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Transfer Option
If you have a mortgage coming up for renewal, your first call should be to Verico Mortgage Options Ltd.! We'll get you the lowest mortgage rates in Canada, and we can lock them in for you up to 120 days before your renewal date. We also make sure there are no costs to you for switching your mortgage; in fact we will cover up to $500 in costs for you!
Banks make the majority on their money on mortgage renewals. They do this by offering posted rates to their clients mere days before the mortgage comes due. Over 50% of clients simply sign the posted rate renewal on their mortgage statement, this one simply mistake costs the customers thousands of dollars in unnecessary interest charges. With Verico Mortgage Options Ltd. in your corner, we will make sure you avoid this trap, saving you tens of thousand of dollars over the life of your mortgage. We have the best mortgage rates in Canada and you get that rate from day one, no games!
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 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 mortgage 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).
Mortgage Brokers
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