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3 forms found in the DOM

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(250) 801-8834Get More Info
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COMPANY

 * Rampone-Marsh Mortgages
 * Meet The Team
 * Testimonials
 * Mortgage News
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SERVICES

 * Mortgage Services
   * Home Buyer Mortgages
   * First-Time Home Buyers
   * Reverse Mortgage Canada
   * Vacation and Rental Property Mortgages
   * Purchase Plus Improvement Mortgage
   * Mortgage Renewal and Refinancing
   * Private Lending
   * Self-Employed Mortgages
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RESOURCES

 * RESP vs Rental Course
 * Mortgage Application
 * Mortgage Calculators
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THE MORTGAGE BROKERS KELOWNA KNOWS AND LOVES.

GETTING A MORTGAGE HAS NEVER BEEN SO SIMPLE!
LET'S TALK ABOUT PUTTING OUR EXPERIENCE TO WORK FOR YOU.
THERE'S NO OBLIGATION.

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START YOUR MORTGAGE SEARCH HERE…

GET YOUR APPLICATION APPROVED TODAY.
APPLY NOW… IT’S QUICK AND EASY!


I’M BUYING
A HOME.

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MY HOME.

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THE BANK DECLINED
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APPLICATION.

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WE ONLY WORK WITH ACCREDITED
AND REPUTABLE MORTGAGE LENDERS




EASILY FIGURE OUT YOUR COSTS WITH OUR EASY-TO-USE CALCULATOR.

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GETTING A MORTGAGE DOESN’T HAVE TO BE COMPLICATED!

The team of Kelowna mortgage brokers at Rampone-Marsh would love to help take
the stress out of finding your mortgage.

They’ve facilitated funding for over 500 million dollars of mortgages in their
combined 20 years in the real estate finance industry. Among the most
experienced and recognized names in the country, Rampone-Marsh Mortgages is the
mortgage broker Kelowna trusts for its lending needs.

Unsure of where to look? Since Rampone-Marsh has access to over 50 lenders,
they’ll do the shopping to find all the best mortgage rates and options for you.

Getting started is easy. Contact us today and put our mortgage experience and
expertise to work for you.




APPLYING FOR A MORTGAGE SHOULDN’T BE HARD OR CONFUSING,
LET’S BREAK THIS DOWN AND MAKE IT SIMPLE FOR YOU!

DO MORTGAGE BROKERS WORK FOR THE BANK OR A FINANCIAL LENDER?

Neither! A mortgage broker has a portfolio of lenders they work with to meet
their clients’ mortgage needs. That’s one of the chief reasons brokers help
their clients get better deals – unlike banks or other financial institutions,
brokers are looking to help you get the best deal on your mortgage, not fill up
a target mortgage product quota.

WHY IS A MORTGAGE INSURANCE PREMIUM NECESSARY?

Regardless of mortgage rates, if a down payment is less than 20% of the home or
property value, mortgage insurance is mandatory in Kelowna (and across Canada).
Mortgages have built-in insurance premiums, so, therefore, the clients do not
pay “out of pocket” for this expense. For mortgage lenders, a down payment of
this size is more of a risk, so the mortgage insurance premium acts like a
guarantee in the event of a default on the loan.

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.


Go to FAQ page


YOU WON’T FIND A BETTER MORTGAGE BROKER TEAM!



THANK YOU.

TIM

February 15, 2022
After poor experiences with 2 other brokers we connected with Aaron and he got
everything done quickly and efficiently. Very responsive to email, text, and
phone calls with a good…

DORI MICHAUD

March 22, 2022
We had an amazing experience with Rampone-Marsh. This was the easiest part to
buying our forever home. I would highly recommend using this phenomenal company.
Great communication, honest and friendly…

KAINE HENKEL

April 2, 2022
Lennie has been my go-to mortgage broker since 2017 and has helped several times
since with renewals etc. Their website is easy to navigate and upload documents,
and Lennie’s always…

CAROLINE BAUER

January 27, 2022
Aaron Marsh was our mortgage broker and we couldn’t have been happier with his
services! He is very knowledgeable, professional, friendly and always available
to answer any questions. He was…

