Mortgage brokers in Cambridge are an important link between mortgage lenders and borrowers. The main goal of a broker is to connect borrowers with lenders like banks and private institutions. In a flooded market, it is very difficult to identify the best loan products, which is why more people seem to prefer working with mortgage brokers. Some brokers choose to work with private lenders who provide loans to all clients without considering the credit score. Mortgage broker store exclusively offers loans from private lenders who offer the best products for individual clients.
The main purpose of a mortgage broker is to assist with setting up the mortgage. They listen to customers’ needs, request quotes, and finally decide on the best offer for each borrower. Mortgage brokers have lots of knowledge and a wide network of lenders who can grant their clients the best terms on mortgages. All clients have unique needs, which determine the kind of mortgage product that would be most appropriate. The Mortgage Broker Store is licensed to provide mortgages in Cambridge but besides the usual, we also offer extra services.
Our officers at the Mortgage Broker Store have been providing alternative funding solutions in Cambridge for nearly a decade now. They are under principal broker Ron Alphonso who is a well-known real estate expert. He is knowledgeable about the mortgage industry and therefore an authority on current affairs as well as future prospects. For these, Ron is often at media outlets like Global News, Toronto Star, and Toronto Life; lending his expertise on industry trends as seen on our Media page.
The main difference between a mortgage broker and mortgage agent is that the former has authority to open a mortgage brokerage. The mortgage agent has only the permission to sell mortgages in Ontario. The person-in-charge of a mortgage brokerage is the principal broker who is also mandated to hire mortgage brokers and agents in Cambridge. It is also the duty of a broker of record to ensure that documents associated with the firm are all accurate and properly filed. The principle broker is culpable for everything that happens within the mortgage brokerage.
For years throughout history, banks in Canada have dominated the mortgage-lending scene. However, the popularity of mortgage brokers is on the rise as people seek financing alternatives. Currently, mortgage brokers in Cambridge are responsible for 40% of the initial mortgage and even more of loans for new home buyers. If things continue as they are, mortgage brokers will quickly overtake banks as the leader in the provision of first mortgages in Cambridge, Ontario.
Your current financial situation determines the fees you will ultimately pay a mortgage broker. Those who qualify for bank loans do not need to pay fees upfront because the lender will pay them directly when the mortgage closes. These clients are less risky than those who seek private lender loans. To get a private mortgage you must be ready to pay $2000 or more if there is divorce, foreclosure, or inheritance to deal with. Both mortgage broker and lender might need the fees as they seek to minimise expenses related to setting up the mortgage. The fees charged for a private mortgage are to pay staff, real estate lawyers and other professionals involved in setting up the mortgage.
To get this a mortgage broker license one must serve as a mortgage agent in Ontario for at least two years. Thereafter, they must pass the Mortgage Broker education Program approved by the Financial Services Commission of Ontario. To get a license, the aspiring mortgage broker must prove that they work for a licensed brokerage and currently reside in Ontario. A licensed mortgage broker in Cambridge can sell mortgages and open their own mortgage brokerage to provide alternative forms of funding in the city. The Financial Services Commission of Ontario (FSCO) licenses all mortgage brokers in the province.