Carloni Mortgage Brokers

You could not have picked a better time to buy your first home.

Coming out of 2020-21 mortgage rates have hit historic lows. Both fixed and variable rates are favorable and are expected to remain so for the forseeable future. But with economic recovery unfolding before our eyes those rates will gradually climb with increases in the Bank of Canada prime rate and bond yield. Terms will become less enticing as lenders become less desperate to attract your hard earned dollar. The time to act is now, but given you’re uncertainty you should not approach lenders alone. No first-time buyer ever should. Why? Because not only do Carloni Mortgage Brokers assist with nearly every step of the home purchasing process (pre-approvals, etc.) we get you access to unadvertised rates. This is made possible due to our longstanding relationships with lenders and other financiers in Penticton and the Southern Interior of BC. We get “bulk discounts” (so to speak) which we pass on to YOU.

Looking for their dream property in the Okanagan? Your search begins with Carloni Mortgage Brokers.

How We Help You Get a Home Mortgage for a House or Condo
Our services for new buyers include the following:
-Pre-approvals and pre-qualifications
-Mortgage calculations
-Provide access to a variety of home buyer programs (individuals, couples, families, self-employed persons, etc.)
-Provide access to lower unadvertised mortgage rates
-Provide access to private mortgage options
-More! Unsure? Just ask by calling 250.493.9111
Get Started on the Home Buying Process with a Simple Phone Call
Call 250.493.9111

Thinking about refinancing the mortgage on your property? It’s not just first-time home buyers who are looking to take advantage of historically low interest rates, as people who already have a mortgage want to know if they have an opportunity to make a wise financial decision.

Why You May Consider Refinancing Your Mortgage
Does refinancing make sense? The motivations are as follows:

Get a lower interest rate to reduce monthly expenditure to account for lean economic times.
Get a lower interest rate to reduce monthly expenditure to free up funds for other investments and opportunities.
Get a lower interest rate to pay off a mortgage early (assuming you keep payments the same, or greater).
You want to switch from a variable to a fixed rate mortgage, or vice versa.
Other. Unsure if a refinance mortgage is right for you? Call 250.493.9111 to find out.
So you know why people do it, but when is refinancing a good idea? Consider the following:

When the refinance rate is significantly lower than current fixed rate (where applicable).
When the mortgage-breaking penalty and/or closing cost is lower than refinance savings.
You can prove to your lender that you’re not at risk of default.
Despite what we’ve listed above you may still not be certain if a refinance mortgage is for you. Plus, this is not something that you should approach on your own. As a part of our full mortgage services Carloni Mortgage Brokers in Penticton will walk you through the process. We’re here to answer any questions you have, will help you come to a decision, and will negotiate the new (and preferred) terms on your behalf.

Get Started on the Refinancing Process with a Friendly Phone Call
Call 250.493.9111

Is your initial mortgage term coming to an end? Congratulations on achieving this significant milestone towards fulfilled homeownership and financial freedom.

If your payments thus far have been made on time and without issue, your lender may have sent you (or will be sending) your renewal forms, expecting you to accept predetermined terms. Given that you’ve been happy thus far you may be willing to accept these terms. Alternatively, there may have been a few hiccups in payments along the way, and your lender may seek to make their risk more worthwhile (for them) on your renewal with less favorable (for you) terms. In the latter scenario you assume that you have no choice but to “submit”. No matter which side of the spectrum you’re on don’t sign and send it back without assessing your options.

But do you have options? When you work with a reputable broker on your mortgage renewal, you do.

Carloni Mortgage Brokers has relationships with multiple lenders in Penticton and throughout the Southern Interior of BC. These lenders want your business and will compete for it. Without a broker, these lenders do’t know who you are, where you are, and whether or not your mortgage is up for renewal. Nor do you have the time do go knocking on the doors of big banks, credit unions, trusts, and other lenders, be they in the Okanagan, elsewhere in BC, or a national institution.

Tap into our existing relationships and get lenders to compete for your mortgage renewal. Then allow us to leverage our position with them to negotiate the best rates and terms. It’s a win-win for YOU (maybe not them).

Get Started on the Renewal Process with a Friendly Phone Call
Call 250.493.9111

Very few people know that they can go to a mortgage broker to consolidate debt. In reality, it’s the best course of action you can take when concerned about getting your credit back on track. By consolidating other debt with your mortgage, which likely has a much lower interest rate than your credit cards, you can save a small fortune in monthly payments. This adds up to very significant savings once the loan is all paid off. Plus, with lower payments you can get your quality of life back on track.

Need an example? A recent client of Carloni Mortgage Brokers had a mortgage at 3.49% with balance of $400,000, along with credit card debt totaling $30,000, in addition to a $10,000 line of credit. Our team was able to refinance their mortgage, and in doing so dropped their monthly payments by $1,228 – that’s $14,736 per annum. Could you use and extra 14K (example) at the end of each year? Absolutely!

