31 Jan

Create a Down Payment with an RRSP Loan?


Posted by: Debra Carlson

First Time Home Buyers can obtain an RRSP loan up to $25,000 to be used for down payment on the purchase of a home and withdraw it Tax-Free!

How does it work?

We can assist clients with setting up an RRSP loan. The borrowed funds are placed into an RRSP account and can be withdrawn 90 days after the funds have been sitting within the RRSP, under the Canadian First Time Homebuyer’s Plan. The rate, term, and repayment of the loan are determined by the issuing lender on a case-by-case basis.


Clients MUST have great credit, be able to afford the monthly loan repayment, and the payment is used in their debt qualifying ratios.

Advantage of purchasing/using an RRSP:

Clients will get themselves into the spring market and a 2018 personal tax adjustment!

The RRSP deadline is Friday, March 1, 2019. Contact me for more details about this program or with any other questions you may have.

17 Jan



Posted by: Debra Carlson


The recent data sure has changed the tone of rates in the coming months.

The prime rate – what variable rates are based on, while a few short weeks ago was expected to rise three times in the next 18 months now with the data on the slowing of the market and uncertainty in projects moving forward as expected, there are signs increases could be delayed until next spring.

The bond market- what fixed rates are based on, has dropped, which means rates (after the banks have hung on as much as possible ) should come down slightly.

What does his mean for borrowers? Let’s break it down per segment

  1. Homebuyers – more affordability due to the recent dip in prices – pending price category anywhere from 10-30%. Remember, working with an unbiased mortgage professional we do a full look back upon closing to ensure the lowest cost of borrowing.
  2. Home sellers – price sharp if you want to sell or else no point in being on the market.
  3. Renewals rejoice – payment shock shall be reduced upon renewal.
  4. Those carrying debt outside of a mortgage ex: credit cards, car payments, lines of credit – now is your time to see how much money moving that debt into a new restructured mortgage will improve your cash flow. It’s the most effective strategy for protecting your credit.

The market is always changing, yesterday’s news is exactly that. Aligning yourself with frontline experts will help you with clarity in the ever-changing market. While experts can give you the data on the current market – it’s always subject to change, and I will always do my best to keep you informed.

Original article posted by:


Dominion Lending Centres – Accredited Mortgage Professional
Angela is part of DLC Angela Calla Mortgage Team based in Port Coquitlam, BC.

11 Jan

A CHIP Success Story


Posted by: Debra Carlson

A few years ago, I met with my Home Equity Bank representative. He was trying to encourage me to go visit my financial adviser referral partners to offer the Chip Reverse Mortgage product. I explained that I did not know anyone who had a reverse mortgage so it was hard to promote to financial advisers or anyone.

I asked him to tell me a success story and he came back with a great one that ticked most of the boxes. A couple in their mid-70s had met with a financial adviser to go over their portfolio and financial situation. They wanted to sell some of their investments to get a little cash.

What the adviser saw troubled him. The couple had about $200 a month left over after they paid for their bills and groceries. What’s more, they were driving a 20-year-old car, their home needed repairs and they hadn’t been on a vacation in years. It was a classic case of house rich, cash poor.

The adviser contacted Home Equity Bank and they appraised the house. The couple was eligible for $200,000 based on the value of their home. They took this money and the adviser invested a little more than half in funds that would provide them with $1100 a month in income. They took $25,000 and bought a new car, did some repairs to their home and took a vacation. They took the balance and used it to help out their grandchildren with university with tuition. With one move, they were able to increase their cash flow, make their home more comfortable, do repairs, enjoy their retirement and help out family.

Now that it’s fall and the spring home-buying rush is over, perhaps it’s time for you Dominion Lending Centres mortgage brokers out there to see if you can help out another segment of the population. Contact your financial adviser partners, your certified Seniors Real Estate Specialists and past clients with elderly parents. There are a lot more people out there that could use your help.

Originally Posted By: David Cooke
Dominion Lending Centres – Accredited Mortgage Professional