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.
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.
Think a 21% interest rate sounds high. Try 24.99%.
Credit card holders who miss two minimum payments will now get dinged with a higher interest rate on their next bill as Canadian banks begin to crack down on customers in arrears.
Questions on positioning your mortgage application to get the best mortgage or consolidating your outside debts into your exisiting mortgage?
Proud to announce a new member of our team!
Canada’s largest private mortgage and lending institution Dominion Lending Centres (DLC) has announced that celebrated economist Dr. Sherry Cooper has taken the position of Chief Economist effective immediately.
Prior to joining DLC, Dr. Cooper was the chief economist with one of Canada’s largest financial institutions and is well versed in the mortgage sector.
Dr. Cooper has an M.A. and Ph.D. in Economics from the University of Pittsburgh. She began her career at the Federal Reserve Board in Washington, D.C. where she worked very closely with then-Chairman, Paul Volcker, a relationship she maintains today. After five years at the Federal Reserve, she joined the Federal National Mortgage Association as Director of Financial Economics. Dr. Cooper also served as Chief Economist and Executive Vice-President of BMO Financial Group (which includes the Bank of Montreal in Canada and BMO Harris Bank in the U.S.), where she led a highly respected team of economists. She was responsible for global economic and financial forecasting as well as country-risk and industry-risk analysis. She joined BMO Financial Group in 1994 when it acquired Burns Fry, where she had been Chief Economist, Co-Head of Fixed Income, and Vice- Chair.
Dr. Cooper will be advising on economic matters, issuing quarterly economic updates, and other statements as they pertain to the economy and the mortgage sector on behalf of Dominion Lending Centres. The financial sector can look forward to her returning expert opinion and analysis on all markets and areas of the economy that affect Canadians and in particular the housing and mortgage sectors. Dr. Cooper will work with all DLC’s business units and as one of the company’s primary spokespersons.
It’s common for when a borrower is considering getting a mortgage for them to consider the bank as the best source, until they know a little more about how it can impact there financial future. When you deal with an AMP you get transparency, unbiased advice, choice AND the service is free. Here are some questions and comparisons to consider moving forward. If you dealing with a lender on your own is the best financial route, it is our legal obligation to advise you to stick with where you are and always will do so.
Are you aware that dealing with any lender directly, results in you dealing with someone whom has a direct bias to do the best for their employer under their job description?
We have been through some of the most rapidly changing economic times since the great depression. What has the bank demonstrated to ensure that you have optimized that opportunity with your existing products that you feel loyal to that has resulted in you saving money and take advantage of the market on an ongoing basis with clear proactive communication (not you calling or walking into the branch)?
You understand the difference in penalty? http://www.angelacalla.ca/blog_post?id=12610 it’s impossible to intelligently shop for a mortgage with a lender directly when the contract in the 2 clauses read the same but they use different internal numbers for the calculations, which most consumers find unsettling.
A sale isn’t the ONLY reason you would need to make a future modification to a mortgage. That’s one of the BIGGEST mistakes a borrower can make- the interest rate market changing .5 of a percent (up or down), you health, income, or family circumstances can change. In life some things we know with certainty- others we do not. If you can protect yourself for free in the event of a circumstance/life change that is out of your control, why would you throw your money away to an unnecessary penalty (as above)- that makes no financial sense in any regard.
Especially when you have had the opportunity to gain clarity through knowledge.
Being licensed professionals, we are here to provide transparency, unbiased advise and choice, not only now; throughout the life of the mortgage. If it was in your best interest to remain with your lender we would advise accordingly.
Now that everything has been laid out clearly for you should you choose to remain with your existing lender on your own as the above security and clear financial benefit is not of value to you, then at least you are aware of how it will affect your finances negatively down the road.
When you write a contract to purchase a home, in the offer you’ll need to include a deposit amount, which you’ll agree to pay upon subject removal. This amount will then form part of the down payment upon closing.
As you can see although it has become common for people to use 5-10% it is not required, and a seller can not just keep the deposit if something goes wrong.
This is especially helpful when the proceeds are coming from the sale of your property and you don’t want to pull money off of a credit card or line of credit – particularly in light of new mortgage changes that could give the lender the right to pull the approval if your balances owing on your credit report increase before closing.
There are some new developments if you purchase a brand new property that requires specific structures for the deposit, which can be staggered in stages and would require you to provide higher deposit amounts. Your realtor may, however, be able to negotiate different terms. This should be discussed upfront during the preapproval process to ensure you protect yourself to the best of your ability by making a manageable deposit amount.
Upon subject removal, you’ll need to provide certified funds to your realtor, and forward a copy of the receipt to your AMP who is getting the mortgage approved for you.
Your AMP is here to help guide you through the mortgage process, and give you clarity throughout each step of the home-buying process.
Highlights of BC Budget 2015- will your family save money?
The B.C. government tabled a surplus budget on Tuesday that contained a few small tax breaks for families, along with some modest increases for health care and education.
Budget surplus for 2014-15 to hit $879 million, nearly double earlier forecasts.
People on income or disability assistance will be able to keep all of their child support payments.
Children born since Jan 1. 2007, now eligible for one-time training and education savings grant of $1,200.
Early childhood tax benefit of $660 per year for children under six starts April 1.
Families eligible for a new PST tax credit on up to $250 worth of children’s sports equipment, worth $12.65 per child.
$564 million extra funding for education over three years, to meet terms of collective agreement with B.C. Teachers’ Federation.
Temporary personal income tax rate of 16.8 per cent on individuals earning over $150,000 eliminated, as scheduled on Jan 1. 2016.
$3 billion funding increase for health care over three years.
Medical Services Plan premiums will continue to rise by four per cent, to $75 per month for individuals, $136 for a family of two, and $150 for families of three or more.
No changes to BC Ferries funding, minimum wages or social assistance rates.
B.C. Budget 2015: what’s in it for families?
Buying a home or someone you know is? 5 BIGGEST mistakes to avoid.
Buying a home is a huge investment, so you don’t want to complicate the process with errors. There are many things that can make your first home buying experience feel overwhelming, but learning how to overcome the obstacles will alleviate some stress and headaches. Here are the top five mistakes new home buyers make, and how you can avoid them.
Getting pre-qualified for a mortgage allows you to understand the home prices you can afford. In today’s market it’s a luxury to qualify for a variable rate mortgage which means you will qualify for less house in most cases. Understanding this means you won’t be searching above your means. It also proves that you’re a serious buyer. When you’re pre-qualified, you may place a bid immediately after you find the perfect home. Also, it gives a real estate agent a negotiating edge over other bidders. This involves providing income & down payment confirmation upfront in the application process. It’s important not to change your status in the meantime read: 9 ways to squash your mortgage approval http://angelacalla.ca/m/blog_post.php?id=7733 You STILL have to place subject to financing on your home, as the lender will require to approve the property even if they have approved you as the borrower. Remember they always reserve the right to ask for more information where they deem necessary at any point.
It’s extremely important for you to make an offer conditional on a professional home inspection. You certainly don’t want to purchase a home that’s filled with defects. If the results identify problems, you’ll be able to negotiate a lower price to offset repair costs.
The standard home mortgage has a 25-year amortization period. To qualify for a longer time period, it will be necessary to make a larger down payment. The maximum time allowed is 30 years.
After reviewing the common errors of new home buyers, it’ll be simple to get through the process without problems. You’ll be able to enjoy your dream investment and pay the mortgage without financial stress.