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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 a down payment?

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

How much should I consider spending on a home?

Most mortgage lenders allow you to spend no more than 32% of your monthly income on your mortgage, and newer guidelines allow up to 44% of your monthly income for mortgage payments and other debt payments. Our mortgage calculators can help you determine your affordability.

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.

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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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