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Mortgage Knowledge Center
Thank you for visiting our Mortgage Knowledge Center! We encourage our BC 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 Knowledge Center, please do not hesitate to call one of our BC mortgage brokers or drop us an e-mail.
Verico Mortgage Options delivers on its commitment to supply our clients with the best mortgages rates available in Canada!
Verico Mortgage Options Lending Network
We work 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 mortgage rates in BC. Let a BC mortgage broker from Verico Mortgage Options negotiate on your behalf!
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 keep your credit score high:
- Always make sure to make at least your minimum payments on time, anything 30 days late or more shows up on your credit history.
- Do not carry a balance that is at or over your limit on any credit lines, this drops your score dramatically.
- Try to limit the number of inquiries that are pulled on you; too many in a short period of time will appear as though you are credit seeking and will drop your score.
- 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.
- Check your credit bureau once a year to make sure there are no credit lines that do not belong to you, or any errors on your bureau, credit fraud is a very real issue and happens to many Kelowna residents every year.
Frequent asked questions (FAQ)
Many BC home buyers are unfamiliar with the process of how dealing with a BC mortgage broker is different than dealing with their banks. This section was designed to familiarize the client with how Verico mortgage brokers in BC 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!
1) Will Verico mortgage brokers 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 do Verico mortgage brokers in BC lend?
We lend all over BC.
3) Do you offer Commercial mortgages?
Our mortgage brokers can either provide you with a commercial mortgage or refer you to someone who can.
4) How long does the whole mortgage process take?
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. Once we submit your application to a mortgage lender, we can usually get you approved within 2 - 48 business hours, depending on the lenders volumes. After we get an approval, we will require documentation from you and in some cases an appraisal.
5) How can I contact one of your Verico mortgage brokers in BC?
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 mortgage brokers, we do legally have to offer it to you.
7) What types of properties can be difficult to finance through your lenders?
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 here in BC?
If you require a private mortgage, 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 mortgage).
9) I am not a resident of Canada; can I still get a mortgage for a property in BC?
Yes you can, please contact one of our Verico mortgage brokers for details as some conditions apply.
10) I have had a bankruptcy, is there any chance of getting a 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 to meet. If time or geography does not allow it 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 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 our lowest mortgage rates in BC up front. We do hope however that you are happy with what we offer and reward us with your business.
14) I have a pre approval with Verico Mortgage however my realtor recommends switching to the mortgage broker he uses, should I change?
There is no need to move to a different mortgage broker. All mortgage brokers here in BC 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 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.
15) Can I qualify for a mortgage if I have never had any credit?
No, not usually.
16) I own a business here 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 option is one of our most popular mortgage products. Please contact us as some conditions apply.
17) My banker says that the branch also has mortgage brokers on staff that can help me, is this true?
No its not, banks have sales reps that try to compete with mortgage brokers for your business. A BC 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.
18) 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.
19) 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 which your branch can not offer. If you want to be with a specific bank, simply let us know and we will try to accommodate you.
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.
Step 1: Decide if you are ready to become a homeowner. It is not just a big financial commitment but also a lifestyle decision not everyone wants to take on.
Step 2: Call one of our BC 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 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.
Step 4: Find your realtor. A referral we find is usually the best way of finding the best realtor. If you don't have a realtor however we can help you.
Step 5: Find your property.
Step 6: When you find the right property and make your offer, 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 closing costs (legal fees, appraisal, property taxes, 1.5% of the purchase price is usually 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 or notary to sign the all the mortgage documents.
Step 10: Move in to your new home!
BC Mortgage Brokers
Call one of our Mortgage Brokers today, or apply online for a Free Pre-Approval today.
