We deal with Canada’s top lending institutions, such as Scotiabank, TD, MCAP, and First National, just to name a few. We only work with accredited and reputable mortgage lenders.
What to Bring
Do's
Don'ts
Applying for a mortgage shouldn’t be hard or confusing,
Why should I choose a Mortgage Broker at Rampone-Marsh Mortgages instead of a bank?
Most banks focus on such a wide variety of projects and cross-selling opportunities that their staff training is diluted and not focused. At Rampone-Marsh Mortgages, we provide excellent mortgage services for purchases, refinances, renewals and the list goes on. We know mortgages inside and out, and best of all we do all of the legwork! In most cases, our services are free and we have access to over 50 lenders.
What is an earnest deposit?
An earnest deposit is a sum of money given to bind the sale of real estate, or a sum of money given to ensure payment or an advance of funds in the processing of a loan.
I’ve heard that the more times I get my credit checked, the lower my credit score will be. Is this true?
Yes, the amount of inquiries to your credit bureau report can affect your credit score. One of the advantages of using The Mortgage Centre – BC Direct Mortgages is that we check your credit bureau report only once, and we are able to take your application to more than one lender without doing multiple credit checks.
My bank declined me. Can I still get a mortgage?
It’s possible. After we analyze your own situation we’ll discuss what possibilities are available to you. However, lenders that deal with non-standard credit usually charge a higher rate than normal bank approved credit.
What is an appraisal?
A written analysis prepared by a qualified appraiser and estimating the value of a property. The Appraised Value is an opinion of a property’s fair market value, based on an appraiser’s knowledge, experience, and analysis of the property.
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.
Can I make my down payment with gifted money?
In most cases, the answer is yes. However, the funding must be from a family member. There are certain circumstances in which you cannot use gifted funds. For example, your mortgage product may have a limit on the percentage of the down payment that can be gifted. Rampone-Marsh Mortgages can find out if your gifted funds can be applied to your down payment.
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.
Do mortgage brokers work for the bank or a financial lender?
Neither! A mortgage broker has a portfolio of lenders they work with to meet their clients’ mortgage needs. That’s one of the chief reasons brokers help their clients get better deals – unlike banks or other financial institutions, brokers are looking to help you get the best deal on your mortgage, not fill up a target mortgage product quota.
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