It PAYS to shop around.
Many Canadian homeowners pay too much for their homes because they are not getting the best mortgage financing available in the market.
The mortgage process can be intimidating for homeowners, and some financial institutions don't make the process any easier.
But I’m here to help!
I’m a VERICO Mortgage Advisor and I’m an independent, unbiased, expert, here to help you move into a home you love.
I have access to mortgage products from over forty lenders at my fingertips and I work with you to determine the best product that will fit your immediate financial needs and future goals.
VERICO mortgage specialists are Canada’s Trusted Experts who will be with you through the life of your mortgage.
I save you money by sourcing the best products at the best rates – not only on your first mortgage but through every subsequent renewal. So whether you're buying a home, renewing your mortgage, refinancing, renovating, investing, or consolidating your debts — I’m the VERICO Mortgage Advisor who can help you get the right financing, from the right lender, at the right rate.
The Benefits of Using a Mortgage Broker
The Benefits of Using a Mortgage Broker Trying to find the best mortgage for your needs and your budget can be a difficult and often frustrating task. The wide selection of mortgage products available today means that consumers can enjoy a variety of options, and these options increase the chances of getting a great value loan. However, the downside is that you could end up spending hours scouring through the mortgage deals from various companies, and while you are busy trying to interpret the financial jargon that many lenders may throw at you, another buyer could snatch the house of your dreams from under your nose. Going it alone when looking for a suitable mortgage is a time consuming process.With the pace of life as it is today, many of us barely have time to sit down and enjoy a little quality time as it is. Spending hours glued to the computer or ringing around various lenders is something that most of us can do without. If you go directly from lender to lender to get your mortgage, you will end up having to complete a new application for each lender, which can waste a great deal of time. Additional time will be taken up with browsing and comparing all the different deals with each lender, and then comparing the lenders against one another. That is why you need someone that is not only up on all of the latest information, but knows the ins and outs of the mortgage industry. This person will know how to locate the best program for your needs while keeping your new mortgage payment affordable for your budget. This is true of independent mortgage brokers. Using a mortgage broker is an effective way of getting a mortgage package to suit your needs without having to commit hours of your time to searching and browsing.When you use a mortgage broker service, you will simply be cutting out all of the time and work involved in finding a mortgage to suit your circumstances. Another great benefit is that the mortgage broker works for you, the customer, and normally don’t charge a fee (unless you have an extraordinary financial situation), as they are compensated by the lenders once they close the mortgage deal. A good mortgage broker will be able to source a wide range of mortgage deals on your behalf, and will then put forward the ones that offer the best value in terms of interest rates and monthly repayments. All you have to do is complete one simple application form, which saves you the hassle of having to complete a form for each lender in which you are interested. An established mortgage broker will already have formed links, contacts, and relationships with a wide range of mortgage lenders. He or she will therefore know which lenders may cater for your particular needs. For instance, if you have a poor credit rating and you are looking for an affordable mortgage, the broker will most likely know which lenders offer affordable finance to those with a tarnished credit history and can therefore approach the right lenders straight away. If you were looking for a bad credit mortgage without the help of a broker, you could end up going through one application after another with a range of unsuitable lenders, and you could end up with a long line of refusals, which could make your credit rating even worse. Using a mortgage broker is a great way to get a good value, affordable mortgage that is tailored to meet your needs. It is also an excellent solution to getting a good mortgage deal without having to put in the hard work and time.
Top five home renovations that increase property value
Looking to increase your homes property value? Here are five of the best renovations you can do to your home to increase property value. These five renovations can sometimes have a return on investment 5-6x what they cost.
Flooring is one of the most important aspects of your house. You will see an immediate rise in property valuation with the installation of hardwood floors. Existing hardwood floors that you can refinish are ideal as they are less costly to restore and in higher demand than new flooring materials. For the bathroom, tile will always be in demand and retain value exceptionally well.
Kitchens often look tired and dated, in large part due to old fixtures. Replacing or updating cabinet hardware, light fixtures, countertops and faucets will result in an immediate increase in your homes value. This small, but effective upgrade will also revitalize the entire home. Pot lights are in high demand in open concept style homes.
Thebathroomis the second most important room in the home in terms of valuation. If you can add a three-piece bathroom to a home with only one full bathroom, you will see a dramatic rise in the market value of your home. While you should never compromise bedroom space for a bathroom, try sneaking one in dead space in the home. Scott managed to fit in a 3-piece bathroom under a staircase the width of the room measured just 44 inches. As an added tip, use glass for the shower to make the bathroom feel more spacious.
Kitchens are the single most important room in the home relating to valuation. The kitchen can make a significant difference in the value of your home. As such, it is crucial that you invest in having a modern, fresh anddesirable kitchen. Modern cabinetry, under cabinet lighting and new appliances will all significantly increase the value of your home on the market. To save on cost without compromising construction and desirability, look at options like Ikea cabinets as opposed to custom cabinetry.
#1 An Income Suite
No surprise, but the single biggest way to increase the value of your home is to build an income suite within the property. Whether this is converting yourbasement into a rental, or another floor in the home, an income property will increase your homes worth. The main reason for this is that it covers a portion, or sometimes all of your mortgage payments, and results in your home being cash flow positive which creates real wealth that can supplement your income.
Valuable Fraud Prevention Tips for Homebuyers and Homeowners: Part 1
March is Fraud Prevention Month. Canada Mortgage and Housing Corporation (CMHC) has consistently been a leader in the fight against mortgage fraud and offers the following tips to protect yourself against becoming a victim of mortgage fraud.
Misrepresentation of Information
Mortgage fraudoccurs when someone deliberately misrepresents information in order to obtain mortgage financing that would not have been granted if the truth had been known. This can include:
Misstating ones position or inflating ones income or length of service at their job;
Misstating employment status (ie. salaried/full time versus contract, part time, hourly or commission-based or self-employed);
Misrepresenting the amount and/or source of the down payment;
Purchasing a rental property and misrepresenting it as owner-occupied;
Not disclosing existing mortgage and/or debt obligations;
Misrepresenting property details or omitting information in order to Inflate the property value;
Adding co-borrowers who will not be residing in the home and do not intend to take responsibility for the mortgage.
Another common form of fraud is when a con artist convinces someone with good credit to act as astraw buyer.A straw buyer is someone who agrees to put his or her name on a mortgage application on behalf of another person. In return for their participation, straw buyers may be offered cash or promised high returns when the property is sold. Often, straw buyers are deceived into believing that they will not be responsible for the mortgage payments.
Consequences of Misrepresentation
Borrowers who misrepresent information and straw buyers who allow a property to be purchased in their name are committing mortgage fraud and will be responsible for any financial shortfall in the event of default. They may also be held criminally responsible for their misrepresentation.
If you suspect that you or someone you know has been the victim of mortgage fraud, please contact your local police department or The Canadian Anti-Fraud Centre.
Toll Free: 1-888-495-8501
Toll Free Fax: 1-888-654-9426
To find out more about mortgage fraud, visit the fraud prevention section of the Canadian Association of Accredited Mortgage Professionals (CAAMP) website athttp://mortgageconsumer.org/protect-yourself-from-real-estate-fraud.
For over 65 years, Canada Mortgage and Housing Corporation (CMHC) has been Canadas national housing agency, and a source of objective, reliable housing information.