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

Private Lending

Kelowna Mortgage Brokers Blue Ellipse logo

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.

Kelowna Mortgage Brokers Money Icon

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.

Kelowna Mortgage Brokers Handshake Icon

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.

Kelowna Mortgage Brokers Money Icon
kelowna mortgage brokers calculator Icon
Calculate Your Affordability
Calculate Your Payments
Rampone-Marsh Mortgages

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

Apply Now
Call Us First

Why should you become
a private lender?

Kelowna Mortgage Brokers Money Icon

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.

Kelowna Mortgage Brokers Home Icon

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.

Contact Us
Call Us Now
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 should I get a pre-approved mortgage?

There are several benefits to getting a Pre-Approval before you start searching for your next home.

  • Your mortgage rate will be secured for 120 days. Even if rates go up, yours won’t.
  • You’ll know what you can afford, helping to narrow down the search process.
  • Pre-approval will make you look like a more serious buyer, helping you find a good realtor and can give you negotiating power with the home seller.
  • A mortgage pre-approval will make the final closing faster since you already have most of the work completed.
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.

My bank declined me. Can I still get a mortgage?

It’s possible. After we analyze your own situation we’ll discuss what possibilities are available to you. However, lenders that deal with non-standard credit usually charge a higher rate than normal bank approved credit.

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 Private Lending!

See All
Kelowna Mortgage Brokers RM Logo

Yeaaaaah mortgage!

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

Contact Us
More Mortgage Options
Menu