Get Free from Debt – It Starts with a Friendly Phone Call!
Call 250.493.9111

For the unfamiliar, a home equity loan is exactly what it sounds like. As a homeowner you can take out a line of credit by using your home as collateral. The loan amount is determined by the value of your property, and the value of the property is determined by your lending institution’s appraiser.

When interest rates are low, homeowners have a great opportunity to secure funds for a variety of needs. When interest rates are near historically low levels, as they are now, homeowners are downright chomping at the bit. But it gets even better if you choose Carloni Mortgage Brokers to manage the home equity loan against your Penticton BC property. Due to our longstanding relationships with a variety of lenders throughout the Southern Interior of British Columbia we can get you access to even lower unadvertised interest rates and better “pay back” terms.

Common (and less common) Reasons to Get a Home Equity Loan
To make a home improvement (kitchen renovation, etc.)
To pay off debt that has greater rates of interest
To make other worthwhile (and time sensitive?) investments
To start a business
To pay for your child’s education
To get you through a tough time (for example; the economic lockdowns of 2020)
To take a much needed family vacation
Despite the opportunities to leverage the equity in your home listed above, we know that using your home as collateral with banks and other lenders can be intimidating. They are looking out for their own interests, after all. When it comes to protecting what’s yours while gaining access to much needed funds you require someone in your corner that has YOUR interests at heart. If you’re in the Okanagan area then you’re already in the right place. Our brokers will walk you through the entire process and ensure that you and your home are protected, and better yet – that you get the money you need to do something great.

Have Questions About a Home Equity Line of Credit?
Call 250.493.9111

There’s nothing like the feeling of freedom when self employed. But for all of the benefits, there is one area of concern for many entrepreneurs – entering the real estate market as a buyer.

As a contractor your income may fluctuate significantly from year to year and this inconsistency may turn off some lenders. Not just that, you put a lot of effort into reducing your taxable income, but that can backfire when it comes to getting approved for a mortgage on a type of property that you (and your family) really want. Plus, it wasn’t that long ago when in accordance of Canada’s Office of the Superintendent of Financial Institution‘s B-20 rule, self-employed parties needed to have a 35-percent downpayment before entering into a mortgage. Thankfully amendments were made in 2018 to recognize additional factors that may be used to support a lender’s decision to provide a mortgage, but there is still a lot of grey area for new buyers.

Fret not, because we understand you’re concern. Remember, we’re business owners too! By having us on your side you get a champion for your cause. We have relationships with a long list of financial institutions that offer excellent mortgage options for self-employed people in Canada. They don’t see you as a risk. Instead they see you for what you are – one of the most important parts of our economy. They understand that as a self-employed person you must have tax write-offs to allow for significant reductions in declared income. With some of these specialized lenders, you may not be required to prove your annual income as they may accept a reasonable estimate. But of course, this is all made possible via reputable mortgage brokers. In Penticton BC, that team is Carloni Mortgage Brokers.

Beyond getting you access to lenders who appreciate self-employed persons, we can help you leverage the amendments to the once-antiquated Canada Mortgage and Housing Corp (CMHC) rules regarding self-employed mortgagers.

Do your pre-approval with Carloni Mortgage Brokers and you’ll gain confidence that you came to the right place. Whether you’ve been self employed for many years or you recently started your own business we’re here for you.

Self Employed and Ready to Get a Mortgage?
Call 250.493.9111

Ask anyone where they envision the most idyllic vacation home in BC (or even Canada, for that matter) and they’ll tell you the Okanagan Valley. Penticton, along with Naramata, Summerland, and Peachland are recognized as prime locations for leisure properties. Not only will it afford you a resort-esque experience when on vacation with your family, it’s a great investment if considering putting the home on a short term rental (STR) market when you’re not using it. The monthly income from short term renters can pay for the mortgage itself! There is simply no better place in Canada to buy a vacation property. But you already know this, which is why you’re looking for help on a local mortgage. You’ve come to the right place on all accounts, because as longstanding members of the Penticton area community we are here to make that dream a reality, whether you’ve lived here for years or are coming from the coast, across the country, or continent.

Given that this is likely a second home you may wish to tap into your existing equity and use your home as collateral. Or you may be looking at other options, such as pooling your funds with family members or others in your familial, social, or investment circle. It also doesn’t matter if you’re looking for a condo by the beach, a home near a winery, or a lakefront oasis. No matter what you short and longterm picture looks like we can connect you to lenders to provide the most favorable mortgage rates on Penticton area homes.

Make Your Dream Vacation Home a Reality. It Starts with a Phone Call!
Call 250.493.9111

Buying a second home is a huge milestone. Whether you have your first one paid-off, or you’re near the end of its term, you’re feeling confident and ready to take the next step on your next property in the Penticton BC area. With significant equity built up in its predecessor the process is can be less challenging (when working with us) and the prospect is quite exciting.

