VERICO The Financial Forum Ltd.
Our services are designed to provide you with a complete spectrum of all mortgage products available. We provide you with sound and knowledgeable advice to meet your specific needs and requirements. You may select from the options below or any of the links in the side menu for the information you require.
Apply Now
Getting started is simple at VERICO The Financial Forum Ltd. You can apply by using our secure on line mortgage application, by fax, or in person. Once we receive your information, we will process your request immediately!
Our mortgage services are not just for home purchasers. We, arrange mortgages for existing homeowners, recreational properties, investment properties, industrial and commercial properties. If your mortgage is coming due for renewal we offer a Free Mortgage Transfer** program. Regardless of what your needs are you can apply on line now.
**O.A.C. - To qualified applicants
No Charge Mortgage Service
VERICO The Financial Forum Ltd. is a licensed mortgage brokerage firm. For qualified applicants, this allows us to negotiate mortgages on your behalf and be paid for doing so by any one of our mortgage lenders. On qualified mortgages, our services are completely paid for by our lenders, who will ultimately become your lender. We do not receive any compensation whatsoever until the transaction is complete. You must be satisfied with their mortgage offer and accept their rate, terms and conditions, which we always provide to you in writing. If you don’t accept a mortgage offer from us, there is absolutely no charge to you. If you do accept a mortgage offer, there is still no charge to you. You receive the best rates, terms, and conditions at no cost, risk or obligation.
Pre-Approvals
Before you start looking for a home, we can obtain, on your behalf, a mortgage pre-approval. This will let you know what amount of mortgage is available to you at a fixed rate for a specified period of time. You can concentrate your search to homes within your pre-approved mortgage limit...saving you time and giving you extra purchasing advantages that other prospective buyers may not have. You will know your payments and options “before” you purchase. This will give you a clear overall financial picture
Home Buyer’s Plan
The Home Buyers' Plan (HBP) allows you to withdraw up to $20,000 from your RRSPs to purchase or construct a home which you will be using as your principal residence (as a first-time home buyer) or for someone who is related to you and is disabled. You may still be considered a first-time homebuyer if you own a rental property or if you have not recently owned a home.
You can make withdrawals from more than one RRSP as long as you are the owner of each RRSP. Your RRSP issuer will not withhold tax on these amounts. Generally, you will not be allowed to withdraw funds from a locked-in RRSP.
You do not have to include eligible withdrawals in your income when you withdraw funds from your RRSP under the HBP; however, you have to repay the amounts over a 15-year period.
Certain conditions must be met before you can withdraw funds from your RRSP under the HBP. VERICO The Financial Forum Ltd. will assist you with this process to ensure you can meet all of the conditions.
You must purchase or construct the home before October 1 of the year after the year of the withdrawal. For example, if you withdrew funds from an RRSP in March, you must purchase or construct the home prior to October 1st of the same year.
Down Payments
You can purchase a home with as little as 5% down. VERICO The Financial Forum offers various programs to allow easy entry into the Real Estate Market.
Pre-Approvals
If you are considering the purchase of a new home, you should be pre-approved for your mortgage. This provides at least three important benefits:
- You can obtain a fixed rate for a specific number of days. We offer up to 120 day fixed rate guarantee. The fixed rate protects you against rate increases, but if the rate drops, you are afforded the lower rate.
- It provides you the opportunity to negotiate a better purchase. Whether vendors have just one interested party or multiple interested parties that may want to purchase their home, they want to deal with individuals prepared with their mortgage financing.
- The pre-approval process is when we determine what products, rates and terms are available to you and which would best suit your needs. We evaluate short and long-term goals and provide you with a comfort level before you enter into any contractual obligation.
Home Buyer’s Plan
First time buyers may borrow a maximum of $20,000.00 from their RRSP account under the Home Buyer’s Plan. The funds must be invested in your RRSP for at least 90 days prior to withdrawal to be eligible under the program.
Provided you purchase or construct a home (to be used for your personal residence) and meet all conditions under the Home Buyer’s Plan, you can use the funds for other purposes that you choose. For example, your RRSP funds can be used for your down payment, furniture, closing cost such as legal and moving expenses. The Home Buyer’s Plan is available to first time homebuyers only.
Repayment of the funds back to your RRSP can be made over a 15-year repayment period. The repayment is calculated by dividing the amount borrowed by the number of years of repayment. You are allowed a 2-year grace period before repayment begins. If the amount is not repaid in any given year, that year’s repayment will be added to your income and taxed. If you repaid more in any given year, Canada Customs and Revenue Agency would take the outstanding balance and divide it by the number of years left to repay. This would now be your new minimum annual repayment.
The home you purchase or construct must be located in Canada and be used as your principal residence to qualify.
No Cost Mortgage Transfers for Existing Home Owners**
Mortgage renewal time is your best opportunity for switching or transferring your mortgage to another lender to better your rate, terms and conditions. It can also be the time that you make the wrong decisions.
Typically, your existing Mortgage lender will mail out your renewal notice about 30 days prior to the maturity date of your mortgage. This renewal notice will provide you with an opportunity to choose a different term, different payment frequency and lock in your rate to protect you from a rate increase.
Most homeowners simply execute their renewal notices and send them back to the Mortgage lender rather than pursuing more favorable rates, terms and conditions. This can typically cost you an extra 1% just on the interest rate.
