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 our Toronto 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.

Current Mortgage Rates

Verico The Mortgage Professionals delivers on its commitment to supply our clients with the best mortgages rates available in Toronto!

Verico The Mortgage Professionals Lending Network

Verico The Mortgage Professionals 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 in Toronto.

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.

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. Here are some tips to improving your credit score:

           

1. Always make sure you make your minimum payments (at least) on time, anything 30 days late will hurt your score,
2. Do not carry a balance that is at or over your limit on any credit lines, this will drop your score in a hurry,
3. Try to limit the number of inquiries that companies pull on you; too many in a short period of time will appear as though you are credit seeking,
4. Do not carry credit lines (or limit the number) from high interest finance companies; these lines will affect your score even if you repay the loans on time and carry a modest balance,
5. Check your credit bureau (Equifax or Transunion) once a year to make sure there are no credit lines that do not belong to you, or any errors on your bureau.

Frequent asked questions (FAQ)

Many Toronto home buyers are unfamiliar with the process of how dealing with a Toronto mortgage broker is different than dealing with their banks. This section was designed to familiarize you with how we 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 to discuss, as the process can seem overwhelming and complicated to many first time home buyers here in Toronto.

           

1) Will Verico Mortgage 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 lend?

We lend all over the Greater Toronto area and throughout Ontario.

             3) Do you offer Commercial mortgages here in Toronto?

We can either provide you with a commercial mortgage or we will find an expert outside our office we trust to help you.

             4) How long once we fill out an application will it take to hear from you?

Once we receive your mortgage application, you will usually hear from us within 2 business hours. If we are experiencing high volumes at the time however, it may take as long as 8 business hours.

             5) How can I contact one of your Toronto mortgage brokers?

You can contact us 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 licensed Toronto mortgage brokers, we do legally have to offer it to you.

             7) What types of properties can be difficult to get a mortgage for?

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 if you are looking at one of these property types.

             8) Do you ever charge fees or points for your mortgages here in Toronto?

If you require private mortgages in Toronto, these lenders usually charge a fee for their mortgages and out of this fee they pay us a portion of it; however we personally do not charge fees for our services (a fee is only charged if you take the private mortgage, there are no application fees).

             9) I don't live in Canada; can I still get a mortgage for a property here in Toronto?

Yes you can, please contact us 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 us for details.

            11) Can we meet with you to discuss our mortgage needs?

Call us to see if we can facilitate your request. If we are not able to meet with you due to scheduling or other reasons, we would love to discuss your situation over the phone.

            12) Is it safe to put our personal information on the Internet?

Yes, our application is completely secure, no one will see your personal information one of our Toronto mortgage brokers.

            13) If our bank matches the mortgage rate you offer us, can I go back with them?

We offer a no cost, no obligation service with no games, just the lowest mortgage rates in Toronto (up front, with no negotiation). We do hope however that you are happy with our service, and reward us with your business.

           14) I have a pre approval with Verico Mortgage however my realtor recommends switching to the Toronto mortgage broker he uses, should I change?

There is no need to move to a different Toronto mortgage broker. All mortgage brokers here in Toronto 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 slow the process down (and time can be of the essence when putting the financing in place) and possibly bring down your credit score. With Verico Mortgage you are always dealing with a licensed professional mortgage broker who is working to get you the lowest mortgage rates in Toronto.

          15) I own a business here in Toronto and on paper, I don't make enough money to qualify for a mortgage, can you help?

In many cases we can, our self employed mortgage option here in Toronto is one of our most popular mortgage products. Please contact us as some conditions apply.

           16) 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 Toronto 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.

           17) 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.

          18) The mortgage rate you are offering me is better than what my bank is giving me, can I get the same great mortgage rate and have you place me with my bank where I have dealt for years?

Yes, in some instances we can. Chances are your bank is offering better mortgage rates through their brokerage channel than through the retail channel at the branch. If you want to be with a specific bank here in Toronto, simply let us know and we will try to accommodate you.

         

First 10 Steps in the Home Buying Process

Many of our Toronto 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 with our help and taking one step at a time, the process is not nearly as overwhelming as it seems.

            

Step 1: Decide if you are ready to become a homeowner here in Toronto. It is not just a large financial commitment but also a lifestyle decision.

Step 2: Call one of our Toronto mortgage brokers to get pre approved. Until you know if you can qualify for a mortgage, or how much of a mortgage you qualify for, you really cannot start the home buying process.

Step 3: After getting pre approved by one of our Toronto mortgage brokers, go to Realtor.ca or other real estate websites to see what that amount of money will get you in the area you want to live. Narrowing down your home styles and areas will make it easier for your realtor to find you that perfect home in the area you want to be.

Step 4: Find your realtor. A referral we find is usually the best way of finding the right realtor. If you don't have a realtor however we can help you here through our 'It Pays' realtor referral program.

Step 5: Find your property. Do your homework on the area and on the house (via inspection).

Step 6: When you make your offer on that perfect property, please be sure to have it subject to financing (even if you have been pre approved).

Step 7: Make sure you budget to have money left over after your down payment for any closing costs you will have (legal fees, appraisal, property taxes, 1.5% of the purchase price is a safe amount).

Step 8: Arrange fire insurance on your new home, you must have it before your appointment with the lawyer.

Step 9: Meet with your lawyer to sign the mortgage documents.

Step 10: Move in!

 

Toronto Mortgage Brokers

Call one of our Mortgage Brokers today, or apply online for a Free Pre-Approval today.