. Experience shows us that the best self-employed mortgages are structured by those who are also self-employed, like your mortgage experts at The Angela Calla Mortgage Team. Working with a lender or individual who does not understand or have experience with these types of mortgages may cost you more time and money, and prove more stressful than is necessary!

 

Angela Calla, AMP

Dominion Lending Centres-Angela Calla Mortgage Team

Host of The Mortgage Show Saturdays at 7pm on CKNW AM980

Phone: 604-802-3983 Fax: 604-939-8795

“An introduction to someone you care about is a big responsibility…it’s also the biggest compliment a client can give us & it’s not taken lightly. We pledge to treat everyone that is referred to us with the utmost respect & professionalism”.

www.angelacalla.ca

Reach my Team Chris Adkins & Johnny Hsu at 604-939-8777 & callateam2@dominionlending.ca

 

5 Common Mortgage Mistakes

General Angela Calla 2 Sep

Like many aspects of your   life, obtaining financing on a new or existing home can be a lot less stressful and a   whole lot more straight-forward if you’re prepared. But if you’re not   prepared, there are many common mistakes you can make. Most of these mistakes   are easily avoidable with some preparation and informed advice – feel free to   call or email with any questions/concerns! 

Below are the Top 5 Mortgage Mistakes people make when trying   to secure financing for their home:

  1.   Failing to choose   the best product for their situation
  2.   Automatically   renewing their current mortgage with their existing lender
  3.   Signing documents   without reading them
  4.   Taking it to the   limit – running up credit
  5.   Not planning for   your mortgage application

1. Failing to choose the best   product for your situation
  There are many different types of loans out there. There are fixed- and   variable-rate products, hybrid and no-frills mortgages, lines of credit, term   options, amortization choices, and more.

And although choice is great, it can be quite overwhelming   without expert advice. While one person would benefit from a variable-rate   product, their neighbour may be better suited to a fixed-rate product. The   key is to always explain your current situation and future goals in detail so   we can select a product that best meets both your current and longer-term   needs.

2. Automatically renewing   with your existing lender
  Although you may feel an allegiance with the current financial institution   that holds your loan, they may not be able to offer you the best choices.   When refinancing or renewing, it’s important to always shop the market for   your best available option, much like you did when

 

securing your first mortgage. This ensures you end up with the   best mortgage rate and terms customized to your unique situation. In many   cases your bank will offer you the posted rate in hopes that you’ll simply   sign and return the commitment without shopping around. Make sure you do your   due diligence when refinancing and renewing. After all, this is your   home, your mortgage and your money!

3. Signing documents without   reading them
  Never sign documents without reading them. If you’re unsure about   something, always ask for clarification. Remember that you’re the one entering   into the agreement, so you need to understand and agree with that commitment.

4. Taking your credit to the   limit
  Make sure that your credit balances are in your favour when it comes to your   mortgage application. Lenders are looking for an appropriate debt-to-income   ratio. In other words, you need to have more income than you have debt. Avoid   running up a balance on your credit cards and pay down existing debts as much   as possible.

5. Failing to plan ahead
  If you know that you’ll need to obtain, renew or refinance a mortgage, it’s   essential to plan for it by ensuring your credit is in order. If it’s not,   start preparing. Don’t make any purchases on your credit cards that you   can’t pay off and if you carry a balance on your credit cards, start paying them   down. Refrain from making any large purchases before securing your mortgage.   If you’re planning to buy a car, wait until after you have secured financing,   as your debt-to-income ratio will rise and you don’t want this to occur while   trying to secure a mortgage.

Understanding how the mortgage process works and how lenders   qualify your loan will help you avoid the above mistakes. As always, if you   have any questions or concerns, clarification is just a phone call or email   away!

Angela Calla Mortgage Team 604-802-3983 callateam@dominionlending.ca

The Secrets Of World Bankers

General Angela Calla 29 Aug

Wonder why Banks are SO eager to get you to open an account with them & offer freebies like ipads, coffee, free chequing etc?

Wonder why some of the exit fee’s are SO high to get out of their products

Wonder what they make money on and how you are viewed as a consumer

Wonder how its even legal for them to give you terms in loans or products that you didn’t “know” about?

This is very eye opening documentry that should make every consumer run to a reputable mortgage professional when considering a mortgage, or else- consumer beware! This is not a canadian show, however some of these practices have made it over here with the big banks.

We are not saying banks are bad, when you have the right guidance, you can be empowered to make educated decisions.

http://staging.knowledge.ca/program/bankers

In 2008 the financial crisis swept across the modern world. Today, banks are still at the eye of the storm. This three-part BBC documentary series examines recent scandals that have shaken the financial sector, and the revelations of complacency, greed and recklessness that shattered trust in the system. Combining rigorous journalism with access to key players, the series asks what bankers, regulators and policy-makers have learnt since 2008. And, in the process of making the City of London and Wall Street pay the price for weaknesses in regulation, leadership and ethics, is there a danger of inflicting as much suffering on the wider economy as on the banks?

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