General Angela Calla 14 Jan
Its important to review you mortgage and outside debts to see if there is better structure that can have you saving money monthly to become debt free while planning for retirement.
To see if we can help you find the money in your mortgage contact The Angela Calla Mortgage Team at 604-802-3983 or callateam@dominionlending.ca
General Angela Calla 14 Jan
High-income earners may be better off holding fixed income outside their tax-sheltered accounts, for now.
http://www.moneysense.ca/invest/asset-location-do-low-interest-rates-change-the-rules
Looking for options for a downpayment and want to review the best mortgaeg structure for your income tax bracket? Contact the Angela Calla Mortgage Team at 604-802-3983 or callateam@dominionlending,ca
General Angela Calla 14 Jan
Woman are a powerhouse, according to the new stat’s from CMHC (as if we needed confirmation 🙂 Amoung people whom live alone, 65% of them are single woman!
To see the full story and recent stat’s click here :http://business.financialpost.com/2013/12/18/canada-condo-market/
To review your options to purchase and get the lowest cost of homeownership contact The Angela Calla Mortgage Team 604-802-3983 or callateam@dominionlending.ca
General Angela Calla 9 Jan
Starting in 2010, lenders had to ensure that borrowers getting variable or 1- to 4-year fixed mortgages could afford payments at the 5-year posted rate. That rule applied to mortgages with less than 20% equity.
In 2012, OSFI asked federally regulated lenders to apply the same rule to all variable and 1- to 4-year fixed mortgages, regardless of equity. But some lenders, which are provincially regulated, were not bound by this guideline.
As a result, some lenders today let conventional borrowers (20 % down payment or higher) qualify for variable-rate mortgages using significantly lower rates. That makes it easier to get approved when your debt ratio is above average.
How much easier?
Consider a qualified borrower making $70,000 a year. As of today, that person can get a variable-rate mortgage as high as $483,000 at some lenders. With an insured mortgage, he or she would be capped out at roughly $413,000.
Questions on the best mortgage? Contact the Angela Calla Mortgage Team 604-802-3983 or callateam@dominionlending.ca
General Angela Calla 9 Jan
The Bank of Canada should keep its key interest rate on hold until economic data persuades it otherwise, Central Bank Chief Stephen Poloz said on Tuesday, adding that he was not worried about calls from some international players to tighten policy.
His comments follow controversial remarks by Canada’s finance minister on Sunday suggesting there would be pressure to raise interest rates in 2014.
“For us, minimizing the risks of making a big mistake here is what we’re trying to do, and that tells us that we should be holding rates where they are until the data flow changes our mind,” Poloz said in an interview with CBC television.
Asked about the potential for higher rates in 2014, Finance Minister Jim Flaherty told CTV television on Sunday there would be some pressure to tighten because of the US Federal Reserve scaling back its bond-purchasing program.
Click here to read more from the Financial Post.
Questions on your Mortgage? Contact the Angela Calla Mortgage Team 604-802-3983 callateam@dominionlending.ca
General Angela Calla 17 Dec
A lawyer and respected real estate veteran is offering a fresh warning for those enlisting the help of family members for a down payment – a word of caution brokers should share with all first-time buyers and, indeed, their parents.
“If the parents try to transfer the 1 per cent back to the kids without telling the lender, this will actually cause the mortgage to go into default,” Mark Weisleder wrote in a column for the Toronto Star. “That’s because the standard terms of a mortgage typically state that the mortgage comes due at the option of the lender, if someone sells their interest.”
It is worth noting that even if the parents transfer their 1 per cent share, he said, they are still responsible if the kids don’t make the mortgage payments, since they signed the mortgage originally.
“It’s always great to help your kids if you can, but you have to think carefully about what you’re doing,” Weisleder writes. “This will ensure everyone knows whether it’s a loan or a gift and their obligations going forward.”
Essentially, if it’s a gift, there are no strings attached, he said, but if it’s a loan, there will likely be a second mortgage registered on title to protect the parents
“The bank will have to know about it and approve,” Weisleder said.
Parents can offer to be a guarantor if their child buyer’s income doesn’t meet the necessary thresholds. However, lenders will often require the parent’s name to appear on the deed as well. And an important consideration – and one that may often be overlooked – is to figure out how to transfer the percentage owned by a parent back to the child.
One workaround, Weisleder notes, is to have the parent leave the rest of the property to their child in their will.
