Your credit score is a number   that illustrates your financial health at a specific point in time. It’s also   an indicator of how consistently you pay off your bills and debts.

Your credit score is one of the factors lenders consider when   qualifying you for a mortgage. A good credit score, for example, can help   improve your chances of being approved.

To find out your credit score, contact Canada’s two   credit-reporting agencies: Equifax Canada and TransUnion Canada.   These agencies can provide you with an online copy of your credit score as   well as a credit report – a detailed summary of your credit history,   employment history and personal financial information.

If you find any errors in your report, notify the   credit-reporting agency and the organization responsible for the inaccuracy   immediately.

Tips for improving your score
  There are several ways to improve your credit score,   including:

  
• Always pay your bills in full and on time

  

• Pay off your debts as quickly as possible

  

• Never go over the limit on your credit cards

  

• Try to reduce the number of credit card or loan        applications you make

Ensuring your credit score is in good shape better enables   negotiations with lenders to obtain the best mortgage possible to meet your   unique needs.

To find out more about credit scores and reports, you can also   visit the Financial Consumer Agency   of Canada website and download or request a free copy of   their guide, Understanding Your Credit   Report and Credit Score.

This guide provides practical,   straightforward information on how to obtain and understand your credit   report and score, as well as how to build and maintain a good credit history.

Using The Angela Calla Mortgage Team protects your credit score as we shop all the suitable lenders with only one application keeping your score maximized & saving your money.

 Contact us today at 604-802-3983 or callateam@dominionelnding.ca

If you’re thinking of buying   your first home or upgrading to a new one, the inventory of homes on the   market come Spring is definitely plentiful – providing for a great selection   of homes to serve your unique needs.

Still, there are also generally more people out looking at   homes in the Spring as well. And while some homebuyers feel anxious about   securing their dream home as soon as possible, it’s important to take the   time to be patient and make sure the home is a good fit for you and your   family.

After all, home-buying is likely the largest investment you’ll   ever make, and doing your due diligence when determining which house to buy   ensures that fewer surprises arise after your moving day.

Following are three top considerations to keep in mind when   looking for your new home this Spring:

1.   Get preapproved for a mortgage. Not only will this step help you compete   against other buyers who have not been preapproved, but it will also ensure   you only look at home’s within your price range – saving you the trouble of   falling in love with a home you can’t afford. Your mortgage broker or lender   will be able to get you preapproved before you start browsing homes.
2.   Think about what you need. Jotting down specifics regarding what you   “need” in a home – as opposed to what you “want” –

will help determine the types of homes you   should be viewing. It’s rarely possible, however, to find a perfect home for   your needs, tastes and budget. While it’s important to weigh your priorities   before you start your home search, it’s equally important to be flexible and   willing to change your mind once you see what your true options are – viewing   properties can shift your priorities. And remember that if you can only find   places that require too many compromises, it’s okay to keep looking – new   homes come on the market daily!

1.   Look past the staging. Many sellers enlist staging professionals to help sell their   homes faster and at a higher price. While this often makes listings more   visually appealing to buyers, some major flaws may be covered up through   staging. And while minor cosmetic issues can often be overcome with a simple   fix such as a coat of paint, larger, more costly issues can arise with a home   if you don’t notice poor conditions before you buy. Some things to look for   include: leaks around plumbing fixtures and ceilings (thanks to upper floor   bathrooms); stains on walls or ceilings; evidence of mould; poor workmanship   on flooring, moulding, windows and doors; or aging and worn seals around   windows and doors.

As always, if you have any questions or concerns about buying   or selling a home, or you’d like some useful tips, information and answers to   your questions are just a phone call or email away!

The Angela Calla Mortgage Team

604-802-3983

callateam@dominionlending.ca

Since most couples have a   joint mortgage – one where both names are on the mortgage and title of the   home – when separation or divorce proceedings get underway, many wonder what   will happen with the home.

When the marriage comes to an end, there are two obvious   options concerning the home: 1) sell the property and split the proceeds   according to your agreement and go your separate ways; or 2) one person buys   the other party out of the mortgage and the title of the property.

The first option is a straight-forward transaction where you   put the house up for sale, sell and split the proceeds. The second option,   however, is slightly more complicated.

The decision between the options is a personal one borne out   of the specific circumstances of the parties involved. Perhaps there are   young kids involved that need to stay in the house, the market is down and   there will be a loss on the property that neither party can afford, one party   can afford to buy the other party out, etc.

Once the decision is made, how do you go about buying the   other person out of a mortgage?  Well, essentially, you’re refinancing   your mortgage using a single income (the person who’s buying the other party   out of the house) and qualification, versus the original purchase, which was   based on joint income and qualification.

If you’re the one buying your partner out, the first step is   to ensure that you can afford the mortgage payments.

This is imperative because the lender will ask for proof that   you’re capable of covering the mortgage in order for you to apply on your   own. In addition to covering the mortgage amount, you’ll have to come up with   whatever dollar amount you have agreed on to buy the other partner out. This   may come out of the equity in your home if it’s sufficient.

In essence, if you can afford the mortgage on your own, the   most common means of buying out your partner post-separation and transferring   title out of the joint name and into your name, is to refinance. I can help   you through each step of this process. And although the maximum refinance on   a home is 80% of the appraised value, given the unique circumstances   surrounding separation, you can often refinance up to 95% of your home’s   value.

If you’re not in a financial position to buy your ex-partner   out of the house, and you agree to both stay on title and have payment   arrangements, there’s one warning to be taken very seriously – just because   one person is responsible for the payments (even with a court order), if the   mortgage goes into default, both parties on the mortgage will be affected.

The most important piece of advice when dealing with a   mortgage during a separation is to become informed. Know your options, talk   to professionals about your options, and make an informed decision regarding   your home and mortgage.

As always, if you have any questions about the information   above or your mortgage in general, I’m here to help!

Angela Calla 604-802-3983

callateam@dominionlending.ca