MARCI ERTMAN

July 18, 2022
I can’t recommend aaron enough! He is the best of the best! Got us the best
rate, he did the work and fast! Goes over all the details and great…

ED SMITH

March 26, 2022
Buying a home during COVID was never going to be a fun experience, but Aaron
took the sting out of it. He took the time to walk me through the…

BECKIE GROVES

August 24, 2022
Aaron had a quick response, appropriate answers and helped me get everything
sorted out to buy our condo. Thanks for all your advice and keeping me calm
through what is…

TRAVERS REBMAN

August 9, 2022
Would definitely recommend Rampone-Marsh to anyone in the market for mortgage or
refinance, and probably any financial advice for that matter. We had the full
resources of their team, they…

FAY REINSON

September 2, 2022
When my mortgage was coming due Lennie got in touch with me st least 3 months
before due date so we could start working on the next step. If it…

JOEL GURNETT

April 29, 2022
Aaron Marsh was our mortgage broker and great to work with! He was always quick
to answer our questions and made sure we were taken care of. Also shoutout to…



Watch Aaron and Lenny
read each others reviews!

read more testimonials





THE LATEST KELOWNA MORTGAGE INFORMATION

ENTERTAINMENT AND INFORMATION, ALL ROLLED INTO ONE!

NAVIGATING HOMEOWNERSHIP: MORTGAGE BROKER VS. BANK – YOUR GUIDE TO SMART CHOICES

CANADIAN MORTGAGES IN THE SHADOW OF U.S. INTEREST RATE TRENDS

2023 MORTGAGE CHECKUP: FAST-TRACK YOUR MORTGAGE-FREE GOAL

HOW TO GET A MORTGAGE WITH NO DOWN PAYMENT

HOW DOES A MORTGAGE BROKER WORK




See All


YEAAAAAH MORTGAGE!

We can’t wait to get the right mortgage in your hands. As Kelowna mortgage
brokers, it’s a thing that we’re good at.

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Mortgage Options



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GLOSSARY

ADJUSTABLE RATE MORTGAGE(ARM)

is a type of mortgage where the interest rate fluctuates periodically based on
bank prime rates. It is also known as the variable rate mortgage.

AMORTIZATION

is the duration of the loan re-payment that is calculated by equal continual
payments to pay off the outstanding debt at the end of a fixed period, including
accrued interest and principal on the unpaid balance.

APPRAISAL

is an estimate of the value of a property that is assessed by a qualified
professional called an “appraiser.” The value is determined by either a direct
comparison, cost or income approach.

ASSUMPTION

is the legal agreement that involves the purchaser and the vendor where the
purchaser assumes the payments on an existing mortgage from the vendor. Assuming
a loan can normally save the purchaser money since there are no closing costs
involved.

BROKER

is an individual who is involved in arranging financing for a client who does
not personally loan the funds himself. Brokers are normally compensated for
their work by charging a setup fee or receive direct commission from the
financial institution they are setting their client up with.

CLOSING

is the final step in the mortgage process, which involves a meeting between the
purchaser, vendor and lender. It is where the property, title ownership and
money legally change hands.

CLOSING COSTS

are costs involved in obtaining financing. The major costs involved in obtaining
financing include; appraisal fees, legal fee’s and transfer taxes. The closing
costs are normally around 1.5% of the purchase price.

CMHC

is the Canadian Mortgage Housing Corporation. They provide High Ratio Mortgage
Insurance by protecting the lenders and guaranteeing them payments on the funds
they are lending out. Allows people to obtain homes with less than 20% down.

COMMITMENT

is an agreement in writing between a lender and a borrower to loan funds on a
specific date. In a commitment there is a set list of conditions that need to be
met prior to funding by the borrower in order for the transaction to be properly
executed.

CONSTRUCTION LOAN

is a type of loan where borrower obtains financing to cover the cost of
construction. The lender advances funds to the borrower in intervals known as
draws. As the portions of the construction project are completed, more funds are
then released in order to complete the next step in the construction process.

CONVENTIONAL LOAN

a mortgage that is not insured by a mortgage Insurer (CMHC ,Genworth Financial,
and AIG. (Under 80% Loan To Value)

CREDIT REPORT

a report that provides information to the brokers and financial institutions
about the applicants current and past credit history.

