A mortgage broker in Burlington is the professional charged with negotiating loans on behalf of clients. The main role of a mortgage broker is to bring borrowers some offers from lenders offering them. They work with banks and private lenders to provide much-needed services. Without association with mortgage brokers, banks are the biggest first mortgage lender in the city but only to a select group. Banks operate under strict rules, which do not allow them to loan to poor credit scores. The minimum credit score any bank in Ontario will loan is 600 points and credit unions work with 550 points. People in this situation must seek alternatives with help from mortgage brokers. Many mortgage brokers in Burlington choose to work with non-banking institutions that are open to working with their main clients who have poor credit. Mortgage Broker Store specifically deals with private lenders to help people who were rejected by banks.
You will typically get mortgage set up related services from mortgage brokers in Burlington. They are available to provide insights into available options and request as many quotes, which they can compare to reach a final decision. Mortgage brokers have lots of knowledge about the mortgage market which they rely on when negotiating the best possible terms and conditions for loans. The best thing about working with mortgage brokers is that they are available for discussions with a client to help them understand what they will be getting from each offer. Unlike banks, it is also possible for mortgage brokers to customise a mortgage to the consumer. With a mortgage broker, you will get a good loan amount, which can be used to achieve financial goals.
Our mortgage brokerage, Mortgage Broker Store, is licensed to set up mortgages in Burlington where we also have some special offerings for the unique needs of clients who approach us:
The staff at Mortgage Broker store have been in this business for 7 years in which they have gained unmatched experience providing appropriate financing solutions. They are under principal broker Ron Alphonso, a renowned expert on matters real estate in Ontario. He is constantly on the news media outlets that call on him whenever they need accurate information about the mortgage industry. Mr. Alphonso has appeared in Toronto Life, Toronto Star, and Global News among others on our media page.
Both these mortgage professionals can offer mortgages in Burlington. However, only the mortgage broker has a license allowing them to set up a mortgage brokerage. The person in charge of a brokerage is the principal broker. The broker of record as they are also called is supposed to ensure that all documents are in order and keep agents in check.
The banks are still the leading mortgage lender in Canada as it has been over the years. Recently, though, there is an increased demand for mortgage brokers. They provide more options and are more flexible than banks and institutional lenders. Statistics show that mortgage brokers set up 40% of new mortgages and 45% of loans for first-time property buyers.
You will pay varying amounts depending on your current circumstances and the kind of loan you seek. If for example, you want a private lender deal, the broker, lender or both will demand some fees paid beforehand. The standard is $2000 but divorce, inheritance, and power of sale or other legal matter will lead to an escalated figure.
It takes quite some time before one qualifies for a mortgage broker’s license. You must start as a mortgage agent and hold on to your license for two years. This means you are ready to sit the FSCO approved Mortgage Broker Education Program which all people trying for a license must pass. To get the license from the Financial Services Commission of Ontario, one must have an Ontario address and work for a licensed mortgage brokerage.