Figuring it Out
My mortgage application was approved in just 4 hours. They did all the legwork and negotiated a rate With my own bank that saved me over $10,000 over the 5 year term of the mortgage!
B. Harvey, London, Ontario
Simple Mortgage Glossary
- Assumption of Mortgage: someone who takes over your mortgage upon the sale of your home.
- Agreement of purchase and sale: the legal document prepared when you apply for an offer to buy a home. Most offers are conditional on the confirmation of certain things, such as the financing arrangement.
Choice of Mortgage Products
Not every fixed term mortgage product is the same - our brokers can find the best one out there for you. Fixed-term mortgages offer a fixed interest rate for 1,2,3,4,5,7, 10 and from time to time 15 and 25 year terms. Choosing a longer term gives you the security of knowing that your interest rate and payments won't change during the term you select.How Much Can I Afford?
How much you can afford and how much a lender will lend you are two different things. You may even find the amount the bank is willing to lend you is more than you are comfortable budgeting. Our brokers will provide you with all the home buying information you need and work with you to find the perfect amount for your mortgage.Helpful Homebuying Information
Who is CMHC?
The Canadian Housing and Mortgage Corporation (CMHC) is Canada's national housing agency, and provides mortgage insurance for lending institutions. This provides Canadian banks and lenders with default insurance on loans with a down payment lower than 25% (these are considered high-risk). If your mortgage falls into this category, you may need to be prepared to have some funds available to cover additional fees that may be added to your loan to cover the costs of this insurance.
Buying and Selling Tips
Buy first or sell first?
Whether to first buy your new home or sell your old one is the greatest dilemma facing homeowners who are entering the market. If you choose to buy first, make sure the offer to purchase is conditional on selling your current house. That way, if you sell your house, both deals proceed; if not, the deal is off, and you won't be stuck with two homes. Selling first though will give you considerable peace of mind.Mortgage Rates/Trends
See current mortgage rates and trends and remember, we'll find you the best rates PLUS the best mortgage features! That's what counts!
Verico Mortgage for Less Corp.
A Member of the VERICO MORTGAGE BROKERS NETWORK
120 Eglinton Avenue East, Suite 500
Toronto, ON M4P 1E2
CANADA
Phone: (416) 699-1010 Fax: (416) 699-8308
Toll Free: 1-888-448-2222
E-mail: info@mortgageforless.com. Ontario Mortgage Broker License number 11125
