Mortgage Knowledge Center

Thank you for visiting our Mortgage Knowledge Center! We encourage clients to learn as much as they can about home loans, and we hope that we have laid it out in a manner that is both informative and user friendly. We find that the client's who are most informed, are usually the ones who feel the most satisfied that the decisions they made were the right ones, making the overall experience more pleasant. If you have any questions or concerns about our Mortgage Knowledge Center, please do not hesitate to call or drop us an e-mail.

Current Mortgage Rates

Verico Mortgage delivers on its commitment to supply our clients with the best mortgages rates available in Manitoba!

Verico Mortgage Lending Network

Verico Mortgage works with 50 of Canada's top mortgage lenders. In our network, you will find big banks, mortgage companies, trust companies and private lenders, all competing for your business by offering us their best wholesale mortgage rates. Let Verico Mortgage negotiate on your behalf!

Types of Mortgages

There are three general types of mortgages products. Regardless of what you are using the mortgage for (purchasing a new home, refinancing, etc) or what specific program you qualify under, your mortgage will always be a variable rate (sometimes referred to as adjustable), fixed rate or line of credit.

 

What is a credit report?

A credit report is a history of how well you have paid your previous and active credit lines. When you apply for credit, a file is created with the credit reporting agencies with the date the credit was granted, the amount of the credit and the amount of the monthly payments. Also what is a beacon score (FICO) and more?

1. Always make sure you make at least your minimum payments on time,
2. Do not carry a balance that is at or over your limit on any credit lines,
3. Try to limit the number of inquiries that are pulled on you,
4. Do not carry credit lines (or limit the number) from high interest finance companies,
5. Check your credit bureau once a year to make sure there are no credit lines that do not belong to you, or any errors on your bureau.

 

First 10 Steps in the Home Buying Process

Many clients have a difficult time getting started toward home ownership because they just don't know where to start. So we have laid out a framework to show you how there is usually a series of steps you go through in order to get from the day you decide to buy till possession day. We don't want to over simplify this as the path may have a few curves along the way, but the destination is always the same and is definitely worth the trip. We think you will find that if you take one step at a time, the process is not nearly as overwhelming as it seems.

 

Step 1: Decide if you are ready to become a homeowner here in Manitoba. It is not just a financial commitment but also a lifestyle decision.

Step 2: Call one of our Manitoba mortgage brokers to get pre approved. Until you know if you can qualify for a mortgage, or how much of a mortgage you qualify for, you really cannot start the home buying process. Supply your Manitoba mortgage broker with job letters and pay stubs to avoid any surprises down the road.

Step 3: After getting pre approved by one of our Manitoba mortgage brokers, go to Realtor.ca or other real estate websites to see what that amount of money will get you in the area you want to live.

Step 4: Find your realtor.

Step 5: Find your property.

Step 6: When you make your offer on the property, please be sure to have it subject to financing (even if you have been pre approved) and subject to home inspection.

Step 7: Make sure you budget to have money left over after your down payment for closing costs (legal fees, appraisal, property taxes, 1.5% of the purchase price is a safe amount).

Step 8: Arrange fire insurance on your new home before your appointment with the lawyer.

Step 9: Meet with your lawyer to sign the mortgage documents.

Step 10: Move in!

Also see our Winnipeg and Canada sites!

Manitoba Mortgage Brokers

Call one of our Mortgage Brokers today, or apply online for a Free Pre-Approval today.