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  2. Vacation and Rental Property Mortgages

Vacation and Rental Property Mortgages

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Many people find it hard in the beginning to gather the money needed to buy a vacation property.

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But you need to know there are vacation property mortgages that make this option possible. Before that, you need to know and understand that a home/property is a long-term commitment, and there are responsibilities that come along. At Rampone-Marsh Mortgages, you will receive the mortgage loan that suits your needs and helps you finance and buy your second home. With our assistance, you will be one of the many people in Kelowna, BC, that will change their lifestyle to a better one, tailored to their desires.

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Did you know that for a second home or for a vacation property you can receive up to 95% of its value?

Well, we assure you it is possible. And although each case is analysed individually, you can receive up to $350.000, this being the maximum loan amount. Usually, the bank has conditions that your future vacation home will need to fulfill, such as heating source, year round access, water supply, electric source and many others. Without all of them, the bank will refuse the vacation property mortgage. That is why it is best to resort to Rampone-Marsh Mortgages. We are able to offer you the necessary guidance for you to satisfy you needs and desires for a vacation home.

Investing in property means not only buying a house.

It could also mean purchasing a vacation home or purchasing houses for rental. Either way, vacation property and property mortgages will offer you the necessary means for making your purchase. More and more Canadians are slowly changing their vacation plans and instead of traveling abroad, they are now resorting to “vacation homes”. No more costly airline tickets, resorts and all sorts of security issues. You can benefit from the vacation property and rental property mortgages and fulfill your dream of having a house in a remote and unspoiled area.

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Rampone-Marsh Mortgages offers you the possibility of choosing from the multiple solutions, which are able to satisfy your needs. Find out how you can get the needed financing for a cottage, how this type of funding could help you and many more.

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At Rampone-Marsh Mortgages we believe in finding you the most convenient mortgages in Kelowna, Vernon and all across Canada

Rental Property Mortgages

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You can think of it as an investment property, that is able to provide both financial and personal benefits. There are the rental benefits if the property is close to local businesses or vacation spots. In addition, this creates an ongoing income and cash flow. You can also consult a tax advisor because there are a lot of tax advantages that you may have with your rental property.

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Whether you were thinking of purchasing a single family home, a townhome or a multi-family dwelling, you need to consider the additional financial responsibilities and the different loan requirements. Investment property loans usually have a higher interest rate and require a substantial down payment. You also need to have funds to cover the down payment and also closing costs to acquire your investment property. Our Kelowna mortgage consultants can provide you more information about this.

For more information about the vacation and rental property mortgages contact Rampone-Marsh Mortgages. Find out how much money you can receive to fulfill your goals and enhance your family’s lifestyle.

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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!

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.

Why is a mortgage insurance premium necessary?

If your down payment is less than 20% of the property value, mortgage insurance is mandatory in Canada.  An insurance premium is built into the mortgage.  So therefore, the clients do not pay “out of pocket” for this expense.  For lenders, a down payment of this size is more of a risk, so the insurance premium is a guarantee for the lender in the event of your defaulting on the loan.

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

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