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.

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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.

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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.

Why should you become
a private lender?

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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.

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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 is mortgage life insurance?

Mortgage life insurance provides coverage that would pay off in the event of death or disability of the home owner. Contact our office in Kelowna for more information and to find out about your mortgage life insurance options.

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

How long does the mortgage process normally take?

If we are able to get the necessary documentation, we might be able to get an approval in as little as 24 hours. Keep in mind, the longer it takes for us to receive your documents the longer your approval will take to secure. Take a look at our mortgage checklist, for a summary of what you’ll likely need to provide.

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You guys, rock!

Thank you.

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Here’s some more on Private Lending!

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Yeaaaaah mortgage!

Whether you’re self employed, or buying a home for a new family, we have the perfect mortgage option for you.