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  1. Mortgage Services
  3. Construction & Bridge Financing

Construction & Bridge Financing

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Bridge Financing and Construction Mortgages

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Bridge financing and construction mortgages are special types of mortgages designed to answer your particular needs. Not many people know about them, but these financing options may represent the solution you’ve been looking for. Their primary purpose is to help you save a lot of time and energy by empowering you to purchase your dream home, even if there are some financial obstacles. Our Kelowna mortgage advisors can provide guidance on whether they work for you.

Bridge Financing and Lending

Ok, you have found the house you’ve been looking for, and you are excited about starting your new life there. But there is a problem. The sale of your current property will close weeks after the purchase of your new home closes. This mean that you are going to need the money to complete the purchase before you actually receive them from the sale of your current property. This situation causes a lot of stress, frustration and the feeling that the Universe is working against you.

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Luckily for you, there is a solution to that: bridge financing. A bridge financing solution is an interim loan that will enable you to purchase the home you want and pay back the loan when you receive the money from your current property. Be aware, though that the bridge financing can offer you the money for the down payment on the new home and not the whole sum. Another solution in your case may be the home equity line of credit (or home equity mortgage), which is less expensive than bridge financing but has fewer advantages. To find out which option suits you the best and how you can benefit from these excellent financing options, contact us. Rampone-Marsh is dedicated to offering you the best financial solution for fulfilling your goals.

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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.

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Construction Mortgages and Loans

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But what if you can’t find the house of your dreams on the market and decide to create it? In a city with a booming economy like Kelowna, building your own house has a lot of advantages: you get to save money, ensure standard quality you feel comfortable with and, last but not least, you get to customize your home and tailor it to your needs. Construction mortgages were created for people who want to build their own houses, but don’t have the necessary funds. These types of mortgages are more complex than standard ones but offer a lot of benefits.

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The first thing to do if you want to access this financing is to find a great construction loan broker that will make you a competitive offer. You don’t have to worry about that because Rampone-Marsh is here to find the best construction mortgage offer for you. You should know that there are two types of construction mortgages: the progress draw construction loan, where you receive the money in draws and the progress is verified by an appraiser and the completion mortgage, where you are lent the money to buy a newly completed home from a builder.

Each type of construction mortgage comes with benefits and responsibilities and, depending on your needs, one type is better for you than the other. But in order to determine that, you will need our expertise and guidance. Contact Rampone-Marsh, find out about your financing options and start living the life you’ve always dreamed about.

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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!

What is an appraisal?

A written analysis prepared by a qualified appraiser and estimating the value of a property. The Appraised Value is an opinion of a property’s fair market value, based on an appraiser’s knowledge, experience, and analysis of the property.

Is it really safe to apply for a mortgage online?

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

Why should I choose a Mortgage Broker at Rampone-Marsh Mortgages instead of a bank?

Most banks focus on such a wide variety of projects and cross selling opportunities that their staff training is diluted and not focused. At Rampone-Marsh Mortgages, we provide excellent mortgage services for purchases, refinances, renewals and the list goes on. We know mortgages inside and out, and best of all we do all of the legwork! In most cases, our services are free and we have access to over 50 lenders.

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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.

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