Detailed information
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.
