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 2 months on all checking, savings, stock, mutual funds, IRA, 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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Applying for a mortgage shouldn’t be hard or confusing,
let’s break this down and make it simple for you!

I’ve heard that the more times I get my credit checked, the lower my credit score will be. Is this true?

Yes, the amount of inquiries to your credit bureau report can affect your credit score. One of the advantages of using The Mortgage Centre – BC Direct Mortgages is that we check your credit bureau report only once, and we are able to take your application to more than one lender without doing multiple credit checks.

Are you Accredited?

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

What does a Mortgage Broker charge?

Typically there is no charge. Our fee is paid by the lenders we secure your mortgage through, not you. In special “credit challenged” circumstances, depending on the length and amount of the loan, we may have to charge a fee. However, we don’t charge our clients in the majority of cases.

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.
Do mortgage brokers work for the bank or a financial lender?

No they do not.  Kelowna Mortgage brokers have a portfolio of Lenders they work with in order to meet their clients needs.  They work with these Lending Partners to meet the needs of their clients.

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 mortgage life insurance?

This is insurance coverage that would pay off in the event of death or disability of the homeowner. Contact Kelowna Mortgage Brokers, Rampone-Marsh Mortgages, to find out about our mortgage life insurance options.

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 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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Easily calculate your costs with our
super awesome mortgage calculator.

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Entertainment and information, all rolled into one!

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Yeaaaaah mortgage!

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