Mortgage brokers in Ajax are experts who link borrowers and creditors in the market. A mortgage lenders main goal is to mediate between their clients and lenders ensuring the best deal for each. Banks, without assistance from mortgage brokers, provide most first mortgages. The mortgage broker industry grew to serve residents who were turned down by banks. Most mortgage agents and brokers in Canada focus on linking clients with private lenders who are not influenced, by banks. Our mortgage brokers in Ajax concentrate only on private lending services aimed at people who are ineligible for bank loans.
A mortgage broker in Ajax offers services related to setting up a mortgage. The broker may consult with you about any specific needs before they can request multiple quotes and decide on one particular lender. The advantage is that mortgage brokers are thoroughly informed about the market, to get clients the best terms and rates on the mortgage.
Our mortgage brokerage is licensed to trade mortgages in Ajax. Mortgage Broker Store has several niche specialisations, which include:
Our staff at Mortgage Broker Store has more than seven years of experience in providing financing options. The principal broker Ron Alphonso is a seasoned expert on the real estate industry. He gas been in many media outlets like Toronto life, lending his expertise as seen on our media page. Our brokerage services extend to other parts of Ajax including; Hamilton, Cambridge, Whitby, Kitchener and Ottawa to name a few.
Mortgage agents and mortgage brokers in Ajax are licensed to sell mortgages to customers. They can both sell mortgages but, only the broker has the permission to operate a mortgage brokerage. There can be more than one broker at the same brokerage but its lead broker is known as the broker of record or principal broker. This individual must ensure proper running of the brokerage including ensuring that agents follow all regulations.
Throughout Canada’s history, banks have been the major mortgage providers but today, mortgage brokers have become quite common. They are able to offer a wider range of financing options compared with banks and many mortgage brokers choose to work with non-bank lenders. This enables them to negotiate the best terms and conditions for loans with their lender network. This is great because most of the clients after mortgage broker loans are people who were rejected by banks. Banks continue to be the leading lender in Ajax but currently, it is mortgage brokers that are responsible for giving 40% of new mortgages and 45% of loans for new homes. If the situation holds, experts believe that mortgage brokers might overtake banks as the leading mortgage lender in Ajax and other Ontario cities.
Mortgage broker charges depend on the client’s particular needs. People who meet bank’s lending criteria will usually not be charged upfront. The mortgage brokers will be paid directly by the banks so there is no worry about taking on set up costs for the mortgage. For deals with private lenders, a fee of $2000 is required to set up the loan. These fees increase if there is divorce, a power of sale, or other legal situation to deal with. Private mortgage fees rate used to pay lender and brokers’ staff, real estate lawyers and the property appraisal. Fees increase with the rise of risk in any lender as private lenders try to maximise their chances of profiting from the deal.
All mortgage brokers must have a license from the Financial Services Commission of Ontario (FSCO) in order to operate as a broker. One must also reside in Ontario and work for a licensed mortgage brokerage. All brokers start out as mortgage agents for two years so that they can apply for the mortgage broker license. A mortgage broker can only receive the license after successfully completing the Mortgage Broker Education Program which is approved by the Financial Services Commission of Ontario.