The team of Kelowna mortgage brokers at Rampone Marsh
would love to help take the stress out of finding your mortgage.
Home mortgages have been popular for so many years because they represent an efficient way of getting access to the funds you need to buy your dream home. Whether you are part of the first-time home buyers group or not, you can still benefit from amazing perks when deciding to get a mortgage; perks you have access to if you work with real professionals that have your best interest in mind.
Understanding all the mortgage options available to you can seem overwhelming. We will help you make sense of all the numbers and ensure you a speedy and stress-free home buying experience by providing you with options that have flexible terms and the lowest rates.
Self-employed income is becoming more and more prevalent in today’s day and age. We specialize in working with business owners and professional clients whose financial situations aren’t all that straight forward.
Tired of hearing the words “inconsistent income”? We get you. We understand how difficult it is to get home mortgages as a self-employed individual, and the frustration that comes with it. But, it is possible to get self-employed mortgages, and we are here to make sure of it.
Turn the equity in your home into cash with a reverse mortgage in BC.
A reverse mortgage is a special type of lending which enables you to access some of the equity built up in your home. It is a tax-free way to pull out some of your home’s equity for you to use as you wish. That means it will not affect any Old Age Security (OAS) benefits or Guaranteed Income Supplement (GIS) government benefits you may receive.
These are unique loans that are only available to homeowners above the age of 55. If you are eligible, a CHIP reverse mortgage offers excellent benefits for someone looking to access the equity in their home.
Private lending means getting the financing you need from a private mortgage lender, as opposed to applying to a bank or other financial institution for a loan. There are advantages and disadvantages to a private mortgage, but the most important thing you should understand is that private lending covers a broad range and can be tailored to each homeowner’s specific needs.
If you want to succeed in securing a private loan for your financial needs, you will need guidance and advice from trained specialists. At Rampone-Marsh, we can offer you that guidance, along with convenient offers because we are the best in what we do.
The Purchase Plus Improvement Mortgage is an excellent option not many people are aware of. This program allows you to get up to 10% of the as-improved value of a house to renovate it and include this sum in the mortgage loan amount. This is an excellent financing option that allows buyers to get the house they want and turn it into the home of their dreams.
With so many homes needing updating out there, this program is ideal for any home buyer wanting to include renovation funds into their mortgage. We can recommend some honest contractors that will provide you with renovation ideas as well as clear, concise renovation quotes!
If you’re needing to access affordable capital, quite often your home is the best option for this. Unlocking the equity in your home is simple. Regardless of the reason, we will discuss all your mortgage refinancing options with you and help you to secure the best mortgage available on the market.
Most people don’t know how to profit from renewals or refinancing and end up losing money that they could have saved. At Rampone-Marsh, we believe in empowering our clients with the knowledge of safe and profitable investments so that they are fully aware of their options.
Dreaming about buying a vacation property? This is something we specialize in. Did you know you can buy a second home with only a 5% down payment? We can help you determine what you can afford and provide a home financing solution that will help you realize your dreams for a perfect getaway.
At Rampone-Marsh Mortgages, you will receive the mortgage loan that suits your needs and helps you finance and buy your second home. With our assistance, you will be one of the many people in Kelowna, BC that will change their lifestyle to a better one, tailored to their desires.
is a type of mortgage where the interest rate fluctuates periodically based on bank prime rates. It is also known as the variable rate mortgage.
is the duration of the loan re-payment that is calculated by equal continual payments to pay off the outstanding debt at the end of a fixed period, including accrued interest and principal on the unpaid balance.
is an estimate of the value of a property that is assessed by a qualified professional called an “appraiser.” The value is determined by either a direct comparison, cost or income approach.
is the legal agreement that involves the purchaser and the vendor where the purchaser assumes the payments on an existing mortgage from the vendor. Assuming a loan can normally save the purchaser money since there are no closing costs involved.
is an individual who is involved in arranging financing for a client who does not personally loan the funds himself. Brokers are normally compensated for their work by charging a setup fee or receive direct commission from the financial institution they are setting their client up with.
is the final step in the mortgage process, which involves a meeting between the purchaser, vendor and lender. It is where the property, title ownership and money legally change hands.
