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Frequently Asked Questions
Whether you are shopping for the best mortgage rate or have been turned down by your existing lender, Verico Mortgage Options Ltd. can help. With access to more than 50 of North America's best mortgage lenders coupled with years of experience, our mortgage brokers make sure you get the absolute lowest mortgage rate, best mortgage product, and terms for your unique situation.
- 1) Will Verico Mortgage Options Ltd. use my email for spamming purposes?
- 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 Options Ltd. lend?
- Our mortgage brokers arrange loans from coast to coast, anywhere in Canada.
- 3) Do you offer Commercial mortgages?
- We have commercial mortgage brokers who can provide you with a commercial mortgage or we will find a mortgage broker outside our firm 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 a mortgage broker within 2 business hours. If we are experiencing high volumes at the time however, it may take as long as 8 hours. Once your application is reviewed by one of our mortgage brokers it will be submit to a lender, we can usually get you approved within 2 - 48 hours, depending on their volumes. After we get an approval, we will require documentation from you and in some cases an appraisal; this part of the process we have no control over but generally they do not take very long.
- 5) How can I contact you?
- You can contact one of our mortgage brokers via the contact us form, by filling out a free online pre approval or by telephone at 1-888-684-6786.
- 6) I am heavily insured, do I need mortgage life insurance?
- No you are not obligated to take mortgage life insurance however as fully licensed 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?
- When a loan does not fit into the box of one of our institutional mortgage lenders, we may have to look outside to private lending sources. Private mortgage lenders usually charge a fee for their mortgages and out of this fee they pay us a portion there of; 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 Canadian property?
- Yes you can, please contact one of our mortgage brokers 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 a Verico mortgage broker for details.
- 11) Can we meet with you to discuss our mortgage needs?
- Verico Mortgage Options Ltd. is a call/processing center, so we don't have mortgage brokers available to do appointments in every center. If you contact our office however we will gladly set you up with a Verico mortgage broker from another firm in your city that will gladly meet with you to discuss providing you with the lowest mortgage rates in Canada just as we do.
- 12) Is it safe to put our personal information on the Internet?
- Yes, our application is a completely secured page created specifically for Verico Mortgage Options Ltd.
- 13) If our bank matches your rate, 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 the services supplied by our professional mortgage brokers, and reward us with your business!
- 14) I have a pre approval with Verico Mortgage Options Ltd. however my realtor recommends switching to the local mortgage broker he uses, should I change?
- There is no need. All mortgage brokers 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 bring down your credit score. With Verico Mortgage Options Ltd. you are always dealing with a licensed professional mortgage broker.
- 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 loans 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 Canada, not to mention your rent could have gone toward equity in your property instead of paying your landlords mortgage.
- 17) On paper, I don't make enough money to qualify for a mortgage, can you help?
- In many cases we can depending on what you do and what loan to value you are looking for on the mortgage, so please contact a Verico mortgage broker as some conditions apply.
- 18) My banker says that the branch also has mortgage brokers on staff that can help me, is this true?
- No, banks have sales reps that try to compete with mortgage brokers for your business. A 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 Canada's lowest mortgage rates, we compare mortgage rates with 50 different mortgage lenders to make sure we are; the banks sales reps are simply selling and recommending that banks mortgage products whether they are the cheapest or not.
- 19) My 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 rate and have you place me with my bank where I have dealt for years?
- Yes, in some cases we can. Chances are your bank is offering very competitive mortgage rates through their brokerage channel which your branch may not have access to in house. If you want to be with a specific bank, simply let one of our Verico mortgage brokers know and we will try to accommodate you.
- 21) Is it going to be difficult to deal with your company if we are not in the same city?
- Not at all, as mortgage brokers we simply facilitate the transaction; in other words find the right mortgage and arrange the approval through the mortgage lender. Once the mortgage approval is in place, all the important legal documents from the lender will be signed between you and your solicitor; just as if you had dealt with your bank.
- 22) I heard there is no more zero down mortgages, is this true?
- Technically yes, the zero down was eliminated by the federal government a couple years ago however we still have a mortgage that works much the same way. Our 5% Cash Back Mortgage gives you the 5% you need for down payment so you still can purchase a home with none of your own money down. Call one of our Verico mortgage brokers to explain this product to you in more detail.
- 23) What are the down sides to using a mortgage broker versus my bank?
- Our only job is to save you money on your mortgage and provide you with great service. The only down side to using us would be if your bank is able to offer you a better mortgage rate and give you better service; but to be quite honest we really don't run across this scenario very often.
Call one of our Mortgage Brokers today, or apply online for a Free Pre-Approval today.
