Mortgage Renewal and Refinancing

To refinance or to renew
– this is the question.

For most homeowners, refinancing and mortgage renewals represent options that are not fully exploited. From the lack of information or access to the right professionals that can offer valuable advice, 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.

When you decide to get a home mortgage, you sign a contract for a period – for example, 20 years. But the terms and conditions of this contract are not set in stone. You will have terms (for example, after the first 5 years) when you can renegotiate the contract, fully pay your mortgage or renew it for a new term. Keep in mind that you have a lot of options at your disposal. Renewing your mortgage for a new term doesn’t necessarily mean accepting the first offer. Not many people know this, but it is possible to get a better offer and save a significant amount of money at a mortgage renewal. Our certified mortgage brokers in Kelowna will be there for you, counseling you every step of the way and make sure that you get the most of your mortgage renewal process.

Refinancing mortgage means getting a new loan that has better rates in order to reduce the monthly payments or finance other investments.

When you decide to refinance, the initial loan will be paid off, and you will have a new loan, with different terms and conditions. The criteria for refinancing a mortgage differs from case to case, but two things are most important: to know when to refinance a mortgage and to be fully aware of the new terms and conditions. Refinancing can be either an excellent choice for you or a terrible one. The difference is made by the information you get and the people you work with.

Calculate Your Refinancing

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Call us and our dedicated professionals will let you know if it’s time for refinancing your mortgage, what options you have and how to proceed in order to get the best value for your money.

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Refinancing or renewing smartly

We have vast experience, the right expertise and the desire to make your life easier. It is a reason for pride for us when we present you with an offer you never thought possible. This is why we put all the time, energy and resources at your disposal – because we have a passion for what we are doing.

Working with us means getting access to competitive offers in Kelowna and not only, getting the most of excellent Canadian financing programs and fulfilling your dreams, no matter how big they are. When you decide to work with us, rest assured that we will be there for you every step of the way, making sure that your mortgage renewal or refinancing offer is the best on the market. Contact us for more information and start investing smartly in your future.

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Applying for a mortgage shouldn’t be hard or confusing,
let’s break this down and make it simple for you!

Why is a mortgage insurance premium necessary?

Regardless of mortgage rates, if a down payment is less than 20% of the home or property value, mortgage insurance is mandatory in Kelowna (and across Canada). Mortgages have built-in insurance premiums, so, therefore, the clients do not pay “out of pocket” for this expense. For mortgage lenders, a down payment of this size is more of a risk, so the mortgage insurance premium acts like a guarantee in the event of a default on the loan.

What benefits do I receive for mortgage pre-payments?

Pre-payment typically allows you the following privileges:

Ability to increase your monthly payment (usually by 15-20%). Keep in mind that you cannot decrease your payments.
You are allowed to pay a percentage (usually 15-20%) of your principal per year.
You may be able to double your mortgage payment for a month or a number of months. Remember that you are not allowed to exceed the percentage that you’re permitted to pay down annually.

Is it really safe to apply for a mortgage online?

Yes, Rampone-Marsh uses secure software for all their applications. Applying for a mortgage online with Rampone-Marsh Mortgages is safe and secure. Our online application uses a 128-bit SSL (Secure Sockets Layer) server, that is verified secure by Verisign/RSA. This is the exact same type of system and software that most large banks use to secure your online banking

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You guys, rock!

Thank you.

Karyn Mackenzie

May 3, 2020

Lennie Rampone’s a real pro, he always comes through for us with amazing and creative deals. This guy knows his stuff and we trust him 100%.

Carrie Mayhew

May 4, 2020

This is the second time that we have used Aaron Marsh as our Mortgage Broker and he is AWESOME. Not only is he extremely knowledgeable about the market but he…

Garnet Dickinson

May 4, 2020

We used Aaron Marsh just this past month to get a first mortgage on our home to purchase a business. First we went to our long time financial institution, they…