1. Resources

Resources

Kelowna Mortgage Brokers Blue Ellipse logo
Kelowna Mortgage Brokers Blue Rectangle

What to Bring

Home Mortgage Kelowna

Valid photo identification

Home Mortgage Kelowna

Bank/asset statements for the last 3 months on all chequings, savings, stock, mutual funds, RRSP’s, or other liquid assets you would like on your loan application

Home Mortgage Kelowna

Pay stubs for the last 30 days

Home Mortgage Kelowna

Existing mortgage statement (if applicable)

Home Mortgage Kelowna

A copy of the signed real estate contract, if you’ve already made an offer on a home

Do's

Home Mortgage Kelowna

Immediately inform us of any change in your employment, income and asset status.

Home Mortgage Kelowna

Continue making your mortgage or rent payments.

Home Mortgage Kelowna

Stay current on all existing accounts.

Home Mortgage Kelowna

Explain any credit blemishes and credit inquiries.

Don'ts

Apply for new credit or loans.

Close any credit card accounts, max out or over charge on your credit accounts.

Change bank accounts or transfer balances from one account to another

Deposit large amounts of cash into your bank account without proper documentation.

Kelowna Mortgage Brokers Grey Rectangle
Kelowna Mortgage Brokers Blue Rectangle
Kelowna Mortgage Brokers FAQ Icon

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

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 principal.

Are you Accredited?

Accredited members of Mortgage Professionals Canada & Mortgage Brokers Association of BC.

What is an earnest deposit?

This 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.

Can I transfer my mortgage if I buy another home?

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.

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.

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

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.

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.

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 a down payment?

Part of the purchase price of a property that is paid in cash and not financed with a mortgage.

Kelowna Mortgage Brokers Blue Rectangle
Kelowna Mortgage Brokers Grey Rectangle
kelowna mortgage brokers calculator Icon

Easily calculate your costs with our
super awesome mortgage calculator.

Kelowna Mortgage Brokers Blue Rectangle
Kelowna Mortgage Brokers Grey Rectangle
Kelowna Mortgage Brokers YouTube icon

Blog + Video

Entertainment and information, all rolled into one!

Kelowna Mortgage Brokers RM Logo

Yeaaaaah mortgage!

Still have questions? Give us a call

Menu
Get The Latest Mortgage NewsReceive information about current rates, mortgage tips and more