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Commercial Option
Financing commercial properties can be difficult. The process is very complex and the criteria can differ depending on the type of property you are buying or refinancing. At Verico Mortgage Options Ltd., we will work with you to make sense of the process and help you find the right lender at the right rate.
If you have shopped for a commercial mortgage in the past, you know how specific banks can be on the types of properties they will finance. We have access to many companies who specialize in mortgaging these tough to finance properties, just give us a call and we will start immediately working on your behalf!
Product Options
Variable Rate Mortgages
Variable rate mortgages fluctuate with the banks prime lending rate. The discount off of prime that you receive can fluctuate with market conditions and what each lender is offering at any given time. Today, the going rate for variables is Prime minus .60% over a 5 year term and with rates where they are, this rate is very attractive and many clients are choosing to go this route. When going this route however there are some things you need to understand about the product and this is where a professional mortgage advisor can help you out.
Is a variable rate mortgage for you?
- Do you have room factored into your budget if your payments were to go up? (How is your rate tolerance?)
- Do you follow the rates to know if or when you should lock into a fixed product? (We have you keep in touch with us for regular updates on what is happening with both the fixed and floating terms when you take a variable rate mortgage).
- What would your rate be if you chose to lock in at some point? Is that discount in line with the wholesale rates available in the market? If it's a certain discount off of the going rate, is it in line with what is being discounted today on that product? (Some lenders offer good discounts off of prime on the variable portion, but don't offer any discount off posted rates should you choose to lock into a fixed term product and you are locked in for 5 years; we help you avoid this trap).
Fixed Term Products
Fixed term mortgages are those which have interest rates that are locked in for the full term of the mortgage. When you shop for a fixed term product, the biggest differences will come in the interest rate and pre-payment privileges. We offer the best wholesale rates available in Canada today. We have terms as short as 6 months and as long as 25 years, and we can work with you to find the right term based on your specific situation, one size does not fit all! We also think ahead to the end of your term and try to put you with lenders that will offer you their best rates on renewal as well (see Lender for Life Option).
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