June 2024 Newsletter

General Angela Calla 4 Jun

This month, let’s talk about how mortgage pre-approval versus pre-qualification for those potential buyers out there, PLUS some of the best home features for pets! Scroll down for all the details and have a great month.

Mortgage Pre-Approval vs. Pre-Qualification

Looking to buy your first home?

Thinking about making a move?

Whatever your goals, when it comes to getting a mortgage, there are a few things you can do in advance to make the mortgage process easier!

Getting Pre-Qualified: The purpose of mortgage pre-qualification is to help you get a general idea of what you can afford when shopping for your new home.

Pre-qualification will take your own assessment of your financial status and allow you to come up with a budget for a home, as well as what you can afford for monthly payments.

Download my app today and get pre-qualified in under 60 seconds! Plus, this will help to provide you with an estimate of your monthly mortgage payments and compare various payment schedules.

Getting Pre-Approved: While getting pre-qualified can give you a ballpark estimate of what you can afford, pre-approval means that a lender has stated (in writing) that you do qualify for a mortgage and what amount, based on submitted documentation of your current income and credit history.

A pre-approval usually specifies a term, interest rate, and mortgage amount and is typically valid for a brief period, assuming various conditions are met.

There are a few benefits to pre-approval including:

  1. It confirms the maximum amount you can afford to spend
  2. It can secure you an interest rate for 90-120 while you shop for your new home
  3. It lets the seller know that securing financing should not be an issue. This is extremely important for competitive markets where lots of offers may be coming in.

Keep in mind that once you get your pre-approval, you will want to make sure not to jeopardize it. Until your mortgage application and sale is completed, be sure you don’t quit or change jobs, buy a new car or trade up, transfer large sums of money between bank accounts, leave your bills unpaid, or open up new credit cards. You do not want your financial or employment details to change at all until you have closed on the new mortgage.

Reach out to me to get started today!

Best Home Features for Pets

Creating a pet-friendly home involves considering the comfort, safety, and well-being of your furry friends.

 

Here are some home features to consider:

  • Durable Flooring: Choose scratch-resistant and easy-to-clean flooring like hardwood, laminate, or more durable tile options. Avoid carpets if possible, or choose pet-friendly carpeting that’s stain-resistant.
  • Pet-Friendly Fabrics: Choose furniture and upholstery made from pet-friendly fabrics like leather or microfiber that are durable and easy to clean. This helps in case of accidents or shedding.
  • Pet-Safe Plants: Select indoor plants that are non-toxic to pets, such as spider plants, Boston ferns, or palms. Keep toxic plants out of reach or opt for artificial plants.
  • Designated Pet Areas: Create designated spaces for your pets, such as a cozy corner with a bed or a built-in nook under the stairs. This gives them a sense of security and their own space.
  • Easy Access to Outdoors: Install a pet door or create a pet-friendly exit to the yard, allowing your pets to go outside and play freely.
  • Secure Fencing: Ensure your yard has a secure fence to prevent your pets from wandering off and to keep them safe from potential dangers.
  • Built-in Feeding Stations: Incorporate built-in feeding stations or cabinets to store pet food and supplies, keeping them organized and out of reach from curious pets.
  • Wash Station or Mudroom: Include a designated area near the entrance for cleaning muddy paws or bathing your pets, with easy-to-clean surfaces and storage for grooming supplies.
  • Integrated Pet Technology: Consider installing smart pet feeders, water fountains, or cameras to monitor your pets remotely and ensure they are comfortable and well-fed when you’re away.

By incorporating these features into your home design, you can create a safe, comfortable, and enjoyable environment for both you and your pets.

Economic Insights from Dr. Sherry Cooper

Canadian inflation has fallen considerably for the past four months. Excluding shelter, inflation is a mere 1.6%.

While the job market was relatively strong in April, the unemployment rate continues to rise.

