(250) 801-8834Email UsApply NowMeet With Us
Rampone-Marsh Mortgages | Kelowna Mortgage Brokers
  • Home
  • Resources
    • All Resources
    • Mortgage Application
    • Mortgage Calculators
    • Frequently Asked Mortgage Questions
    • Learn More About Mortgages And How We Can Help You
  • Mortgage Services
    • Home Buyer Mortgages
    • Mortgage Renewal and Refinancing
    • Self-Employed Mortgages
    • Private Mortgage Lending
    • Purchase Plus Improvement Mortgage
    • Vacation and Rental Property Mortgages
  • Reverse Mortgage
  • Testimonials
  • Contact Us
Learn More About Mortgages And How We Can Help You

Learn More About Mortgages And How We Can Help You

Learn More About Our Services
Kelowna Mortgage Brokers Blue Ellipse logo
Refinancing your mortgage – you may be in for a surprise!
Mortgage Refinance
If you have a lot of equity and don’t have a lot of debt, then qualifying may not be an issue; subject to the usual tests around creditworthiness, income stability…
Read More
Build Wealth Smarter: How the Smith Manoeuvre Works in 2025
Blog
In 2025, many Canadian homeowners are looking for ways to reduce the income tax they owe and have more money for day-to-day expenses — the Smith Manoeuvre remains one of…
Read More
New to Canada? Rampone-Marsh Explains How to Qualify for a Mortgage
ArticlesBlogFirst Time Home Buyers
At Rampone-Marsh Mortgages, we specialize in helping people from all walks of life achieve their dreams of property ownership — including newcomers to Canada. Whether you’ve settled in BC with…
Read More
Turn Your Home into an Income Opportunity: Build Equity That Works for You
ArticlesBlogHome Equity
Your property has untapped potential—and with Kelowna’s updated 2025 bylaws, now is a great time to turn that potential into profit. At Rampone-Marsh Mortgages, we help homeowners finance strategic upgrades…
Read More
Fixed vs. Variable Mortgages in 2025: What’s Right for You?
ArticlesBlogConsumer CornerMortgage Tips

When it comes to setting up a mortgage, Canadian homeowners always ask us: Should I go fixed or variable?

Read More
Mortgage Renewal 2025: Tips to Ease Payment Stress
ArticlesBlogConsumer CornerMortgage Renewal
If your mortgage is up for renewal in 2025, you’re not alone—and you’re likely feeling the pressure. With higher interest rates and rising living costs, many homeowners in Kelowna and…
Read More
Kelowna Housing Market Outlook Mid-2025: What’s Changed and What Buyers Need to Know
ArticlesBlogConsumer CornerMortgage Tips
One year ago, we wrote about what we saw coming in the Canadian housing market for 2025 — steady demand, tight inventory, and rising interest rates. Read more here. Now,…
Read More
Big Changes to Canadian Mortgages: What They Mean for Kelowna Homebuyers
ArticlesBlog
If you’re considering buying a home in Kelowna, Canada’s recent mortgage reforms could help. The government has rolled out new policies aimed at making homeownership easier and more affordable—especially helpful…
Read More
The Benefits of a Reverse Mortgage in Canada: A Real Example from Rampone-Marsh Mortgages
ArticlesBlogMortgage RefinanceReverse Mortgage
When planning for retirement, many Canadians don’t think about Reverse Mortgages. At Rampone-Marsh Mortgages, we want to help you understand how a Reverse Mortgage can make your retirement more comfortable.…
Read More
Making Mortgages Affordable: How Rampone-Marsh Mortgages Can Help
ArticlesBlogConsumer CornerHomeownershipVideos
In today’s housing market, many people are concerned about mortgage affordability. At Rampone-Marsh Mortgages, we understand these challenges. We, Lennie Rampone and Aaron Marsh, use our years of experience to…
Read More
1 2 3 4 … 7 Next

Categories

  • Articles
  • Blog
  • Consumer Corner
  • Downpayment Options
  • Events
  • First Time Home Buyers
  • Home Equity
  • Homeownership
  • Mortgage after Divorce
  • Mortgage Refinance
  • Mortgage Renewal
  • Mortgage Tips
  • Reverse Mortgage
  • Videos

We'll Find the Right
Solution For You.

There are other fantastic home mortgage products Rampone-Marsh can provide you with. Contact us, tell us what you need, and we will deliver.

More Mortgage Options
Kelowna Mortgage Brokers Rampone Marsh mortgages White Logo
  • Home
  • Resources
  • Mortgage Services
  • Reverse Mortgage
  • Testimonials
  • Contact Us
Apply Now
Send Us A Message

Get in Touch

(250) 801-8834

info@ramponemarsh.ca

Contact Form

1290 St Paul St #316, Kelowna, BC V1Y 2C9

Facebook
LinkedIn
Instagram
YouTube
Get in Touch

Name(Required)
This field is for validation purposes and should be left unchanged.

Accredited member of Mortgage Professionals Canada and the Mortgage Brokers Association of BC.
© 2025 Rampone-Marsh Mortgages | Vernon & Kelowna Mortgage Brokers

Site Credits

Web Development  + Marketing – Peter Singh-Vigilante of Vigilante Marketing Ltd.

Designer – Tina Dee of Brandzuzu Creative  

Get More Information

Fill out the form below and we’ll be in touch to answer any of your mortgage questions.

"*" indicates required fields

Name*
I'm Interested In*
This field is for validation purposes and should be left unchanged.

Proud Partner of the CMHA

CMHA logo 2

View our listing in the iNFOTEL MULTIMEDIA business directory.
Website built by
Kelowna Mortgage Brokers Approved

You found the secret word!
Submit below to be entered into our contest.

  • This field is for validation purposes and should be left unchanged.

kelowna mortgage brokers calculator Icon

Choose your calculator

Mortgage affordability calculator

I’m just
getting started

Find out how much I can afford in 2 minutes!

next
Mortgage payment calculator

I have a
specific home
in mind

Find out if I can
afford it in 2 minutes!

next
Mortgage refinance calculator

I want to
refinance a
home I own

Find out how much I can
take out in 2 minutes!

next

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.