With our hassle free process you will get a mortgage with an amazing rate easier than you even thought possible! You will be guided through the home buying process and you will have a clear understanding of the steps involved and be surrounded by professionals who can help ensure all your needs are taken care of.

Before we get started you may be asking ‘Why should I use a Mortgage Broker’? I have a bank down the street whom I deal with and I’m sure they would give me a mortgage.

A mortgage broker doesn’t work for the bank – we work for you! We have relationships set up with most of the major Banks, Credit Unions and other Financial Institutions allowing us to offer their mortgage rates & terms to our clients. At Vertuity Mortgage we have access to over 40 different lenders but typically, we try to deal with 5-10 that we feel will suit our client’s needs best. At any given time, these lenders may change based on who we feel has the best products in the industry. We provide impartial opinions as we are not employed or obligated to offer one lenders mortgage over another.

Vertuity Mortgage is a local company but we are part of a national franchise known as the Mortgage Center Canada that gives us great “buying power”. This allows us to obtain lenders rock bottom lowest interest rates upfront without any need for negotiating. This often means we can get you a lower rate than you could from anyone including your own bank!

We can do this because of the amount of volume our brokerage and our franchise does annually. Think about this for a moment, who would a bank rather discount to; A client who will do 1 mortgage this year at around $300,000? Or Vertuity who can send them 100’s of clients every year with mortgages totaling $100,000,000 or more? A bank see’s our business as more lucrative so they offer us discounted rates that normal consumers wouldn’t be able to obtain without a long-term relationship or serious negotiating.

You may now be asking yourself, this sounds great but how much is this going to cost me? The answer is nothing! Our service is FREE! We are paid a ‘finders fee’ directly from the lender who we place your mortgage with at absolutely no cost to you. So what’s the catch? There isn’t any!

Step 1. No Obligation Consultation

Our hassle free process starts with a no obligation consultation.

Before getting a mortgage Vertuity Mortgage would like to know more about you. Once we have gathered information from you regarding your plans in Real Estate and know more about your goals we are able to recommend the best mortgage for your situation.

The first step in obtaining a mortgage is to determine how much money you can borrow. In the case of buying a home, you should determine how much you can afford even before you begin looking. Although lenders conform to standards set by Canadian government agencies, loan approval guidelines vary depending on the terms of each loan. In general, an approval is based on two factors: your ability and willingness to repay the loan and the value of the property.

Step 2. Complete an Application

The next step in the hassle free process is to complete an application.

Your Broker will take a mortgage application by phone, in person or clients are welcome to submit a secure application online at www.Vertuity.ca at their convenience. At Vertuity Mortgage we can complete everything in person, by phone, fax, or email – whatever is your preference. Once your mortgage application has been received we will start the loan approval process immediately. Most lenders will like to have verification of the information you have given us upfront in order to speed up the mortgage process and final approval. For the most part documentation will be required for the following:

Down payment – 90 day history of bank account to confirm the funds that they are your own personal funds and have been in the account for the allotted time. Gifted funds are an acceptable down payment source but need to come from a direct family member. *borrowed funds are not accepted

Income – employment letter and a recent paystub should satisfy most lenders however commissioned or self-employed borrowers may be required to provided 2 years T1’s and Notice of Assessments

Void check – for the account in which you would like your new lender to take your mortgage payments out. This is similar to other loan payments you might currently be making
*further information may be required on a case to case basis but if you have this available for your broker this is a great start

Step 3. Select the right Mortgage for you – Fixed or Variable?

Our hassle free process will help you determine whether a fixed or variable mortgage is right for you.

Most clients like to know our opinion on which is better and while there is no clear cut answer for everyone here are a few differences between the 2 most common terms selected in Canada:

1) Fixed Rate Mortgage
Fixed rate mortgages usually have terms lasting 1 to 10 years. During those years the interest rate and monthly payments remain the exact same. You would select this type of loan when you:
• Plan to live in home more than 5 years
• Like the stability of a fixed principal/interest payment
• Don’t want to run the risk of future monthly payment increases
• Think your income and spending will stay the same

2) Adjustable/Variable Rate Mortgage
Adjustable Rate Mortgages (often called ARMs) typically last for 3 to 5 years. But during those years, the interest rate on the loan may fluctuate. Monthly payments will also increase or decrease accordingly. You would select this type of loan when you:
• Plan to stay in your home less than 5 years
• Don’t mind having your monthly payment periodically change
• Comfortable with the risk of possible payment increases in future
• Think your income will probably increase in the future

Your Broker will help you to decide what terms/options are best for your unique financial situation. At that point your Broker will let you know what lenders we recommend. It is normal to offer a few options and let you know the ins and outs of each lender and particular product they are offering. Although most 5 year fixed terms may look similar there may be other options that can affect your choice such as portability and prepayment features which may not seem important at the time but can greatly affect you later in your term.

Step 4. Find your Home using one of our Preferred Partners

Our hassle free process helps you find your new home.

Using a Realtor recommended by Vertuity Mortgage can make all the difference. Our Realtor partners have been selected from over 1600 agents in Winnipeg who we feel will provide our clients with professional service and advice not received anywhere else. In addition, by working with one of our preferred Realtors you will receive your first year’s home insurance complimentary through Gemstar Insurance.

Life, Critical Illness and Disability Insurance are all options that are available to protect your family and mortgage in case of the unforeseen. While these are not requirements, there are benefits to you as a new home owner to explore these products and understand how they can work for you. At Vertuity we have relationships with Winnipeg’s top financial planners who can provide clarity and insight into these products and other financial services that may benefit you and your family. We encourage you to meet with one of our preferred planners to see what will work for you.

Finally, you will need a lawyer to help register the mortgage documents, handle the monies between you and the seller and ensure that your property is free from any encumbrances. At Vertuity Mortgage we recommend you use a lawyer that specializes in real estate and although you can use whomever you wish, we have compiled a list of preferred lawyers who we have worked with for years and will ensure your purchase closes on time and properly.

And of course, if you need a referral for a contractor or an internet provider we can help with that too!

Step 5. Finalize Approval and Documentation

Finalizing your mortgage is easy with our hassle free process.

Once your mortgage terms are decided on and all of the paperwork has been received by the lender, mortgage instructions are sent out to your lawyer. Your lawyer will prepare your new mortgage for you to meet with them and sign. They will handle obtaining the monies from your lender and ensuring the transaction closes with the seller through their lawyer. You will need to make sure that any insurances you have elected are in place and most importantly that your House Insurance is completed as this is mandatory through all lenders. If you are dealing with Gemstar they will send a binder letter to your lawyer informing them of your policy.

Once everything is completed with the lawyer and signing, you will get the keys to your new home! Normally mortgage payments will start 2-4 weeks after you have moved in and you will receive an introduction package to confirm all the details.

Should you have any questions at this point or anytime throughout your term Vertuity is always here to help.

Down the road to renewal time, we will contact you 6 months early to remind you of your upcoming mortgage maturity and discuss the mortgage market at that point in order to guarantee you the best possible interest rate on your next term.

We think you will love dealing with Vertuity Mortgage so much you will want to recommend us to all your friends and family. And if there ever is a problem please let us know and we will do everything we can to make it right.

Shouldn’t your next mortgage be with Vertuity Mortgage?