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Mortgage Knowledge Center
Thank you for visiting our Mortgage Knowledge Center! We encourage clients to learn as much as they can about home loans, and we hope that we have laid it out in a manner that is both informative and user friendly. We find that the client's who are most informed, are usually the ones who feel the most satisfied that the decisions they made were the right ones, making the overall experience more pleasant. If you have any questions or concerns about our Mortgage Knowledge Center, please do not hesitate to call or drop us an e-mail.
- Current Mortgage Rates
- Verico The Mortgage Professionals delivers on its commitment to supply our clients with the best mortgages rates available in Ontario!
- Verico The Mortgage Professionals Lending Network
- Verico The Mortgage Professionals works with 50 of Canada's top mortgage lenders. In our lending network, you will find big banks, mortgage companies, trust companies and private mortgage lenders, all competing for your business by offering us their best wholesale mortgage rates in Ontario. Let Verico The Mortgage Professionals negotiate on your behalf!
- Types of Mortgages
- There are three general types of mortgages products. Regardless of what you are using the mortgage for (purchasing a new home, refinancing, etc) or what specific program you qualify under, your mortgage will always be a variable rate (sometimes referred to as adjustable), fixed rate or line of credit.
- What is a credit report?
- A credit report is a history of how well you have paid your previous and active credit lines. When you apply for credit, a file is created with the credit reporting agencies (Equifax and Transunion) with the date the credit was granted, the amount of the credit and the amount of your monthly payments.
Here are some tips to get your credit score up and keep it there:
- Always make sure you make at least your minimum payments on time, anything 30 days late will hurt your score,
- Do not carry a balance that is at or over your limit on any credit lines,
- Try to limit the number of inquiries that are pulled on you; too many in a short period of time will appear as though you are credit seeking,
- Do not carry credit lines (or limit the number) from high interest finance companies; these lines will affect your score even if you repay the loans on time and carry a modest balance,
- Check your credit bureau once a year to make sure there are no credit lines that do not belong to you, or any errors on your bureau.
- Frequent asked questions (FAQ)
- Many home buyers are unfamiliar with the process of how dealing with a broker is different than dealing with their banks. This section was designed to familiarize the client with how we at Verico The Mortgage Professionals do business both from the perspective of the actual mortgage and from the perspective of doing business over the internet. If the answer to your question is not here however, please do not hesitate to contact us as every question we get is a good one. The process can be a complicated one, let us help!
- 1) Will Verico Mortgage use my email for spamming purposes?
- First 10 Steps in the Home Buying Process
- Many clients have a difficult time getting started toward their dream of home ownership because they just don't know where to start. So we have laid out a framework of steps you go through in order to get from the day you decide to buy your new home till the day you take possession. We don't want to over simplify this as the path may have a few curves along the way, but the destination is always the same and is definitely worth the trip. We think you will find that if you take one step at a time, the process is not nearly as overwhelming as it seems.
No, we do not do any spamming nor do we sell our clients information to anyone for this purpose or any other. Our clients privacy is of utmost importance to us.
2) Where does Verico Mortgage lend?
We lend all over Ontario and countrywide for that matter.
3) Do you offer Commercial mortgages here in Ontario?
We can either provide you with a commercial mortgage or we will find an expert outside our office we trust to help you.
4) How long does the whole mortgage process take?
Once we receive your mortgage application, you will usually hear from us within 2 business hours. If we are experiencing high volumes at the time however, it may take as long as 8 business hours. Once we submit your application to a mortgage lender, we can usually get you approved within 2 - 48 business hours, depending on the lenders volumes. After we get an approval, we will require documentation from you and in some cases an appraisal.
5) How can I contact one of your Ontario mortgage brokers?
You can contact us via the contact us form, by filling out a free online pre approval or by telephone at 1-866-667-8383.
6) I am heavily insured, do I need mortgage life insurance?
No you are not obligated to take mortgage life insurance however as licensed Ontario mortgage brokers, we do legally have to offer it to you.
7) What types of properties can be difficult to finance?
Commercial, agricultural, leased land, bare land, leaky condos and condos with a fractional type ownership can all be difficult to finance through the mortgage broker channels. Please call for more details.
8) Do you ever charge fees or points for your mortgages here in Ontario?
If you require private mortgages in Ontario, these lenders usually charge a fee for their mortgages and out of this fee they pay us a portion of it; however we personally do not charge fees for our services (a fee is only charged if you take the mortgage).
9) I don't live in Canada; can I still get a mortgage for a property here in Ontario?
Yes you can, please contact us for details as some conditions apply.
10) I have had a bankruptcy, is there any chance of getting another mortgage?
