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.
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.
Applying for a mortgage shouldn’t be hard or confusing,
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!
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.