Private Lending

Private lending or a private home mortgage means getting the financing you need from a private mortgage lender, as opposed to applying to a bank or other financial institution for a loan.

There are advantages and disadvantages to a private mortgage, but the most important thing you should understand is that private lending covers a broad range and can be tailored to each homeowner’s specific needs. Since this is a special type of mortgage or loan, it can be difficult to understand its particularities. If you want to succeed in securing a private loan for your financial needs, you will need guidance and advice from trained specialists. At Rampone-Marsh, we can offer you that guidance, along with convenient offers because we are the best in what we do.

Why would you need the services of
a private mortgage lender?

Most people turn to private lending when they have been refused by the bank for various reasons. The most common reason has a lot to do with bad credit, meaning late payments and a not-so-bright credit history. But there are other reasons why the bank may refuse a loan: the difficulty of the type of loan, the existence of a first mortgage and not enough equity to allow for a second one, etc. Regardless of the reasons, you don’t have to give up just yet. The existence of private lenders may offer people who have been turned down by the bank a second chance.

Of course, there is no guarantee that if the bank turned you down, a private mortgage lender would automatically accept your proposal. And you should know that interest rates for a private mortgage are higher than for a standard one, but they are still lower than the interest rates of a personal loan, let’s say. If your credit history is not very bright, that interest rate may go up. However, private lending still represents a chance for you to fulfill your dreams and not let financial obstacles stand in your way. And if Rampone-Marsh is your private mortgage broker in Kelowna, you have even bigger chances of securing a private mortgage to help you achieve your goal.

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The existence of private lenders may offer people who have been turned down by the bank a second chance.

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Why should you become
a private lender?

Investing in money can turn out to be a very profitable investment if you have the right guidance and expertise. Two of the biggest advantages are that you can decide the exact amount of money you want to invest, and you can also control the return of investment based on the interest rate you agree to charge. While becoming a private lender can be an excellent business idea, you should be aware that there are risks involved and decide from the start how you want to screen your clients. You should have access to their credit history and financial overview and also get to know them and see what type of persons they are.

Find out more details by contacting one of our excellent mortgage brokers.

We can walk you through the whole process, explain the important things and let you know how to build a profitable private mortgage business.

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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 are closing costs?

These are expenses over and above the price of the property that are incurred by buyers and sellers when transferring ownership of a property. Closing costs normally include an origination fee, property taxes, charges for title insurance and escrow costs, appraisal fees, etc. Closing costs will vary according to the area country and the lenders used.

What is a credit report?

A report detailing an individual’s credit history that is prepared by a credit bureau and used by a lender to determine a loan applicant’s creditworthiness.

What are Fixed and Variable rates?

In a Fixed Rate Mortgage, the interest rate is fixed for a specific amount of time. This period of time (the mortgage term) can range anywhere from 6 months to 10 years. Over the course of the mortgage, less of the payment counts toward interest and more toward the principal.

A Variable Rate Mortgage is one in which your interest rate will fluctuate with the Bank of Canada’s prime lending rate.. When rates go up, a larger portion of the payment goes toward interest. When rates go down, more of the payment goes toward principal.

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You guys, rock!

Thank you.

Garnet Dickinson

4 May 2020

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

3 May 2020

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

4 May 2020

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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Private Lending

Private lending or a private home mortgage means getting the financing you need from a private mortgage lender, as opposed to applying to a bank or other financial institution for a loan.

Why would you need the services of a private mortgage lender?

The existence of private lenders may offer people who have been turned down by the bank a second chance.

Why should you become a private lender?

Find out more details by contacting one of our excellent mortgage brokers.

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

What are closing costs?

What is a credit report?

What are Fixed and Variable rates?

You guys, rock!

Thank you.

Garnet Dickinson

Karyn Mackenzie

Carrie Mayhew

Blog + Video

Here’s some more on Private Lending!

Getting a Mortgage After Separation and Divorce

Bank of Canada raises interest rate

Fast, Expert Mortgage Brokers

Is it Time for a Mortgage Check-Up?

4 Powerful Reasons You Need A Mortgage Broker On Your Side

Yeaaaaah mortgage!

I’m just getting started

I have a specific home in mind

I want to refinance a home I own

Adjustable Rate Mortgage(ARM)

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Closing Costs

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Commitment

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Credit Report

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Down payment

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Origination Fee

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Power Of Attorney (POA)

Prepayment

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Realtor

Second Mortgage

Title

Title Insurance

Title Search

Underwriting

Why would you need the services of
a private mortgage lender?

Why should you become
a private lender?

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

I’m just
getting started

I have a
specific home
in mind

I want to
refinance a
home I own