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.

Current Mortgage Rates

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

Verico Mortgage Lending Network

Verico 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 London. Remember, when you deal with your bank, you are only dealing with one lender trying to sell their mortgage products and services which may not be the right fit for your situation. Let a London mortgage broker find you the perfect mortgage.

 

Frequent asked questions (FAQ)

Many London 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 mortgage and from the perspective of doing business over the internet.

            

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.

             2) Where does Verico Mortgage lend?

We lend in London and all over Ontario.

             3) Do you offer Commercial mortgages here in London?

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 does it take till we hear from you after applying online?

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 London 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.

             7) What types of properties can be difficult to finance here in London?

Commercial, agricultural, leased land, bare land, 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 for your mortgages here in London?

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 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.

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

Call us to see if we can arrange a meeting. If we are not able to do to scheduling issues, we would love to discuss your situation over the phone.

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

Yes, our application is completely secure, no one will see your personal information with the exception of one of our London mortgage brokers.

            12) 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 up front. We do hope however that you are happy with our service, and reward us with your mortgage business.

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

There is no need to move to a different mortgage broker. All mortgage brokers here in London have access to the same 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 due to the multiple hits. With Verico Mortgage you are always dealing with a licensed professional mortgage broker who is working to get you the lowest mortgage rates in London.

          14) I own a business here in London and on paper, I don't make enough money to qualify for the size of mortgage that I want, are you able to help in these situations?

In many cases we can, our self employed mortgage option here in London has helped many business for self clients finance their homes. Please contact us as some conditions do apply.

           15) 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 are employed by the bank that try to compete with 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. When we say we are getting you London's lowest mortgage rates, we compare rates with 50 different mortgage lenders to make sure we are; the banks sales reps are simply selling that particular banks mortgage products.

           16) 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 big banks, insurance companies, trust companies etc, and do not market directly to consumers, only to mortgage brokers.

          17) 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. If you want to be with a specific bank here in London simply let us know and we will try to accommodate you.

         

First 10 Steps in the Home Buying Process

Many of our clients here in London 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 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 here in London. It is not just a big financial commitment but also a lifestyle decision.

Step 2: Call one of our London 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 can't get the ball rolling.

Step 3: After getting pre approved by one of our London mortgage brokers, start looking online or in the local papers to see what that amount of money will get you in the area you want to live.

Step 4: Find your realtor. A referral we find is usually the best way of finding the right realtor.

Step 5: Find your property. Along with your realtor, do as much due diligence as you can about the property and the area, this is obviously a large purchase and you want to make sure you have done your homework; no surprises!

Step 6: When you make an offer on the property you want, 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 the necessary closing costs (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!

 

London Mortgage Brokers

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