What Are the Motivations for Getting a Second Home and Mortgage?
There are a number of worthy motivations for buying a second property. The following are common incentives that may apply to your particular goals:

-You want a vacation home
-You want to use it to earn income on the short term rental market (Airbnb, VRBO, etc.)
-You want to use it to earn income on the longterm rental market
-You’re using it as a pure residential real estate investment
-You plan on using it as a future retirement property (or empty nester oasis!)
-All of the above – it’s all possible!
Why You Need a Broker for a Second Home Mortgage Too
You’ve experienced the benefits of using a mortgage broker when you purchased your first home. But do you still need broker services for round two? Absolutely.

You don’t want to blindly approach lenders, giving up too much of the equity in your current property as collateral. It may be tempting to take that lower downpayment requirement of just 5% (with an insured default program) but you may be better off putting down 10, 15, or 20%. Under the latter scenario buyers typically refinance their existing home to access a larger amount for a downpayment, if they don’t already have the cash reserves. In some cases a buyer may even refinance the existing home in order to pay cash (the whole enchilada) for a second residence, especially when there is a great opportunity to snatch up a desirable property for cheap (i.e. foreclosure, etc.). A broker will analyze all scenarios and go over your options so that you make the most educated choice – for YOU. And as always, a reputable broker will get you access to the best possible fixed and variable rates.

Grow Your Wealth with a Second Home Mortgage, Starting Today
Call 250.493.9111

A private mortgage is one where a buyer secures a home loan from another person (friends, family, associates, etc.) or business rather than borrowing from a traditional source such as a bank or other similar financial institution. This may work for you, but there are many things to consider before moving forward on your own. Some are normal in any mortgage scenario, some are not.

Everything to Consider Before Committing to a Private Mortgage
Is there a legal loan document ready for your review?
Can you live with the amortization terms? Please note that loans on private mortgages often have much shorter terms than what traditional lenders are willing to agree to. Banks can afford to wait, friends and businesses may not.
Does the lender offer fixed and variable rates?
Is there a renewal clause?
What are the penalties on late payments and defaults? What exactly is considered a default in the agreement with them?
Can you get out of your existing agreement if you’re able to refinance at a better rate? Will there be a penalty if you do?
Are you permitted to seek independent legal advice prior to agreement? And will the documents be signed at your legal representative’s office or neutral ground?
Is there a title transfer required?
Other. There many things to consider – call 250.493.9111 to inquire.
As you can see, there is a LOT to consider. Entering into a private mortgage alone can leave you exposed to a number of financially crippling vulnerabilities. But with the help of a professional team that has vast experience in working with buyers and private lenders (which we can also recommend) you can instead leverage a tremendous opportunity that traditional big banks and credit unions can’t offer. But again – it all starts by securing the services of a brokerage so that you have someone in your corner. If you’re considering a private mortgage in Penticton BC, then Carloni Mortgage Brokers is your only option.

Find Out if a Private Mortgage is Right for You
Call 250.493.9111

The Southern Interior of BC is booming and more businesses are entering the fold with each new year. Penticton in particular offers an incredible opportunity for your existing brand to grow, or for your new enterprise to thrive for decades to come. But instead of being at the mercy of a leaseholder you want to finance your own property. Like with any new business venture you need to delegate key responsibilities to parties to help facilitate the process. This is nary more true than with respect to a commercial mortgage. And in Penticton it’s even more important because in this town – it’s all about who you know. Carloni Mortgage Brokers is the one brokerage to make it all happen.

Financing for All Types of Business Properties
Our Penticton brokerage has the expertise to manage the most diverse range of commercial real estate developments, including the following:

-Mixed commercial-residential
-Shopping centers and plazas
-Office spaces
-Mixed office-retail
-Industrial lots
How Our Commercial Mortgage Experts Make a Difference
We will working closely with you or your company’s representatives to determine your unique financing needs. From there we will identify appropriate lenders for your specific commercial goals. Carloni Mortgages has the Southern Interior’s largest rolodex (so to speak) of commercial lenders, so finding a suitable match is as straightforward as picking up our phones and making the connections. As a result, you will have the proverbial pick of the litter and will secure the best available business loan structure and interest rate. The commercial rates that you access through Carloni Mortgages are extremely competitive for bank-approved applicants. If for any reason you have tougher qualification criteria (which may be impacted by the nature of your business) we take on that burden for you, and work diligently to ensure you gain access to the best financing options available, including funding alternatives that you may not have considered.

Commercial Mortgages for All Types of Businesses
-Small to medium businesses (SMBs)
-Small to medium enterprises (SMEs)
-Large businesses and enterprises
-Mom & Pop operations
-Industrial
-Agricultural
-Other – call 250.493.9111 to ask
Begin the Commercial Mortgage Financing Process Today
Call 250.493.9111