Rampone-Marsh Mortgages works with homebuyers and homeowners from many walks of life.. These clients include:
What to Bring
Do's
Don'ts
Applying for a mortgage shouldn’t be hard or confusing,
What does a Mortgage Broker do?
A Mortgage Broker seeks out financing options for their clients. In other words, they facilitate the mortgage transaction between you and a Lender. Basically a Mortgage Broker offers advice, options and choice. .They take care of the legwork of searching for the best mortgage product and interest rate by utilizing their network of lenders and financial institutions.
What is a down payment?
Part of the purchase price of a property that is paid in cash and not financed with a mortgage.
I’m self-employed and cannot prove my income. Can I still get a mortgage?
Yes! Some lenders use your stated income only to qualify, on approved credit. You still get favourable Canadian mortgage lending rates and, depending on the lender, could get up to 90% financing. Simply complete your Kelowna mortgage application today!
Why use a Mortgage broker instead of my bank?
When you work with your bank, you get one choice- the one they offer you. But there are plenty of other lenders out there that may be able to offer you a product or rate better suited to your unique needs. Every bank says they have the best product or rate, but it’s just not possible for everyone to have the best.
Rampone-Marsh Mortgages is an independently owned Mortgage Brokerage that works for you. Because of our network of lenders, we’re able to present you with a range of choices, allowing you to select the best option. Lenders compete for your business, so you get the best deals. Best of all, you’ll have an experienced mortgage broker to help you make sense of your choices and understand the variety of products and how each one could benefit you.
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.
Why should I get a pre-approved mortgage?
There are several benefits to getting a Pre-Approval before you start searching for your next home.
- Your mortgage rate will be secured for 120 days. Even if rates go up, yours won’t.
- You’ll know what you can afford, helping to narrow down the search process.
- Pre-approval will make you look like a more serious buyer, helping you find a good realtor and can give you negotiating power with the home seller.
- A mortgage pre-approval will make the final closing faster since you already have most of the work completed.
What is mortgage life insurance?
Mortgage life insurance provides coverage that would pay off in the event of death or disability of the home owner. Contact our office in Kelowna for more information and to find out about your mortgage life insurance options.
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.
What are closing costs?
These are expenses over and above the price of the property that are incurred by buyers and sellers when transferring ownership of a property. Closing costs normally include an origination fee, property taxes, charges for title insurance and escrow costs, appraisal fees, etc. Closing costs will vary according to the area country and the lenders used.
Blog + Video
Entertainment and information, all rolled into one!
