1. Resources

Resources

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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.

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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 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.

What is a down payment?

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

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.

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.

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!

Should I consider a mortgage to help with debt?

Yes. In fact, this is a common use of a mortgage loan. Many of our customers obtain a mortgage to consolidate credit card debt, renovate their kitchen, or invest.

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 
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.

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 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.

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Easily calculate your costs with our
super awesome mortgage calculator.

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Blog + Video

Entertainment and information, all rolled into one!

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Yeaaaaah mortgage!

Still have questions? Give us a call

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