Job growth, though strong, is not keeping up with the surge in working-age immigrants. GDP growth was likely about 2.3% in the first quarter, but per capita GDP is falling. Moreover, economic activity will likely slow to about 1.0% in the current quarter, posting only 1.2% for the year, well below the neutral rate.

 

Monetary policy remains quite restrictive. Homeowners facing more renewals see their monthly payments rise sharply. The housing market has slowed, with new listings surging and buyers waiting for the central bank to cut interest rates. The odds are about even that the Bank of Canada will begin cutting the overnight policy rate in June versus July. It can’t be soon enough for the housing industry.

 

GDP growth is tracking below the Bank of Canada’s most recent forecast. And on a per capita basis, it looks even worse. The weakness in economic activity should persist in the coming months as household and business owners increasingly feel the pinch of earlier rate hikes. Moreover, the federal government’s plan to reduce the temporary resident population over the next two-plus years should hold back the expansion.

 

The Bank of Canada should begin to cut the overnight policy rate in June. If it is delayed, there is a risk of a much steeper slowdown than forecasted.

 

Angela Calla is an 19-year award-winning woman of influence which sets her apart from the rest. 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 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. 

May 2024 Newsletter

General Angela Calla 4 Jun

What to Know at Renewal

Is your mortgage coming up for renewal this year or in 2025?

Do you know about all the incredible options renewing your mortgage can afford you?

If not, I have all the details here on how to make the most of your renewal!

Get a Better Rate: Did you know that when you receive notice that your mortgage is coming up for renewal, it’s the best time to shop around for a more favorable interest rate? At renewal time, it’s easy to explore other lenders for a preferable interest rate without breaking your mortgage. With interest rates expected to start coming down next month, reaching out and exploring the market could potentially save you a significant amount of money!

Consolidate Debt: Renewal time is also an excellent opportunity to assess your existing debt and decide whether consolidating it into your mortgage is beneficial. Whether it’s holiday credit card debt, car loans, education loans, or other debts, consolidating your mortgage streamlines your payments into one, potentially at a lower interest rate compared to other sources.

Invest in Renovations: Do you have home improvement projects waiting to be tackled? Renewal time provides a great opportunity to tap into your home equity for renovations, whether it’s your dream kitchen, bathroom upgrades, or even investing in a vacation property. Utilizing your equity can bring your renovation dreams to life.

Adjust Your Mortgage Product: Not satisfied with your current mortgage product? Whether it’s fluctuations in variable rates or seeking a different payment or amortization schedule, renewal time allows you to switch things up. You can lock in a fixed rate for stability or opt for a variable rate if you anticipate changes in interest rates. Adjusting your mortgage product can align it better with your financial goals.

Summer is coming up and you don’t want to miss your chance to make the most of your yard! To help you enjoy your space this year, I have broken down some of the top yard appeal ideas with the biggest ROI giving you the most bang for your buck and can increase your home’s equity and curb appeal at the same time!

 

Yard Appeal Ideas for The Biggest ROI

Summer is coming up and you don’t want to miss your chance to make the most of your yard! To help you enjoy your space this year, I have broken down some of the top yard appeal ideas with the biggest ROI giving you the most bang for your buck and can increase your home’s equity and curb appeal at the same time!

  • Embrace Sustainable Landscaping: Incorporating native plants, drought-resistant foliage, and xeriscaping techniques not only reduces water consumption but also creates an eco-friendly landscape. Consider installing a rain garden or a drip irrigation system to conserve water and enhance the natural beauty of your yard.
  • Install Outdoor Structures: Adding functional outdoor structures like pergolas, arbors, or gazebos can provide shade, define spaces, and add architectural interest to your yard. These structures can serve as focal points and create inviting outdoor living areas for entertaining or relaxation.
  • Upgrade Your Lawn: A lush, well-maintained lawn instantly elevates the appearance of your yard. Invest in professional lawn care services, aerate and overseed to fill in bare patches, and regularly fertilize and water your lawn to keep it healthy and green. Consider alternatives like artificial turf for low-maintenance options.
  • Incorporate Water Features: Incorporating a water feature such as a fountain, pond, or waterfall adds visual interest, tranquility, and a sense of luxury to your yard. The soothing sound of running water can create a serene ambiance and attract wildlife, enhancing the overall appeal of your outdoor space.
  • Enhance Privacy: Increase the comfort and enjoyment of your yard by enhancing privacy with strategic landscaping, fencing, or screening options. Planting tall hedges, installing lattice panels, or adding trellises with climbing plants can create secluded areas and block unsightly views while adding beauty and greenery to your yard.

