How do we start the process?

Personal attention is a key feature when you deal with RBG. In the interest of time we may have directed you here for the RBG Mortgage Application for your completion. This will allow us to do a preliminary review of your current situation.

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The following Q&A are just to provide guidelines- contact us directly to personalize the information for you.

Why don't you post interest rates on your web site?

Verico RBG Mortgage Professionals firmly believes there is a danger in being too preoccupied with interest rate alone. There are many factors that should go into the decision making process prior to selecting a specific mortgage product or term. Yes, it is helpful to have an approximate idea on monthly mortgage payments, but if it is not the right mortgage for you, or a mortgage that you can actually qualify for- what good is knowing the rate? For an APPROXIMATION on a residential rate you can check the this website but please keep in mind that this will not be applicable accross the board. Your circumstance may allow for a lower or higher rate. The commercial mortgage market pricing is often tied to Canada Bond Rates and Bank Prime. THE BANK OF CANADA provides a current and historical look at interest rate activity.

What is meant by Mortgage Insurance?

This singular term has been used for many different products. It is possible that the Lender will require insurance. CMHC, Genworth and Canadian Guaranty are currently the most commonly used insurers. Certain criteria must be met in order for the Lender to recommend approval from the insurer. This type of insurance protects the lender in the event of borrower default. Take note that there are some Lenders that do self insure.

A second reference to mortgage insurance is essentially life/disability insurance- designed to protect you the borrower.

Lastly some may refer to insurance as it pertains to the property being protected against fire loss etc. Propery/fire insurance must be in place prior to a mortgage being funded.

What is the MBLAA-Mortgage Brokerages, Lenders and Administrators Act, 2006?

You may visit www.fsco.gov.on.ca to view details on this new legislation governing mortgage brokers that became effective July 1, 2008. The Act is designed to provide consumer protection and well defined guidelines for any involved in the business of arranging mortgage financing.

What professional associations are you affiliated with and why?

We believe it is important to support industry associations that promote ethics and professionalism within the mortgage industry. We are a member of CAAMP and IMBA. As a mortgage brokerage in Ontario we are governed by the Financial Services Commission of Ontario and the MBLAA . There are actually more disclosure requirements provided to you when going through a mortgage broker than when you deal direct with many financial institutions.

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