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
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Applying for a mortgage shouldn’t be hard or confusing,
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.
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.
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.
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!
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 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.
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 benefits do I receive for mortgage pre-payments?
Pre-payment typically allows you the following privileges:
- Ability to increase your monthly payment (usually by 15-20%). Keep in mind that you cannot decrease your payments.
- You are allowed to pay a percentage (usually 15-20%) of your principal per year.
- You may be able to double your mortgage payment for a month or a number of months. Remember that you are not allowed to exceed the percentage that you’re permitted to pay down annually.
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