By implementing these additional ideas alongside the ones you’ve already outlined, you can transform your yard into a welcoming oasis that not only enhances your enjoyment but also offers a significant return on investment.

 

Angela Calla is an 19-year award-winning woman of influence which sets her apart from the rest. 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 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. 

Updates – May 2024

General Angela Calla 23 May

We wanted to share some key points to consider with the expected changes ahead, particularly as we look forward to the Bank of Canada press release on June 6th. While data suggests a rate cut, it wouldn’t be a total surprise if they waited until July. When the anticipated cut occurs in the upcoming months, it is expected to be 25 basis points, which translates to a $13 reduction per $100,000 in mortgage amount for those with adjustable-rate mortgages or line of credit products.

If You Are Looking to Buy a Home
In some areas, with an increase in listings, it is currently a buyer’s market. Waiting for rates to go down may bring more buyers into the market, driving prices up and offsetting the reduced mortgage rates. This is why the Bank of Canada is cautious and slow with rate decreases. If you qualify now, you can benefit from these market conditions. You may enjoy our FREE mortgage toolbox app.

If You Can’t Qualify Now
Now is a great time to set up a plan! The RRSP limit has been increased, and the new FHSA is a great option. These, combined with other planning methods, will help you reach your goal efficiently. Simply reply to this email with your phone number, and we will have a financial planner get in touch with you.

If Your Mortgage Renewal Is Coming Up in the Next 6 Months
Reach out to us today. We conduct full rate checks before completion to ensure the lowest borrowing costs, so you won’t miss an opportunity. Working without bias is to your best advantage, allowing us to clear the clutter, simplify your life, and ensure you get the best options. We help families by conducting a comprehensive review of their finances, which can free up hundreds or even thousands of dollars monthly, setting you on a path to financial security.

Fun Stuff
-If you haven’t entered our contest to Win a Free Mortgage Payment, do so HERE.
-If you want to catch our next Mortgage Renewal Webinar, register HERE.
We look forward to connecting with you after the Bank of Canada Press Release on June 6th.
Please reach out to us directly with any mortgage questions or for an introduction to a financial planner or real estate partner.

Angela Calla is an 19-year award-winning woman of influence which sets her apart from the rest. 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 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. 

Celebrating 20 Years of Excellence!

General Angela Calla 2 Apr

A heartfelt thank you to all our amazing clients and referral partners! As we mark our 20th year in the mortgage planning business, we’re deeply honored to have had the privilege of assisting you alongside our incredible team.

Last year, amidst the challenges of high inflation and mortgage rates, we stood by your side, committed to finding the best solutions for your needs. It’s with immense pride that we share the news of receiving a Master Award, a testament to our dedication and your trust.

As the market evolves, we remain steadfast in our commitment to guiding you through different markets and life changes. Our goal is to ensure you always have the best mortgage solutions tailored to your needs.

Looking for the best mortgage? Look no further! Reach out to us directly for personalized assistance. Here’s to many more years of partnership and success!

 

Angela Calla is an 19-year award-winning woman of influence which sets her apart from the rest. 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 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. 

Hidden cameras capture bank employees misleading customers, pushing products that help sales targets

General Angela Calla 18 Mar

Critic says finance minister must do much more to protect consumers.

