If your down payment is less than 20% of the property value, mortgage insurance is mandatory in Canada. An insurance premium is built into the mortgage. So therefore, the clients do not pay “out of pocket” for this expense. For lenders, a down payment of this size is more of a risk, so the insurance premium is a guarantee for the lender in the event of your defaulting on the loan.
What to Bring
Applying for a mortgage shouldn’t be hard or confusing,
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.
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 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.
What kind of clients do Mortgage Brokers work with?
Rampone-Marsh Mortgages works with homebuyers and homeowners from many walks of life.. These clients include:
- First time homebuyers
- Existing homeowners
- Credit challenged homeowners
- Self-employed Borrowers
- Construction mortgages
- Vacation properties
- New to Canada
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.
Are you Accredited?
Accredited members of Mortgage Professionals Canada & Mortgage Brokers Association of BC.
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 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.
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.