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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!

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 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.

My bank declined me. Can I still get a mortgage?

It’s possible. After we analyze your own situation we’ll discuss what possibilities are available to you. However, lenders that deal with non-standard credit usually charge a higher rate than normal bank approved credit.

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.

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.

Why is an appraisal necessary?

Every conventional mortgage that includes a minimum 20% down payment requires an appraisal because the mortgage is uninsured. The lender wants to see that your purchase price is in line with the property’s fair market value. Lenders want to see that you are purchasing a quality property and that they will be able to recuperate the full amount if you default on the loan.

How long does the mortgage process normally take?

If we are able to get the necessary documentation, we might be able to get an approval in as little as 24 hours. Keep in mind, the longer it takes for us to receive your documents the longer your approval will take to secure. Take a look at our mortgage checklist, for a summary of what you’ll likely need to provide.

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.

Why should I get a pre-approved mortgage?

There are several benefits to getting a Pre-Approval before you start searching for your next home.

Your mortgage rate will be secured for 120 days. Even if rates go up, yours won’t.
You’ll know what you can afford, helping to narrow down the search process.
Pre-approval will make you look like a more serious buyer, helping you find a good realtor and can give you negotiating power with the home seller.
A mortgage pre-approval will make the final closing faster since you already have most of the work completed.

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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Glossary of Terms