Michelle Jeraline says she’s so stressed out by the pressure to sell customers products at TD Bank, it’s affected her health.

The TD employee says she’s usually not acting in the best interest of her clients — she’s trying to sell them products that will help her meet sales targets and keep her from being fired.

Read the full article here: Hidden cameras capture bank employees misleading customers, pushing products that help sales targets | CBC News

Angela Calla is an 19-year award-winning woman of influence which sets her apart from the rest. 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 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. 

Hidden camera reveals how bank employees mislead and upsell on pricey credit card insurance

General Angela Calla 18 Mar

Tactics used to sell credit card balance protection ‘problematic’ and ‘high risk’ to consumers, watchdog says

Read the full article here: Hidden camera reveals how bank employees mislead and upsell on pricey credit card insurance | CBC News

 

Angela Calla is an 19-year award-winning woman of influence which sets her apart from the rest. 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 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. 

Exploring Financial Options: Reverse Mortgages vs. Lines of Credit

General Angela Calla 14 Mar

As a top mortgage professional, I understand the importance of providing unbiased advice to consumers, helping them navigate through the plethora of financial options available. Today, I want to shed light on two popular choices: Reverse Mortgages and Lines of Credit.

 

Reverse Mortgages:

A reverse mortgage is a unique financial product designed specifically for homeowners who are 55 years or older. It allows individuals to convert a portion of their home equity into cash without having to sell their home or make monthly mortgage payments. The loan is repaid when the homeowner moves out of the home or passes away, typically through the sale of the property. No income qualification is required for this product, it is based on age and equity in the property.

Reverse mortgages can provide financial flexibility for retirees, allowing them to supplement their income, cover unexpected expenses, or fund home renovations. Additionally, they offer the peace of mind of being able to remain in the comfort of their own home while accessing the equity they’ve built up over the years being a non taxable event.

 

Lines of Credit:

On the other hand, lines of credit offer a more traditional approach to accessing funds. They provide borrowers with a revolving credit limit that can be used for various purposes, such as home renovations, debt consolidation, or emergency expenses. Unlike reverse mortgages, lines of credit require regular payments of interest and principal, and the client must qualify based on there income and debts with todays stress test at over 9% interest rate.

 

Choosing the Right Option:

When deciding between a reverse mortgage and a line of credit, it’s essential for consumers to carefully evaluate their financial goals, needs, and circumstances. Each option has its advantages and disadvantages, and what works best for one individual may not be suitable for another.

To assist you in making an informed decision, I’ve prepared a comprehensive PDF guide specifically tailored for Canadians. This guide provides detailed information on both reverse mortgages and lines of credit, including eligibility requirements, pros and cons, and important considerations to keep in mind.

HELOCvsCHIPvsDownsizing_FINAL-031124-1

Conclusion:

We are committed to empowering consumers, I encourage you to review the PDF guide and explore all available options before making a decision. Whether you’re considering a reverse mortgage or a line of credit, it’s crucial to weigh the benefits and drawbacks carefully and choose the option that aligns with your financial goals and objectives. Contact us directly to review all of your suited options at 604-802-3983 or angela@countoncalla.ca

Remember, knowledge is power, and arming yourself with information is the first step towards achieving financial security and peace of mind.

 

Angela Calla is an 19-year award-winning woman of influence which sets her apart from the rest. 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 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. 

BoC Holds Rates Steady Waiting To See Further Declines In Core Inflation

General Angela Calla 6 Mar

The Bank of Canada Holds Rates Steady Until Core Inflation Falls Further

Today, the Bank of Canada held the overnight rate at 5% for the fifth consecutive meeting and pledged to continue normalizing the Bank’s balance sheet. Policymakers remain concerned about risks to the outlook for inflation. The latest data show that CPI inflation fell to 2.9% in January, but year-over-year and three-month measures of core inflation were in the 3% to 3.5% range. The Governing Council projects that inflation will remain around 3% over the first half of this year but also suggests that wage pressure may be diminishing. The likelihood is that inflation will slow more rapidly, allowing for a rate cut by mid-year. 

