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 to Bring
Do's
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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.
How long does the mortgage process normally take?
If we are able to get the necessary documentation, we might be able to get an approval in as little as 24 hours. Keep in mind, the longer it takes for us to receive your documents the longer your approval will take to secure. Take a look at our mortgage checklist, for a summary of what you’ll likely need to provide.
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 makes Rampone-Marsh Mortgages unique to other Mortgage Brokers?
The brokers at Rampone-Marsh Mortgages provide a higher level of service and see value in knowing our clients. We take the time to present you in the best way to the lenders. We are reliable and have a long history of providing great consistent services to our clients. We are your mortgage advisors. We provide the lowest rates that we can find for all of our clients. Roughly 90% of our business is generated because people who have used our services tell others to use our services. We are locally owned, and connected to large national partners.
What is equity?
The amount of financial interest in a property. Equity is the difference between the fair market value of the property and the amount still owed on the mortgage.|
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.
What does a Mortgage Broker charge?
Typically there is no charge. Our fee is paid by the lenders we secure your mortgage through, not you. In special “credit-challenged” circumstances, depending on the length and amount of the loan, we may have to charge a fee. However, we don’t charge our clients in the majority of cases.
If I choose a mortgage with a lender that is not my bank, do I have to change my bank account?
No, lenders simply require a void cheque to take the payments from your existing bank account.
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.
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