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 one of our Edmonton mortgage brokers or drop us an e-mail.

Current Mortgage Rates

Verico Mortgage Options Ltd. delivers on its commitment to supply our clients with the best mortgages rates in Edmonton!

Verico Mortgage Options Lending Network

Verico Mortgage Options works with 50 of Canada's top mortgage lenders. In our lending network, you will find big banks, mortgage companies, trust companies and private mortgage lenders, all competing for your business by offering Edmonton home owners their best wholesale mortgage rates. Let a Verico mortgage broker negotiate on your behalf! As fully licensed Edmonton mortgage brokers, we know where to find the right mortgage for your specific situation. Remember, when you deal with your bank, you are only dealing with one bank trying to sell their mortgages which may not be the right fit for your specific situation.

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 (Equifax) with the date the credit was granted, the amount of the credit and the amount of the monthly payments. Here are some pointers 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 the credit limit of your credit lines,
3. Try to limit the number of hits or inquiries that are pulled on you; too many in a short period of time will appear as though you are credit seeking or accumulating credit,
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 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 home buyers here in Edmonton are unfamiliar with the process of how dealing with an Edmonton mortgage 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 online 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 use my e-mail 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) Do you lend in other parts of Alberta or Canada?

We lend all over Edmonton, Alberta and countrywide for that matter.

            3) Do you offer Commercial mortgages here in Edmonton?

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 the whole mortgage process take?

Once we receive your mortgage application (either online or by phone), you will usually hear back 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 bank or lenders volumes.

             5) How can I contact one of your Edmonton 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 Edmonton mortgage brokers, we do legally have to offer it to you.

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

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 one of our Edmonton mortgage brokers for more details.

             8) Do you ever charge fees for your mortgages here in Edmonton?

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.

              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) 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 Edmonton mortgage brokers.

             11) If our local bank here in Edmonton 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 business.

             12) I have a pre approval with Verico Mortgage however my realtor wants me to use the Edmonton mortgage broker he uses, should I change?

All Edmonton mortgage brokers generally have access to the same mortgage lenders and same great mortgage rates. Having another mortgage broker do an application and pull a new credit bureau will only slow the qualification 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 best mortgage rates in Edmonton.

             13) I own a business here in Edmonton and on paper after my write-offs, I don't make enough money to qualify for a mortgage, can you help me qualify for a mortgage large enough to buy a home in the area we want to live?

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

            14) 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 Edmonton mortgage brokers for your business; remember mortgage brokers are independent fully trained and licensed mortgage professional that are NOT affiliated with any lending institution.

           15) 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 large companies such as banks, insurance companies, trust companies. These companies do not market directly to consumers, only to mortgage brokers.

          16) The mortgage rate you are offering me is better than what my bank is giving me, but I would really like to deal with my bank; 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 does not have access to through their retail channel. If you want to be with a specific bank here in Edmonton, 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 here in Edmonton. It is not just a financial commitment but also a lifestyle decision.

Step 2: Call one of our Edmonton 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 Edmonton mortgage brokers, start your search online or in the papers (Realtor.ca or other real estate websites) 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 best realtor for you. If you don't have a realtor however we can help you here through our realtor referral program.

Step 5: Find your property.

Step 6: When you make your offer on the 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 closing costs (legal fees, appraisal, property taxes, 1.5% of the purchase price is a safe amount and the requirement by CMHC).

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 here in Edmonton to sign the mortgage documents.

Step 10: Move in!

 

 

Edmonton Mortgage Brokers

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