Which Mortgage Should you Choose?
Making the decision to purchase a home is an exciting and rewarding experience. However, there’s much to consider before signing off on any papers including the simple, yet important question: what type of home mortgage is right for you? Luckily, there are professionals who can help guide you in the right direction. Rampone Marsh are certified mortgage brokers in Kelowna who can offer you a wide range of solutions to suit your lifestyle and budget, including helping you to decide which option is the best one for your situation. Should you register for the first time home buyers group or should you apply for a self-employed mortgage? We’ve highlighted some information about each below!
First Time Home Buyers
There are many excellent benefits when making the shift from renting a home to becoming a first time home buyer. For example, each time you make a mortgage payment, you’re paying off your loan and therefore are building equity whereas with renting, you are putting extra money in your landlord’s pocket and therefore see nothing in return. It’s self-explanatory: purchasing real estate is a smart decision. For first time home buyers, there are plenty of beneficial and convenient mortgage programs in place to help make the home buying process as financially intelligent and smooth as possible. Rampone Marsh will be happy to use their expertise in finding you the best products available to suit your needs all while ensuring that you won’t have to pay more than what you paid your landlord for in rent.
Running your own thriving business is an incredibly rewarding experience all on its own. While being your own boss definitely has its perks, it definitely comes with downfalls as well. For example, applying for a loan can be a headache for someone who is self-employed due to two words: inconsistent income. Sound familiar? Rampone Marsh can assist you in getting approved for your mortgage with as little roadblocks as possible. In order to start the approval process, they advise you to ensure that you have a proof of income, a two year average of Line 150 on your tax return, excellent credit history along with a 10% down payment. It may seem like a lot, but if you want to start moving into your dream home, these are important points to remember.
When you’re ready to start packing your bags and move into your new house, it’s important to consider your options and what plan will work best for your current situation. The first time home buyers and the self-employed programs are two loans that are commonly applied for. However, Rampone Marsh can also assist in second or third mortgages too! They’re experienced, respected and trusted brokers who will provide you with expert advice and solutions regarding your loan requests. Not only will they give you peace of mind, they’ll also save you time, effort and money. When you have questions, call the best Kelowna Mortgage Brokers available!