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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.

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Verico Mortgage Options Blog
Keep up with mortgage news and educational insights from the industry with our new mortgage blog!
 
Real Questions from Real Clients
Real Questions from Real Clients can help you find the correct mortgage for you...
Verico Mortgage Lending Network
Verico Mortgage works with 50 of Canada's top mortgage lenders. In our network, you will find big banks, mortgage companies, trust companies and private lenders, all competing for your business by offering us their best wholesale mortgage rates. Let Verico Mortgage negotiate on your behalf!
Apply For a Mortgage Pre Approval
The process to a apply for a mortgage is fairly straight forward...
 
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.
Debt Consolidation
With pre approved credit cards coming in the mail almost daily, clients are inundated with more credit than they could possibly need; with interest rates between 20 and 30%, why wouldn't stores and finance companies push these credit products. Eliminating those high interest credit cards and loans is the top priority in putting your financial house back in order.
Mortgage Glossary
Our Glossary is a compilation of different names and phrases you may hear during your shopping for a new home or home loan. Many times clients call us after going to the lawyers and tell us that a lot of the terminology was over their heads, so this glossary was designed to help our clients sort through this business lingo. It is an A - Z of everything mortgage.
Mortgage Insurance
When you purchase a home in Canada with less than 20% down through an institutional lender, you will have to get default insurance; your loan will be insured through CMHC (Canadian Mortgage and Housing Corp.), Genworth Financial Canada or Canada Guaranty (unless the loan is a sub-prime loan). The role of the insurer is to guarantee the loan so the bank/ lender is protected from default.
Mortgage Life Insurance
Many of the clients we work with consider mortgage life insurance an option, find out more about mortgage life insurance.
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 with the date the credit was granted, the amount of the credit and the amount of the monthly payments. Also what is a beacon score (FICO) and more?
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 Mortgage do business both from the perspective of the actual home loan 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!
First 10 Steps in the Home Buying Process
Many clients have a difficult time getting started toward home ownership because they just don't know where to start. So we have laid out a framework to show you how there is usually a series of steps you go through in order to get from the day you decide to buy till possession day. 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.
First Time Homebuyers Mortgage
Buying your first home is a very memorable and exciting time; but you need to work with the right team to make the process a smooth one. There are a lot of things to think about and do when you are purchasing a new home, and worrying about the financing should not be one of them.
MLS - Multiple Listing Service
The multiple listing service is the primary database used by real estate professionals for properties listed for sale here in Canada. Realtors use this database to not only list their properties they wish to sell but also use as their primary search tool for finding properties for their prospective buyers.
Mortgage News Releases
Keep up to date with the latest mortgage news releases.

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Best Mortgage Rates
TERM BEST RATES
Variable Sale!!   2.25
1 Year   2.29
2 Year   2.24
3 Year   2.34
4 Year   2.49
5 Year Sale!!
2.54
10 Year   3.64
Bank of Can Rate   4.64

These Mortgage Rates Are Updated Daily


Canada Mortgage Options

First Time Buyers
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5% Down Payment
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HELOC's
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Credit Rehabilitation

Mortgage Insurance

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Knowledge Center
Mortgage Glossary

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