Yes, we do have different mortgage lenders that can help however some conditions do apply so contact us for details.
11) Can we meet with you to discuss our mortgage needs?
Verico Mortgage is a call/ processing center, so we don't have Ontario mortgage brokers available to do appointments in every center. Call us to see if we can facilitate your request. If not, we would love to discuss your situation over the phone.
12) Is it safe to put our personal information on the Internet?
Yes, our application is completely secure, no one will see your personal information one of our Ontario mortgage brokers.
13) If our bank matches the mortgage rate you offer us, can I go back with them?
We offer a no cost, no obligation service with no games, just our lowest mortgage rates up front. We do hope however that you are happy with our service, and reward us with your business.
14) I have a pre approval with Verico Mortgage however my realtor recommends switching to the mortgage broker he uses, should I change?
There is no need to move to a different mortgage broker. All mortgage brokers here in Ontario generally have access to the same mortgage lenders and same low mortgage rates. Having another mortgage broker do an application and pull a new credit bureau will only slow the process down and possibly bring down your credit score. With Verico Mortgage you are always dealing with a licensed professional mortgage broker who is working to get you the lowest mortgage rates in Ontario.
15) Can I qualify for a mortgage if I have never had any credit?
If CMHC accepts other forms of credit (ie rent, utilities etc) and you have a saved down payment there are some lenders that will consider these mortgages with of course CMHC's approval.
16) Is it a good idea to wait until I have enough of a down payment saved up to avoid CMHC premiums?
This is your decision, however the trend over the past decade is prices going up significantly more than the 2-3% that CMHC premiums would have cost in nearly all areas of Ontario and the country for that matter. As well, your rent could have gone toward equity in your property instead of paying your landlords mortgage.
17) I own a business here in Ontario and on paper, I don't make enough money to qualify for a mortgage, can you help?
In many cases we can, our self employed option here in Ontario is one of our most popular mortgage products. Please contact us as some conditions apply.
18) My banker says that the branch also has Ontario mortgage brokers on staff that can help me, is this true?
No, banks have sales reps that try to compete with Ontario mortgage brokers for your business. An Ontario mortgage broker is an independent fully trained and licensed mortgage professional that is NOT affiliated with any lending institution; we work ONLY for you, not the bank. When we say we are getting you the lowest mortgage rates in Ontario, we compare mortgage rates with 50 different mortgage lenders to make sure we are; the banks sales reps are simply selling that particular banks mortgage products, so if that bank is not the lowest in Ontario, you are not getting the lowest mortgage rates in Ontario!
19) My Ontario mortgage broker got me an approval from a mortgage lender that I have never heard of, should I be concerned?
No this is not a concern, most mortgage companies are owned by banks, insurance companies, trust companies etc, and do not market directly to consumers, only to mortgage brokers. This is why these companies are not household names.
20) The mortgage rate you are offering me is better than what my bank is giving me, can I get the same great mortgage rate and have you place me with my bank where I have dealt for years?
Yes, in some instances we can. Chances are your bank is offering better mortgage rates through their brokerage channel which your branch does not have access to through their retail channel. If you want to be with a specific bank here in Ontario, simply let us know and we will try to accommodate you.
Step 1: Decide if you are ready to become a homeowner here in Ontario. It is not just a financial commitment but also a lifestyle decision.
Step 2: Call one of our Ontario mortgage brokers from Verico Mortgage to get pre approved. Until you know if you can qualify for a mortgage, or how much of a mortgage you qualify for, you really cannot start the home buying process. Supply your mortgage broker with job letters and pay stubs to avoid any surprises down the road.
Step 3: After getting pre approved by one of our Ontario mortgage brokers, go to Realtor.ca or other real estate websites to see what that amount of money will get you in the area you want to live. Narrowing down your home styles and areas will make it easier for your realtor to find you that perfect home.
Step 4: Find your realtor. A referral we find is usually the best way of finding the right realtor. If you don't have a realtor however we can help you here through our 'It Pays' realtor referral program.
Step 5: Find your property. Along with your realtor, do as much due diligence as you can about the property and the area, this is obviously a large purchase and you want to make sure you have done your homework.
Step 6: When you make your offer on the property, please be sure to have it subject to financing (even if you have been pre approved) and subject to home inspection.
Step 7: Make sure you budget to have money left over after your down payment for closing costs (legal fees, appraisal, property taxes, 1.5% of the purchase price is a safe amount).
Step 8: Arrange fire insurance on your new home, you must have it before your appointment with the lawyer.
Step 9: Meet with your lawyer to sign the mortgage documents.
Step 10: Move in!
Mortgage Brokers
Call one of our Mortgage Brokers today, or apply online for a Free Pre-Approval today.