Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

VERICO

Advertiser Disclosure

About lender

VERICO is a top Canadian mortgage broker network that unites over 230 mortgage business owners and entrepreneurs.

Also known as VERICO Financial Group Inc., VERICO represents a network of mortgage experts providing brokerage services to their customers and lender partners. The idea behind the VERICO establishment was to unite top mortgage originators in Canada and create additional opportunities for them.

Founded in 2005, VERICO has helped millions of Canadians achieve their mortgage goals. With $10 billion in collective loan volume in 2010, the VERICO network has started competing with the mortgage business of the big five banks in Canada.

Today, VERICO has over 3,800 mortgage advisors within its network who help over 45,000 Canadian families with their mortgage needs each year. The annual loan volume facilitated by VERICO is $23 billion.

Features

VERICO claims to be Canada’s number one mortgage broker network. The company offers mortgages, personal loans, and insurance products.

VERICO network unites over 230 mortgage business owners and entrepreneurs. Thanks to a vast network of lender partners, VERICO provides Canadians with better rates than what they would get at a bank.

For its network members, VERICO provides a set of automated tools and services designed to help partners do more and earn more:

  • Brokerbase — an automated marketing program and dashboard to increase the number of repeats, referrals, and renewals

  • Brokerbase+ — Brokerbase plus additional features like deal management, centralized contacts & deals database, condition management, and automated tasks management

  • VERICO Academy — best practices, Mortgage business coaching calls, and success stories

  • VERICO Intranet — a communication portal for VERICO members

  • VERICO Events — education and networking experiences

  • VERICO Support — a help desk platform to get a response from VERICO experts

Pros and cons

VERICO offers certain benefits for both homeowners and brokers. Here are the pros of working with VERICO for homeowners:

  • Lower rates than what you would get at a bank

  • Online calculators — mortgage calculator, purchase financing calculator, and income qualifier — to help you get an idea of what your mortgage will look like

  • Canadian Guide to Mortgages videos that you can watch on the VERICO website to get answers to your mortgage questions

Now, let’s look through the advantages of VERICO for brokers:

  • Unlike other networks that charge extra for various items, VERICO offers a flat fee, so you as a partner can earn more

  • VERICO allows its members to keep 100% of their commission

  • VERICO offers additional products & services designed to increase partners’ revenue

  • Being a VERICO member, you can still build your business and your brand your way without any corporate control limitations.

  • VERICO’s contract terms and options are flexible.

  • VERICO members enjoy an exclusive partnership with lenders.

  • With VERICO Recruitment Program, network members can enrich their team with new talents.

The disadvantages of VERICO for homeowners are the lack of information about personal loans and insurance products on the website. Cons of VERICO for brokers are hard to identify based on the data from the website.

Loan conditions

When applying for a mortgage to purchase a property priced between $500,000 and $1,000,000, you can make a down payment of 5%. This way, the rate will be 5% for the first $500,000 and 10% for the remainder. For property prices of $1,000,000 and over, you will have to make a 20% down payment.

To get an idea of your estimated mortgage payment, you can use a mortgage payment calculator on VERICO’s website.

As for personal loans, VERICO doesn’t provide information on loan conditions on the website.

Methods of loan funding

VERICO doesn’t provide information on loan funding methods on the website. You can reach out to a mortgage advisor on this matter. Find a VERICO office near you through the website by specifying your address or postal code and the desired distance from your location.

VERICO

FAQ

What is VERICO?

VERICO, or VERICO Financial Group Inc., is a top mortgage broker network in Canada. There are over 230 mortgage business owners within the VERICO network.

Who owns VERICO?

The President & Chief Operating Officer of Verico Financial Group Inc. is W. Mark Squire.

How do you qualify for VERICO?

VERICO doesn’t provide loan eligibility requirements on the website. 

To get an idea of the income requirement for your dream home, you can use the purchase financing calculator on VERICO’s website.

How much can you borrow from VERICO?

According to the website, you can apply for a mortgage to finance a property priced at $1,000,000 and over. However, VERICO doesn’t specify the maximum amount you can borrow.

To identify the estimated maximum mortgage amount that you qualify for, you can use an income qualifier calculator on VERICO’s website. Keep in mind that VERICO partners with many lenders to provide customers with the best mortgage solutions for their needs. So, check the exact amount to borrow with your mortgage broker.

VERICO a legitimate company?

The legal name of the VERICO network is VERICO Financial Group Inc. VERICO has been around for 17 years and has gained the trust of homeowners and brokers. VERICO claims to be the number one mortgage broker network in Canada. 

Over 3,800 mortgage brokerages across Canada are partnering with VERICO today. Over 45,000 Canadians reach out to VERICO members to buy and finance their homes annually. The loan volume funded by the VERICO network annually has reached $23+ Billion.

The company’s address is 2100 Derry Road West, Suite 420, Mississauga, ON, L5N 0B3.

Company documents

Privacy Policy

OVER 230 MORTGAGE BUSINESS OWNERS AND ENTREPRENEURS SHARE OUR IDEALS AND CHOOSE TO BE A PART OF THE VERICO NETWORK.

© VERICO
Financial products
VERICO
Mortgage
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$500,000-$1,000,000
Rate
i

Effective interest rate on the product

up to 10%
Term
i

Loan term for the financial product

up to 25 years
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up to $10.000
Coast Capital Savings
Personal Loan
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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300
650
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$500-$50,000
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7.5%
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Loan term for the financial product

60 months
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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650
1000
$500-$15,000
Rate
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Effective interest rate on the product

up to 46.96%
Term
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Loan term for the financial product

up to 60 months
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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650
1000
1000.00 – 15000.00 C$
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Loan term for the financial product

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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
7000.00 – 25000.00 C$
Rate
i

Effective interest rate on the product

24.99 – 29.99 %
Term
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Loan term for the financial product

3 years – 5 years
Calculate loan payments in VERICO

VERICO calculator will allow you to calculate an approximate payment schedule for the loan

VERICO calculator
Interest rates are given in accordance with the rates of the VERICO of 12.06.2024
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