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What to Bring

Valid photo identification

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

Pay stubs for the last 30 days

Existing mortgage statement (if applicable)

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

Do's

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

Continue making your mortgage or rent payments.

Stay current on all existing accounts.

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.

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

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 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.

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 is a down payment?

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

What is a credit report?

A report detailing an individual’s credit history that is prepared by a credit bureau and used by a lender to determine a loan applicant’s creditworthiness.

Who are the mortgage lenders that you use?

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 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.|

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Glossary of Terms