As we approach a new year, there are always a few things to keep in mind when it comes to our mortgage. We have put together a few considerations to keep at the forefront of the ever-changing market.

Sliding Scale
With home prices surging all over the country you may be surprised to learn that purchases over a million dollars may need a larger down payment than 20%. (Purchasing for Over $1 Million? Don’t Forget These Considerations). With the increase of working from home and the ability to live in different provinces, you will want to be clear with your mortgage professional on the prices and areas to ensure you have enough down payment for your purchase.

Reverse Mortgages
The Bank of Mom and Dad is very popular, and the number of gift amounts has risen. A recent report from Yahoo Finance noted that 30% of home buyers had help from family. This coupled with the fact that seven out of ten retirees saying they don’t feel they have enough for retirement makes the reverse mortgage the perfect non-taxable or cash flow impacting way parents can reach both of these goals. Now they don’t have to downsize to live out their life goals (with no inventory there is nowhere to go anyways!).

Utilize Home Equity
Get out of credit card debt and payout those student loans and cars if you wanted to buy a second home. With home prices rising as much as 30% and debt holding people back from moving up the property ladder, this is the perfect time to get that equity working for you. $50,000 in outstanding debt can be rolled into a mortgage for $250/month. Compared that to whatever you are paying for your loans, chances are, you will save hundreds or even thousands per month! So, get the compound effect working for you instead of against you. This goes a long way when you consider $480/month in outside loan payments takes away $100,000 in mortgage qualification! Not when you turn the tables.

Pre-Pandemic Interest Rates Will Likely Return
If you or a loved one has a mortgage renewal in 2022 you will want to renew it in the first quarter of the year and the Bank of Canada has mentioned, they still plan on sticking with their forecast of rising rates later in the year (Bank of Canada Holds Rate Target Steady Until April to September 2022).

Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. 

In August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click  here to view the latest news on our blog. 

With a new year approaching it’s very common to consider a home purchase. Some of us may feel unsure of where to start, or how to set up a plan.

I’m here to let you know, wherever you are today, that we can help. Help ensure that you have the best resources to achieve your goals for the years ahead using our experience and developed networks.

Maybe you want to own a home but have no down payment and don’t even have the money to spare just yet, or feel that it is just too far ahead?

Perhaps you would like to move up the property ladder but wonder if you would qualify or if there is debt from credit cards and lines of credit holding you back.

Maybe you are having a life transition and the emotions of it feel like a lot to bear. I can tell you we understand how you feel and will hold your hand through all of it.

There are a lot of myths floating around out there, especially with millennial homebuyers. I did an interview with Global News that touched on just this topic.

But you don’t need to worry! We have teamed up with financial planners to ensure that you have a budget together, are not overpaying on insurance, and plugging your money in the best places. That way you can acquire tax refunds, find pensions, find reduced insurance costs, or even set up a monthly savings plan to help you reach your goal to own a home.

We are teamed up with mortgage brokers to ensure your mortgage is working to your best advantage so that you have the best rate and can consolidate your debt to improve your cash flow, increasing your future purchasing power.

And life changes, we have been through a few, and if buying or selling is in your future, I will help with that.

If you would like an introduction to any of the above, please email me with the best number for us to connect. You can also get started by downloading our Dominion Lending Centre Mortgage App, available on iOS and Android.

We are committed to helping you with anything we can to achieve the best year for you and your loved ones to come.

Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. 

In August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click  here to view the latest news on our blog.