When your mortgage is up for renewal, you need to obtain the lowest mortgage rate on the market. You also need to start this process about 120 days before your mortgage expires. This gives you the best opportunity to obtain the best rates, terms and conditions.
If your mortgage is up for renewal within the next 120 days – VERICO The Financial Forum can secure the lowest mortgage rate on the market on your behalf. There is no cost to you for this service and there are no appraisal or legal costs as long as you don't increase your loan amount.
Your existing lender may renew your mortgage at a discounted rate. However, this does not necessarily mean you are getting the best rate available. You will never obtain the best rate unless you are prepared to shop around and know where to shop. Furthermore, you will never get the best rate if the interest rates have already increased before you received your renewal notice.
Many people believe that by transferring their mortgage to a new lender, that they would incur penalties and/or fees. Many homeowners believe that if they switch their mortgage to a new lender that they would also incur fees for an appraisal, lawyer and other costs.
The reality is you can transfer your existing mortgage at renewal without paying any fees! NO legal fees, NO appraisal fee, NO CMHC or G.E. Capital fees. In addition, there are NO brokerage fees to qualified applicants.
If your mortgage is due for renewal within the next 120 days, please don’t wait for the renewal notice. Give VERICO The Financial Forum Ltd. a call and let us take care of this process on your behalf. We will guarantee you a new mortgage rate for 120 days in advance of your mortgage renewal date. If rates should go lower during this period, you will still get the lowest rate available. However if mortgage rates increase, we protect your rate.
Back to topUnique Mortgage Requirements
Each and every day, we service individuals with unique requirements. They may have been declined for the mortgage, have credit issues, unable to verify income, going through a divorce or separation, temporarily unemployed, behind with mortgage payments or other creditor payments, or any other unforeseen reason. Many of these individuals felt they could not obtain mortgage financing. Many had already gone through hassle, frustration and humiliation attempting to secure a mortgage and felt there was no other alternative. Most of these people were assisted by VERICO The Financial Forum Ltd.
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Investment Properties, Commercial and Industrial Mortgages, Vacant Land, Recreational Properties
If you are purchasing or refinancing a unique property, VERICO The Financial Forum Ltd. can assist. Some property types we have arranged financing for include:
Restaurants, plazas, vacant land, office buildings, commercial buildings and condominiums, stores with or without residential apartments, garages, warehouses, cottages, industrial properties, etc.
Whether you need Prime or Hard-To-Place funds, we have the expertise and the products to meet your needs. Call or Email us to discuss you needs
Prime Customer = Prime Rates
Obtaining suitable mortgage financing can be a difficult task. VERICO The Financial Forum makes this process easy. Consuming time and money shopping for a mortgage can be counter productive. From the comfort of your home or office, you can retain our services and we perform on your behalf. We provide fast, convenient, hassle-free and friendly service. We give each application very serious consideration. We represent numerous lenders and are directly linked to them on-line.
Most importantly, if you are a qualified applicant that can meet our lenders basic lending criteria, you are assured to get the best rate in the market and no cost to you. Many question what a qualified applicant truly is. We cannot definitively answer this question. However, if you have a reasonable credit rating and have sufficient income to service the debt, generally, you are a qualified applicant.
Best Rates, Best Terms
We are trained, experienced independent professional Mortgage Brokerage Firm licensed to represent and provide you with the best consultation for your mortgage needs. Our advice is free and we intend to save you money.
We have the ability to shop the mortgage market and offer you the best possible rates, service, terms, and mortgage options available. We also specialize in mortgage renewals, debt consolidation and low money down home loans.
Many of our mortgage services are absolutely free and could save you thousands of dollars on high interest charges and monthly payments. Finding you the right mortgage is what we do best.
Second Mortgages
We offer second mortgages up to 90% of your house value. Whether you require funds for renovations, investments, rental properties, or purchasing of a home when CMHC or GE Capital high ratio mortgage is not approved, we can assist.
Debt Consolidation
Debt consolidation, also referred to as 'refinancing', is very common. If it makes sense, it should be considered. Using the equity in your home to consolidate debt can save you hundreds of dollars per month in interest charges. Consolidating high interest credit card debts, credit lines and car loans can make sense. We will evaluate and discuss your options with you.
Obtaining a second mortgage is not necessarily the only option available. We will consider increasing your existing mortgage to incorporate those debts and remove the debt load. This would obviously offer even greater savings.
We will guide you through this process and present you with terms, rates and options best suited for your situation.
Mortgages for Self-Employed
VERICO The Financial Forum Ltd. understands the needs of the Self- Employed. We look at your credit rating rather than business financials and personal tax notice of assessments. We can assist in finding a mortgage that works for you.
You may purchase a new property or re-finance your existing home for up to 95% of its appraised value. You need not provide true income to qualify for this mortgage. Your approval is based on your credit history rather than your actual income.
Some restrictions apply. Please contact us for details.
No Income Mortgage
You can arrange mortgage financing on a new property or re-finance your existing home for up to 80% of its appraised value. Income and credit do not have to be perfect. With 20% down or at least 20% equity, VERICO The Financial Forum can obtain a mortgage for almost any income or credit situation. The better your credit history, the better the rate.