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.
Bridge Financing and Construction Mortgages
Bridge Financing and Lending
In a real estate market as competitive as the one in Kelowna, finding the perfect home can be both a thrill and stress.
Bridge financing and construction mortgages help eliminate that stress and leave you only with the thrill.
Applying for a mortgage shouldn’t be hard or confusing,
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.
Does paying bi-weekly actually save me money or shorten my amortization time?
It does! With a monthly mortgage, you’ll make 12 regular mortgage payments annually. When you pay bi-weekly, you’ll make 26 half-payments, amounting to 13 regular mortgage payments annually.
That might not sound like much, but it adds up. A bi-weekly payment schedule could make you mortgage-free years sooner, saving you thousands in interest payments to boot!
Our bi-weekly payment calculator can give you more details.
You guys, rock!
Thank you.
Garnet Dickinson
We used Aaron Marsh just this past month to get a first mortgage on our home to purchase a business. First we went to our long time financial institution, they…
Karyn Mackenzie
Lennie Rampone’s a real pro, he always comes through for us with amazing and creative deals. This guy knows his stuff and we trust him 100%.
Carrie Mayhew
This is the second time that we have used Aaron Marsh as our Mortgage Broker and he is AWESOME. Not only is he extremely knowledgeable about the market but he…
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Here’s some more on Home Mortgages!
Yeaaaaah mortgage!
There are other fantastic home mortgage products Rampone-Marsh can provide you with: second mortgages if you want to buy a second property, third mortgages and many more.
Just contact us, tell us what you need and we will deliver.