are costs involved in obtaining financing. The major costs involved in obtaining financing include; appraisal fees, legal fee’s and transfer taxes. The closing costs are normally around 1.5% of the purchase price.
is the Canadian Mortgage Housing Corporation. They provide High Ratio Mortgage Insurance by protecting the lenders and guaranteeing them payments on the funds they are lending out. Allows people to obtain homes with less than 20% down.
is an agreement in writing between a lender and a borrower to loan funds on a specific date. In a commitment there is a set list of conditions that need to be met prior to funding by the borrower in order for the transaction to be properly executed.
is a type of loan where borrower obtains financing to cover the cost of construction. The lender advances funds to the borrower in intervals known as draws. As the portions of the construction project are completed, more funds are then released in order to complete the next step in the construction process.
a mortgage that is not insured by a mortgage Insurer (CMHC ,Genworth Financial, and AIG. (Under 80% Loan To Value)
a report that provides information to the brokers and financial institutions about the applicants current and past credit history.
is when the borrower fails to meet legal obligations in the mortgage contract. It is specifically when they fail to make their monthly payments on a mortgage.
is when the borrower fails to make their mortgage payments on time. This normally leads to a forced sale on the borrowers home.
funds that are provided by the borrower to make up the difference between the mortgage amount and the purchase price. Down payment’s normally range between 20%-25% of the purchase price.
is the difference between the property value and the financing secured against the home. Whatever portion is not secured by the lending institution constitutes itself as the “owner’s equity”
a mortgage which is in first lien position. It takes priority over all other liens that are registered against the property. The only way a first mortgage can be pushed into second position is when the government is involved and registers tax liens against the home.
is a type of mortgage where the interest rate is set for a specific period of time. The rate cannot fluctuate and a fixed payment is set during the term negotiated between the lender and the borrower.
the total income that an individual earns per month prior to any expenses or deductions are taken into consideration.
is a source of funds for a lending institution. The institution then promises a certain rate of return to the investor based on the assessed risk of placing those funds out in the marketplace.
is a legal entitlement that is secured against a property for an outstanding payment of a debt or obligation.
is the difference between the amount of the registered lien(s) and the property value expressed as a percentage. For example, if there is a mortgage registered for $100,000 on a $200,000 property, the loan to value ratio is 50%.
is the lowest price that a seller would agree to have someone purchase his property for. At the same time the highest price a buyer is willing to pay for that same home. Most of the time a home is purchased within 3-4% of the asking price of the seller under normal circumstances.
the lender.
the borrower or homeowner.
the borrower’s gross income less all deductions and taxes.
is a fee that is charged by the lending institution and or broker in order to prepare and organize the loan for the client. Normally a certain percentage of the loan amount is calculated and deducted from the gross proceeds.
is an abbreviation for principal, interest, taxes and heat. P.I.T.H. is also known and referred to as a monthly housing expense. This information is taken into consideration when calculating how much an individual can qualify for.
is a legal document authorizing one person to act on behalf or represent another in a legal transaction.
is when a lender allows the borrower in a mortgage to make additional payments that are not set within the regular payment schedule.
is a penalty charged to the client due to paying out a mortgage prior to it’s natural expiration.
is the financial obligation still left on a mortgage. This does not include interest accrued or paid on the mortgage.
is a professional who is legally registered with a real estate brokerage firm that provides the services of helping someone find or sell a home, and will usually partner with a preferred mortgage broker.
a mortgage which is in second lien position. It takes priority over all other liens that are registered against the property except for the first mortgage.
is a legal document that provides ownership verification of an individual’s property.
is a certificate that is normally distributed by a title insurance company. It guarantee’s a home buyer’s legal safety against errors in the title search. It also insures that no other mortgages can be registered without acknowledgment and permission from a lawyer and the originating financial institution.
is a search that is usually completed by a lawyer or title company in order to obtain municipal records. It is done in order to confirm the legal ownership of the property. Prior to registering any mortgages, a title search is completed to insure that there are no unknown encumbrances secured against the home.
is when a decision is made whether pursue or provide a loan to a potential individual seeking financing. Standard underwriting considerations used to assess a file are credit, employment, and net worth. Based on the information provided an appropriate rate, term and loan amount are provided as offers to the client.
