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Purchase Option
Purchasing a new home is the biggest investment of your life. Getting the best rate mortgage and best mortgage product tailored to your needs is as important as finding the right house. Let us work with you in finding the best mortgage and taking the stress out of a very exciting time. We will work with you to help you choose between the different terms, amortizations and mortgage products.
Whether you are a first time buyer or you are buying a retirement home or vacation home, we can help. We have a network of mortgage lenders that are waiting to compete for your business with today's best mortgage rates. More importantly however, with Verico Mortgage Options Ltd. you will always be dealing with a true mortgage professional who is working on your behalf, not your banks.
Buying your first house is probably the most difficult but also the most exciting! Shopping for your first mortgage however can be very daunting. Paying higher interest rates is like paying too much for your new home. At Verico Mortgage Options Ltd. we not only find you the best mortgage rates in Canada, but we also walk you through the process to make sure as a first time buyer your experience is a good one. Getting you the lowest mortgage rates in Canada is just one of the important things we do for you!
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. 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 mortgage payments were to go up? (How is your rate tolerance?)
- Do you follow the mortgage 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 mortgage rate be if you chose to lock in at some point? Is that discount in line with the wholesale mortgage 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).
HELOC (Home Equity Line of Credit)
Our HELOC Option is the next generation of mortgage, a hybrid of sorts. Within your HELOC you can hold fixed terms, variable terms and lines of credit individually or all at the same time!
Want to borrow some money to invest, buy a car or send the kids to school? Separate them all for ease of accounting. Can't decide between long or short term, do both! The HELOC Option is not just a mortgage, it's a valuable tool in your overall financial plan!
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