Rampone-Marsh Mortgages | Kelowna Mortgage Brokers
Calculator(250) 801-8834Apply Now
Kelowna Mortgage Brokers Blue Ellipse logo
LinkedIn
YouTube
Instagram
  1. Mortgage Services
  3. Construction & Bridge Financing

Construction & Bridge Financing

Kelowna Mortgage Brokers Blue Ellipse logo
Kelowna Mortgage Brokers Blue Rectangle

Bridge Financing and Construction Mortgages

Kelowna Mortgage Brokers Money Icon

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.

Kelowna Mortgage Brokers Handshake Icon

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.

Kelowna Mortgage Brokers Money Icon
Rampone-Marsh Mortgages

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.

Apply Now
Call Us First

Construction Mortgages and Loans

Kelowna Mortgage Brokers Money Icon

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.

Kelowna Mortgage Brokers Home Icon

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.

Apply Now
Call Us First
Kelowna Mortgage Brokers Grey Rectangle
Kelowna Mortgage Brokers Blue Rectangle
Kelowna Mortgage Brokers FAQ Icon

Applying for a mortgage shouldn’t be hard or confusing,
let’s break this down and make it simple for you!

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.

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 a down payment?

Part of the purchase price of a property that is paid in cash and not financed with a mortgage.

Go to FAQ page
Kelowna Mortgage Brokers Thumbs icon

You guys, rock!

Thank you.

read more testimonials
Kelowna Mortgage Brokers Blue Rectangle
Kelowna Mortgage Brokers Grey Rectangle
Kelowna Mortgage Brokers YouTube icon

Blog + Video

Here’s some more on Home Mortgages!

See All
Kelowna Mortgage Brokers RM Logo

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.

Contact Us
More Mortgage Options
Menu