“It was suggested that the parents leave their 1 per cent share to the kids by just doing an amendment to their will, so the kids would end up with it later,” Weisleder writes. “Without a will, problems could arise later if other beneficiaries do not wish to co-operate and want to sell the home to get their share of the estate.”
At the Angela Calla Mortgage Team we look at all aspects of helping you with the best mortgage. As some lenders do not allow non residing applicants on a mortgage, or even to structure mortgages between spouses for certain tax benifits this is one of the many considerations we advise you on to ensure the lowest cost of homeownership. Cotact us today at 604-802-3983 or callateam@dominionlending.ca
General Angela Calla 17 Dec
The Angela Calla Mortgage Team reported on this back in April and here it is again in The Globe & Mail.
The story in the link provided below contains great details and a side by side comparison where there is over a $3,000.00 difference in savings. This goes to show you there is more behind choosing a lender then the rate. Even when comparing the same rate side by side, this term & lender policy would cost you thousands if you didn’t know better. Every borroers circumstances are different and if you can be approved by a lender that can save you money, that’s the first option provided to you from our team so you understand your options.
The Angela Calla Mortgage Team looks at the lowest overall cost in homeownership when considering your options for a mortgage. Contact us directly at 604-802-3983 or callateam@dominionlending.ca to get us to help you.
General Angela Calla 14 Nov
This weeks deal of the week has been brought to you by:
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Please note that properties like this move quickly and getting set up with Rob Boies directly robboies@royallepage.ca will keep you abreast of all of these types of oppertunities meeting your speciafications
Thanks for visiting
Angela Calla, AMP
General Angela Calla 7 Nov
Interest rates are going to go up over the long term regardless of what central banks do at the moment, Finance Minister Jim Flaherty said on Thursday after the European Central Bank unexpectedly trimmed rates.
Flaherty told reporters in Toronto that people “should anticipate over the long term, interest rates will go up regardless of what central banks do now.”
This is one of the many reasons it’s important that you have the right mortgage strategy in place to protect you from payment shock in the future. To ensure you have the best possible mortgage strategy please contact us directly at 604-802-3983 or callateam@dominionlending.ca
Angela Calla
Dominion Lending Cetres
General Angela Calla 6 Nov
There are numerous reasons why homeowners choose to refinance their mortgages – everything from debt consolidation to freeing up money for their child’s education to using their home equity to buy another property. But the most popular reason for refinancing at this time of year is for holiday gift buying and entertainment.
Planning ahead really can save you money down the road. And with the high-cost holiday gift-buying and entertaining season quickly approaching, this may be the perfect time to refinance your mortgage and free up some money instead of relying on high-interest unsecured credit such as credit cards and lines of credit.
You may find that taking equity out of your home will help bring joy back into your holiday season – and start the New Year off on a debt-free note, as you may also be able to use some of the equity in your home to pay off high-interest debt such as your credit card and/or line of credit balances. This will enable you to put more money in your bank account each month.
And since interest rates continue to hover near historic lows, switching to a lower rate may save you a lot of money – possibly thousands of dollars per year.
There are penalties for paying your mortgage loan out prior to renewal, but these could be offset by the lower rates and extra money you could acquire through a refinance. I can sit down with you and work through all of the equations to ensure this is the right move for you.
With access to more money, you’ll be better able to manage both your holiday spending and existing debt.
Paying your mortgage down faster
By refinancing, you may extend the time it will take to pay off your mortgage, but there are many ways to pay down your mortgage sooner to save you thousands of dollars in interest payments. Most mortgage products, for instance, include prepayment privileges that enable you to pay up to 20% of the principal (the true value of your mortgage minus the interest payments) per calendar year. This will also help reduce your amortization period (the length of your mortgage), which, in turn, saves you money.
You can also increase the frequency of your mortgage payments by opting for accelerated bi-weekly payments. Not to be confused with semi-monthly mortgage payments (24 payments per year), accelerated bi-weekly mortgage payments (26 payments per year) will not only pay your mortgage off quicker, but it’s guaranteed to save you a significant amount of money over the term of your mortgage.
By refinancing now – before the holiday season is in full swing – and planning ahead, you can put yourself and your family in a better financial position.
As always, if you have any questions about refinancing, reducing debt or paying down your mortgage quicker, I’m here to help!
Angela Calla Mortgage Team
604-802-3983 callateam@dominionlending.ca