Frequent Asked Questions

Whether you are shopping for the best mortgage rate or have been turned down by your existing lender, we can help. With access to more than 50 of North America's best mortgage lenders coupled with years of experience, we make sure you get the absolute lowest mortgage rate, best mortgage product, and terms for your unique situation.

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.
2) Where does Verico Mortgage lend?: We lend anywhere in Canada.
3) Do you offer Commercial mortgages?: We can either provide you with a commercial mortgage or we will find an expert outside our firm we trust to help you.
4) How long does the whole mortgage process take?: You will usually hear from us within 2 business hours. If we are experiencing higher volumes than usual however, it may take as long as 8 hours. Once we submit your application to a mortgage lender, we can usually get you approved within 2 - 48 hours, depending on the volumes at that particular mortgage lender. After we get an approval, we will require documentation from you and in some cases an appraisal; this part of the process we have no control over but generally they do not take very long.
5) How can I contact you?: You can contact us via the contact us form or by telephone at 1-866-667-8383.
6) I am heavily insured, do I need mortgage life insurance?: No you are not obligated to take the insurance however 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, leaky condos and condos with a fractional type ownership can all be difficult to finance through the broker channels. Please call for more details.
8) Do you ever charge fees or points for your mortgages?: When a loan does not fit into the box of one of our institutional mortgage lenders, we may have to look outside to private lending sources. We do not receive a referral fee from these lenders so a fee will be charged to place the mortgage (a fee is only charged if you take the mortgage).
9) I don't live in Canada, can I still get a mortgage for a Canadian property?: 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?: Our Verico operates as a call/ processing center, so we don't have mortgage brokers available to do appointments in every center. If you contact our office however we will gladly set you up with a Verico broker from another firm in your city that will gladly meet with you to discuss providing you with the lowest mortgage rates in Canada.
12) Is it safe to put our personal information on the Internet?: Yes, our application is a completely secured page so there are no privacy concerns with using our application.
13) If my bank matches your rate, 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; it's how we make our living!
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. All brokers have access to the same mortgage lenders and same rates. Having another broker do an application and pull a new credit bureau will only bring down your credit score. With Verico Mortgage you are always dealing with a licensed professional mortgage broker.
15) Can I qualify for a mortgage if I have never had any credit?: Some of our non-conforming lenders will consider these loans. Please call for details however as the sub prime industry is not operating with full product line ups due to the US crisis.
16) Is it a good idea to wait until I have enough down payment saved up to avoid CMHC premiums?: This is your decision, however in the last year prices have gone up significantly more than the 2-3% that CMHC premiums would have cost in nearly all areas of Canada, not to mention your rent could have gone toward equity in your property instead of rent.
17) On paper, I don't make enough money to qualify for a mortgage, can you help?: In many cases we can depending on what you do and what loan to value you are looking for, so please contact us as some conditions apply.
18) 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 brokers for your business. A broker is a fully licensed and trained 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 Canada's lowest mortgage rates, we compare mortgage rates with 50 different lenders to make sure we are; the banks sales reps are simply selling that banks mortgage products.
19) 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 brokers. This is why they are not household names.
20) The mortgage rate you are offering me is better than what my bank is giving me, can I get the same great rate and have you place me with my bank where I have dealt for years?: Yes, in some cases we can. Chances are your bank is offering very competitive mortgage rates through their brokerage channel which your branch may not have access to in house. If you want to be with a specific lender, simply let us know and we will try to accommodate you.