Depending on your mortgage lender, yes. Most lenders are now offering options that allow you to take (or “port”) your mortgage with you. Typically you will not be assessed additional fees if the possession period between your old and new home is 60 days or less.
Bridge Financing and Construction Mortgages
Bridge Financing and Lending
In a real estate market as competitive as the one in Kelowna, finding the perfect home can be both a thrill and stress.
Bridge financing and construction mortgages help eliminate that stress and leave you only with the thrill.
Applying for a mortgage shouldn’t be hard or confusing,
What are Fixed and Variable rates?
In a Fixed Rate Mortgage, the interest rate is fixed for a specific amount of time. This period of time (the mortgage term) can range anywhere from 6 months to 10 years. Over the course of the mortgage, less of the payment counts toward interest and more toward the principal.
A Variable Rate Mortgage is one in which your interest rate will fluctuate with the Bank of Canada’s prime lending rate. When rates go up, a larger portion of the payment goes toward interest. When rates go down, more of the payment goes toward the principal.
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.
You guys, rock!
Thank you.
Carrie Mayhew
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…
Karyn Mackenzie
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%.
Garnet Dickinson
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…
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Yeaaaaah mortgage!
There are other fantastic home mortgage products Rampone-Marsh can provide you with: second mortgages if you want to buy a second property, third mortgages and many more.
Just contact us, tell us what you need and we will deliver.
