Mortgages 101

At Verico Worry Free Mortgage, we can help you obtain a favorable interest rate on an upcoming mortgage. Although your main bank offers mortgages, our services give you something that the banks cannot provide. Instead of being restricted to just one bank, we can easily compare mortgage rates and products across various banks and financial institutions to ensure you get the best rate possible and a mortgage product that is right for you.

Our experienced associates will walk you through each step of the mortgage process. We will get to know your unique situation and help you understand how all these factors fit together. Then, we'll offer you a product that will help you meet your short and long term goals.

Purchases

When preparing to buy a home, the first thing many homebuyers do is look at "homes for sale" ads in newspapers, magazines and listings on the internet. Some potential buyers read "how-to" articles like this one. The next thing you should do; before you call on an ad, before you talk to a Realtor, before you shop for interest rates - is look at your savings.

Why?
Because determining how much money you have available for down payment and legal closing costs affects almost every aspect of buying a home; including how you write your purchase offer, the loan programs you qualify for, and shopping for interest rates.

Downpayment Options

  1. Savings: You are working hard to save for a downpayment and funds are accumulating in your bank account.
  2. RRSPs: As a first time home buyer you may be eligible to pull your RRSP's out tax free to use for your down payment.
  3. Gifted Funds: Your downpayment is given to you by an immediate family member.
  4. Flex Down Payment: You may be able to borrow your downpayment if it is from a secured asset.
  5. Cash Back Program: The bank provides the downpayment; however they offer a higher interest rate. This program is dependent on your credit score.

Refinances

You already own a property, and you would like to use some equity to either consolidate debt, use for home renovations, contribute to investments, or pay for your child's education. Financing is available for up to 85% of your property's value is available, or you can consider opening a Home Equity Line of Credit with a limit up to 65% of the property value.

Investment Properties

Are you considering purchasing a rental property? Real estate can be one of the most profitable investments, and having someone pay your mortgage for you while your property value increases is worth considering. Talk to one of our associates today to find out if it's the right option for you.

Banks & Lenders

The Options Are Endless

At Worry Free Mortgage we look at all the products on the market to find you the best product for your needs and circumstances. Below is a list of just a few of the companies we use when providing mortgages to our clients.

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