The Bank also noted that Q4 GDP growth came in stronger than expected at 1.0% but was well below potential growth, confirming excess supply in the economy.

Employment continues to rise more slowly than population growth. During the press conference, Governor Macklem said it was too early to consider lowering rates as more time is needed to ensure inflation falls towards the 2% target.

 

 

 

 

 

Bottom Line

The Bank of Canada expects that progress on inflation will be ‘gradual and uneven.’ “Today’s decision reflects the governing council’s assessment that a policy rate of 5% remains appropriate. It’s still too early to consider lowering the policy interest rate,” Macklem said in the prepared text of his opening statement. The Bank is pushing back on the idea that rate cuts are imminent.

High interest rates are dampening discretionary spending for households renewing mortgages at much higher monthly payments. As the economy slows in the first half of this year, the BoC will signal a shift towards easing. This could happen at the next meeting on April 10, when policymakers update their economic projections. This could prepare markets for a June rate cut.

“We don’t want to keep monetary policy this restrictive longer than we have to,” Macklem said. “But nor do we want to jeopardize the progress we’ve made in bringing down inflation.”

(Article courtesy of Dr. Sherry Cooper, Chief Economist, DLC)

Angela Calla is an 19-year award-winning woman of influence which sets her apart from the rest. 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 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. 

Spring Market Update: Bank of Canada Holds Rates, Fixed Rates Drop, Optimism Ahead

General Angela Calla 6 Mar

As we step into the vibrant season of spring, it’s time for a quick update on the latest in the housing market and economic landscape.

Bank of Canada Maintains Rates:

In a recent announcement, the Bank of Canada has decided to maintain its key interest rate. For detailed insights, you can read the full report here.

Spring Market Buzz:

The arrival of spring has brought a flurry of activity in the housing market, with both sellers and buyers eager to make their moves. Fixed rates have seen a dip from their previous highs, sparking optimism among homeowners and prospective buyers alike. This drop in fixed rates has added an extra layer of excitement to the already bustling market.

Time-Sensitive Updates:

Also included on our social media @angelacallamortgageteam – give us a follow

First-Time Homebuyer Incentive:

Act fast! First-time homebuyers have a golden opportunity to save up to $8,000 if they have a purchase in place and can change to complete their purchase on or after April 1st 2024 if possible. Learn more about this time-sensitive offer here.  We have already viewed all of our existing clients with purchases in place to see who can benefit

Maximize Your Savings:

If you’re currently renting and dreaming of homeownership, don’t miss out on our blog post detailing how you can claim up to a $400 tax credit by filling out the form with your income tax filing. Check out the full details here.

Looking Ahead:

With fixed rates on the decline and optimism brewing about the possibility of even lower rates in the near future, it’s an exciting time for those considering entering the housing market. Additionally, with approximately 3 million mortgage renewals upcoming, it’s crucial not to settle for the wrong terms. Choosing the right mortgage terms can save you thousands and impact future cash flow.  If you or a loved one have a mortgage renewal upcoming, contact us directly to start planning today.

 

Angela Calla is an 19-year award-winning woman of influence which sets her apart from the rest. 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 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. 

Changes in Property Transfer Tax expected April 1st

General Angela Calla 22 Feb

Property transfer tax exemptions

While the province is aiming a new tax at would-be speculators, it’s also unveiling a tax break for first-time homebuyers and rental housing developers.

As of April 1, 2024, the threshold for the exemption to the property transfer tax for first-time homebuyers is being lifted from properties costing half a million dollars to $835,000. Properties with a fair market value of under $500,000 will be completely tax-exempt.

Read the whole article here: B.C. Budget 2024: New house-flipping tax, help for first-time homebuyers | Globalnews.ca

 

Angela Calla is an 19-year award-winning woman of influence which sets her apart from the rest. 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 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. 

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