Can VKMS approve me even if my bank says No?

Even if your Bank says "No" VKMS can usually get you approved even if you have had previous credit problems or past bankruptcy. Perhaps you are a new business owner or your property is a cottage, hobby farm, vacant land, or under construction. There is still a very good chance that we can get you approved. Remember: We have access to over 35 different lenders and since we have that advantage, we will search for a program that is suitable to your needs. We also have access to a large amount of private funds if, for some reason or another, the institutional lenders will not approve you.

How does VKMS get the best mortgage rates from lenders without any hassle or negotiations?

We arrange hundreds of mortgages for millions of dollars each year. We can send our business to any lender but obviously only to lenders that are offering the best rates and pre-payment privileges. This creates a very competitive atmosphere, forcing banks to offer us the very best discounted rate and even rate sales in order to get your business. The reason broker-originated business is sought after is that our applications are easy to approve and we gather all the required documentation for the lender, which means they do not need salaried mortgage personnel to take care of the documentation gathering. By getting mortgage business through a broker system, the bank saves money.

Remember: We deal with over 35 lenders, so if one lender doesn't provide the rate and terms that you qualify for, your application will be sent onto a different lender who will give you what you deserve.

What are the main products, terms and options available on mortgages arranged through VKMS?

Not all lenders have the same terms, features, options, etc. You should decide what is most important to you besides just the best rate. We will help you decipher how you will benefit best.

Here is a partial list of what is available to you:

    • 6 month - 10 year fixed rate mortgages
    • Floating rate below prime mortgages
    • Cash back options
    • 10% - 20% pre-payment privileges
    • Weekly, bi-weekly, and monthly with regular or accelerated payments
    • A portable feature, which means that you can take the mortgage with you if you purchase a different home.
    • Mortgages that are assumable by a qualified purchaser
    • Increase and blend features at discounted rates

What exactly is involved in the process?

First, we must have you fill out a mortgage application, which can be accessed online, or we can send you one via fax. We also welcome our clients to come in and fill out the application form in person.

Once we receive your application form, we run a credit report and then send your submission onto the lender offering the best rate/terms at that time. As long as you have provided all the information we require, your approval is normally received at our office within 4 hours - 24 hours, depending on the lender.

Once I have a mortgage approval am I obligated to accept it?

No. You always have the final say. However, if we have done our job properly, you should find the mortgage offer quite attractive and will choose to accept it.

Does VKMS charge a broker fee?

Our fully qualified clients don't pay us a fee on residential mortgages because we are paid by the lenders. Qualified clients are individuals with good credit, verifiable and taxable income and sufficient down payment (if required).

In the case of a commercial mortgages or where private funding is necessary as a result of previous credit problems, fees would apply. We will always be up-front where fees are concerned.