DEFAULT

is when the borrower fails to meet legal obligations in the mortgage contract.
It is specifically when they fail to make their monthly payments on a mortgage.

DELINQUENCY

is when the borrower fails to make their mortgage payments on time. This
normally leads to a forced sale on the borrowers home.

DOWN PAYMENT

funds that are provided by the borrower to make up the difference between the
mortgage amount and the purchase price. Down payment’s normally range between
20%-25% of the purchase price.

EQUITY

is the difference between the property value and the financing secured against
the home. Whatever portion is not secured by the lending institution constitutes
itself as the “owner’s equity”

FIRST MORTGAGE

a mortgage which is in first lien position. It takes priority over all other
liens that are registered against the property. The only way a first mortgage
can be pushed into second position is when the government is involved and
registers tax liens against the home.

FIXED-RATE MORTGAGE

is a type of mortgage where the interest rate is set for a specific period of
time. The rate cannot fluctuate and a fixed payment is set during the term
negotiated between the lender and the borrower.

GROSS MONTHLY INCOME

the total income that an individual earns per month prior to any expenses or
deductions are taken into consideration.

INVESTOR

is a source of funds for a lending institution. The institution then promises a
certain rate of return to the investor based on the assessed risk of placing
those funds out in the marketplace.

LIEN

is a legal entitlement that is secured against a property for an outstanding
payment of a debt or obligation.

LOAN-TO-VALUE RATIO

is the difference between the amount of the registered lien(s) and the property
value expressed as a percentage. For example, if there is a mortgage registered
for $100,000 on a $200,000 property, the loan to value ratio is 50%.

MARKET VALUE

is the lowest price that a seller would agree to have someone purchase his
property for. At the same time the highest price a buyer is willing to pay for
that same home. Most of the time a home is purchased within 3-4% of the asking
price of the seller under normal circumstances.

MORTGAGEE

the lender.

MORTGAGOR

the borrower or homeowner.

NET EFFECTIVE INCOME

the borrower’s gross income less all deductions and taxes.

ORIGINATION FEE

is a fee that is charged by the lending institution and or broker in order to
prepare and organize the loan for the client. Normally a certain percentage of
the loan amount is calculated and deducted from the gross proceeds.

P.I.T.H

is an abbreviation for principal, interest, taxes and heat. P.I.T.H. is also
known and referred to as a monthly housing expense. This information is taken
into consideration when calculating how much an individual can qualify for.

POWER OF ATTORNEY (POA)

is a legal document authorizing one person to act on behalf or represent another
in a legal transaction.

PREPAYMENT

is when a lender allows the borrower in a mortgage to make additional payments
that are not set within the regular payment schedule.

PREPAYMENT PENALTY

is a penalty charged to the client due to paying out a mortgage prior to it’s
natural expiration.

PRINCIPAL

is the financial obligation still left on a mortgage. This does not include
interest accrued or paid on the mortgage.

REALTOR

is a professional who is legally registered with a real estate brokerage firm
that provides the services of helping someone find or sell a home, and will
usually partner with a preferred mortgage broker.

SECOND MORTGAGE

a mortgage which is in second lien position. It takes priority over all other
liens that are registered against the property except for the first mortgage.

TITLE

is a legal document that provides ownership verification of an individual’s
property.

TITLE INSURANCE

is a certificate that is normally distributed by a title insurance company. It
guarantee’s a home buyer’s legal safety against errors in the title search. It
also insures that no other mortgages can be registered without acknowledgment
and permission from a lawyer and the originating financial institution.

TITLE SEARCH

is a search that is usually completed by a lawyer or title company in order to
obtain municipal records. It is done in order to confirm the legal ownership of
the property. Prior to registering any mortgages, a title search is completed to
insure that there are no unknown encumbrances secured against the home.

UNDERWRITING

is when a decision is made whether pursue or provide a loan to a potential
individual seeking financing. Standard underwriting considerations used to
assess a file are credit, employment, and net worth. Based on the information
provided an appropriate rate, term and loan amount are provided as offers to the
client.


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