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Moving up the property ladder is a great time, having clarity on how the process works is key to your success.

1. Understand the terms in your mortgage to be prepared- get pre-approved.

Just because you already have a mortgage now, doesn’t mean you automatically qualify for a new one.  Policies change all the time along with your credit score, and perhaps your income type/structure & current debt load, which all contribute to what your current options are.

2. Have a deposit ready

These will be the funds you will use to put a firm contract in place. These cannot come from your sale proceeds initially unless the completion date has already passed and you have received the sale proceeds. You will need to have access to this cash up front and you may not qualify to borrow it from a lender, so being pre-approved will help you plan for that.

3. Get your dates in order.

Not many people can qualify to own 2 properties at once. This means you cannot buy another home or qualify for a bridge loan until someone has REMOVED subjects on your sale.    Bridge financing is required when the sale of your place completes after the completion date of your new purchase, so the sale proceeds (down payment) aren’t available until after you’ve purchased a new home.    Bridge Loans come at a price -one that needs to be carefully considered, usually an admin fee, a short term higher rate charged on the amount being bridged and additional legal fees.

An AMP will provide you with transparent, unbiased advice with the power of choice so you can make a decision with clarity moving forward with your plans. The service is free from the initial consultation to ongoing management & optimization of your mortgage.

Angela Calla, AMP

Dominion Lending Centres-Angela Calla

Host of ” The Mortgage Show” Saturdays @ 7pm on CKNW AM980

Phone: 604-802-3983

Email: acalla@dominionlending.ca

www.angelacalla.ca

Considerations When Purchasing Rental Property

Purchasing a rental property has become more and more difficult for borrowers with the consistent rule changes from the federal government, mortgage insurers & banks over the last 5 years.

Today, rental properties need a minimum of a 20% down payment. They can do this only if they debt service at very high standards

1. Only using a 50% addback after all expenses

2. Using on average 3% of outstanding balances of secured, unsecured or even unused balances on approved credit in some cases!

This is easy to see how this could easily put even the highest income earners TDS completely out of qualification, causing a decline or added costs to consider.

Most applicants find themselves either having to place down 35% to be able to use more appropriate qualification guidelines or get the mortgage insured at a premium of up to 3.15% of the entire loan amount to use different guidelines such as:

1. An 80% offset

2. A “real” payment on outside debts, or amortized calculated payment.

Most lenders even limit product options to only a fixed rate or increase the interest rate for rental property purchases, in addition to allowing only lending under residential guidelines after you have 4 rentals plus a principal residence.

With the constant change in options, products & guidelines to get transparency, unbiased advice and the power of choice you AMP will guide you through the process of real estate investing so you always have clarity on the best option for you.

Angela Calla, AMP

Dominion Lending Centres-Angela Calla

Host of ” The Mortgage Show” Saturdays @ 7pm on CKNW AM980 Phone : 604-802-3983

Email: acalla@dominionlending.ca

www.angelacalla.ca

4 Tips For The Best Mortgage Renewal

 1. Do not sign the offer you get in the mail and just send it back, biggest mistake ever. Lenders are very strategic with when, how and why they contact you to suggest something, so it’s important to have a clear understanding of the entire landscape before signing anything.

2. Start early: 4 months is ample time. With a proactive mortgage management program your mortgage should be reviewed every year, if there have been any income or credit changes renewing early may be to your advantage. However if you are getting pressure to renew early it’s generally because it benefits the lender and not you. When you work with an independent AMP a full look back is done prior to renewal to ensure you get the lowest cost of home ownership.

3. Ensure you give consideration of your life plan over the next decade to make sure you don’t make costly mistakes by getting into what looks to be a good rate mortgage that costs more over the term or sticks you with a large payment penalty for later modifications, collateral charge or sale only clause.

4. If you are considering renovations, investments or taking out equity to pay out high interest debt- now is the time!

 Your AMP will give you unbiased, transparent advice with the power of choice.  Our service from our initial consultation to the lifelong proactive management of your mortgage is free, so you can make a clear empowered decision on your mortgage.

Angela Calla, AMP

Dominion Lending Centres-Angela Calla

Host of ” The Mortgage Show” Saturdays @ 7pm on CKNW AM980 Phone : 604-802-3983 Fax: 604-939-8795

Email: acalla@dominionlending.ca

www.angelacalla.ca

Brokers, are great consumer advocates. The service is free, they work without bias, and that transparency gives the consumer complete clarity to make an empowered decision.

Here are 4 points to remember:

 1. They each shop multiple options with one application. For the Mortgage Broker this has the added benefit of protecting your credit score. An individual shopping around for a mortgage with multiple lenders actually reduces your credit score limiting your savings,options & sometimes disqualifying a borrower completely!

 2. They are there for you through the life of having the mortgage/policy with them. As the market or your life changes, we are here to guide you through every step to ensure you are always guided & things are going as they should be. This ongoing help just like when we helped the first time is also free! They are always reviewing to see if there is additional ways to save you money!

3. If you currently have the best mortgage or insurance option, we advise you to stay where you are & will let you know when its good to review again. We are here to protect you & help empower you through clarity always!

4. Beware of representatives that work directly for one company, sometimes there titles may be misleading, or they may have a program in place to “pass things off to a partner, or someone they “work closely with” don’t be timid to gain clarity, its only to your advantage.

Angela Calla, AMP

Dominion Lending Centres-Angela Calla

Host of ” The Mortgage Show” Saturdays @ 7pm on CKNW AM980

Phone : 604-802-3983  Email: acalla@dominionlending.ca

www.angelacalla.ca

@jbinvan: Another perk of a great mortgage broker! Thank for the free tix to @VanHomeShows So many ideas & great products 😊 @AngelaCalla #callateam

@deefontein: Had a wonderful time with my dad at @VanHomeShows thanks to the generous people with The Angela Calla Mortgage Team! @AngelaCalla #teamcalla

I wouldn’t hesitate to recommend the Angela Calla team to fellow first-time buyers. Plus, it doesn’t hurt that they were able to get me a decent rate as well. It’s not all about the rate; there are a number of other factors that make a good mortgage.

Throughout the process of setting up my first-ever mortgage, my experience with this team has been illuminating and reassuring at the same time. They were a patient guide in showing me the basics of the deal – things you wouldn’t know until you go through the process.  

Practical advice straddled the line between a broker and a fellow property owner, offering suggestions that are best practices which will save you hassle and money in the long run. From the get-go, I felt secure in trusting their advice as a beginner and I’m glad I found a broker team who prides itself in building a working relationship with its clients. After all, these guys have a reputation to uphold with Angela putting herself out there on radio and TV segments educating the public on the world of mortgages. I believe her team’s MO reflects that. Also, John was chiefly responsible for the admin on this deal. He is quick, responsive and communicative – all things which agents from my bank failed on.

Thanks again, guys.

Ben Ngai

Farrukh Jahan wrote:

We got our mortgage with Angela Calla mortgage team 5 years ago, no doubt they are competent, relaible and work hard to get us the best mortgage, thank you so very much.

Dana R Perrault wrote:

 Thanks to The Angela Calla Mortgage Team for the tickets to the Home Show! We always love to go and check out the new and trending home items! We couldn’t be happier going into our 3rd year as first-time home owners, and having your wonderful team behind us every step of the way has made it that much more enjoyable. Thanks again #callateam you rock!! 🙌❤