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Purchase Programs

VERICO Designer Mortgages Inc. have access to mortgage products which allow home buyers to purchase either a one or two-unit property with as little as 5% down payment; or buyers of three - and four-unit properties to purchase with as little as 10% down payment. Buyers must plan to live in at least one unit of the property to qualify for this program.

0% Down payment Mortgage / 5% Cash Back

The 5% CashBack Mortgage is great for first-time home buyers or current homeowners looking to trade up. You can even use your 5% CashBack to pay down your mortgage (5% down payment) effectively giving you 100% financing.

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Tax Deductible Mortgage

GET FREE TAX REFUNDS - Turn your mortgage interest into yearly tax refunds

PAY OFF THE MORTGAGE SOONER - Save thousands of dollars in mortgage interest, and pay it down sooner, using the tax department's money.

INVEST MORE, EARLIER - Free up new money to invest now rather than later, and build a large, free and clear retirement portfolio

Renewing your mortgage?
Don't renew until you considered implementing this strategy. 

Once your mortgage becomes tax deductible you will have yearly tax deductions against your income, similar to purchasing an RRSP. Unlike an RRSP which you have to purchase each year, the mortgage interest is a deduction you will have indefinitely.

If you're purchasing a home, let us set up your mortgage so you have the right mortgage to implement this strategy. We recommend that you have at least 25% down payment so you can avoid paying mortgage insurance fees.

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Self-employed applicants fall within two categories:
  • Those who can prove their income by way of the last 2 years notice of assessments from revenue Canada. These clients receive the best rates and also reduced CMHC/Genworth premiums.
  • Those who cannot prove their income by way of traditional means. We have stated income products for these clients. These clients are subject to higher interest rates/increased CMHC premiums due to the additional risk.

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Lending on Equity

If you have a large down payment, but are unable to prove income or for those clients who may have a damaged credit history we can now obtain mortgages based on 25% down payment. This product allows you to borrow up to 75% of the value of the home. The location and marketability of the property is very important. The interest rate depends on the quality of their credit. 

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Interest Only Mortgage

The Interest Only Mortgage/Line of Credit gives you the ability to take advantage of low, short-term interest rates, with the added cash flow benefit of interest only payments.

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Vacation Property/Second Home

We know that today's busy lifestyles demand more flexibility - whether it's a second home in the city to reduce that weekly commute, or a cottage at the lake for weekend getaways. You can buy that property sooner - with as little as 5% down.

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Investment Property

With as little as 10% down you can purchase an investment property.

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No Income Qualification

Self-employed borrowers and commissioned sales people who cannot provide traditional proof of income can now purchase their home with as little as 5% down payment.

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New to Canada/Permanent or Temporary Residents
  Borrower qualification
  • Must have immigrated or relocated to Canada within the last 24 months 
  • 3 months minimum full time employment in Canada (borrowers being transferred under a corporate relocation program are exempt) 
  • Must have a valid work visa or obtained landed immigrant status

  All debts held outside of the country must be included in the total debt servicing ratio (Rental income earned outside of Canada is to be excluded from the Documentation Requirements

  • Work Visa or verification of landed immigrant status, and: 
  • Depending on the loan-to-value you will be required to submit the following; 
    • 95% LTV: An international credit bureau
    • 90% LTV: Either a letter of reference from a recognized financial institution, or Six (6) months of bank statements confirming satisfactory account operation with no NSF's
    • 85% LTV: If Guarantor on file, only the work visa or verification of landed immigrant status is required, otherwise document requirements are the same as 90 percent LTV

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New to Canada/US Residents
  • To access the best interest rates, borrowers are typically required to have 35% down payment.
  • Verico Designer Mortgages has access to a US based lender, this lender is able to provide up to 90% financing for an owner-occupied residence and 85% financing for non-owner occupied properties (i.e., vacation homes and rentals). Be prepared to pay a premium for this type of mortgage (at least, 2-4% more).

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Challenged credit 

Verico Designer Mortgages Inc. have access to many lenders giving the opportunity to our clients who previously may not have qualified for a mortgage an opportunity to be a homeowner. If financing is not possible immediately a Verico Designer Mortgages Inc. agent will counsel the applicant on steps to take in order to work towards homeownership.


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Construction Loans
  • Customers purchasing or requiring equity take-out on land to build a principal residence or cottage and leisure home for personal use
  • Customers receive financing at various stages of completion of the construction of a new owner-occupied home
  • A first draw is available to assist with the purchase of a building lot or as start up cash (up to 65% of the lending value of the vacant land - uninsured only)
  • Up to 95% Loan to Value
  • Copy of Purchase and Sale Agreement (for land purchase)
  • Copies of building plans/sketches, cost estimates, contracts, purchase agreements for modular units
  • New Home Warranty Program registration required

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Purchase plus improvements

You’ve found the house that you like but it needs to be renovated. You can, of course, use your credit cards or cash-in some of your investments to pay for the renovations. Another option is to take advantage of CMHC’s or GE Mortgage’s Purchase + Improvement (P+I) program. The program allows you to add on the renovation cost to the purchase price, so you benefit from the low mortgage interest rate and make only one payment. 
Say, for example, the house is priced at $200,000 but it needs another $10,000 in renovations. You can add on the renovations to the purchase price and CMHC or GE will lend against the total value (purchase price plus the renovation cost).

 

Purchase price $200,000
Renovations $10,000
Total cost $210,000
Lending value $210,000
Max. Mortgage $199,500 (95% of $210,000)
Min. down payment $10,500


With CMHC, if the improvements exceed 10% of the purchase price or $10,000, CMHC charges are surcharge of ½% on the mortgage amount. You will want to avoid this since this.
GE Mortgage does not have a surcharge. The amount of the improvement can be as much as you qualify for. For amounts over 10% of the purchase price or $20,000, GE Mortgage will require documentation from the lender showing that the renovations have been completed. Furthermore, up to 2 advances are allowed.
Should you decide to apply under either CMHC or GE’s P + I program, you will need to think about timing issues. Before your broker can submit the transaction to the lending institution, you will need to supply him with quote and/or a renovation contract. Since, in today’s market, subject removal days are short, you will need to have the quotes/contract available a few days before subject removal date to give the lender some time to process the transaction. 
Secondary Homes/Vacation Homes
A second home in the city to reduce that weekly commute, or a cottage at the lake for weekend getaways. You can buy that property sooner - with as little as 5% down

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Each VERICO Broker Is An Independent Owner Operator.


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VERICO Designer Mortgages Inc. (FSCO Lic.# 10194)
#5 - 1253 Silvan Forest Drive, Burlington Ontario L7M0B7
Phone:
(905) 336 5997
Fax:
1.866.824.8057  Toll free: 1.866.824.8057