Mortgage brokers in Milton are people who act as intermediaries between consumers and mortgage lenders. The goal of these professionals is to help their clients reach lenders with the best solution for their needs. Mortgage brokers in Milton work with banks and other lenders to get the most appropriate loan for their clients. Most of the initial mortgages in Ontario are issued by banks but the mortgage broker industry continues to grow by serving the clients who were turned away by banks. Most Canadian mortgage brokers specialise in offering services from non-banks lenders as a way of servicing people with bad credit or those who simply want more variety that they cannot get from the banks. Our mortgage brokers in Milton exclusively deal with private lenders to serve customers who cannot go to the banks.
Generally, a mortgage broker will provide services related to arranging the mortgage. They can discuss available options with you, request several quotes from lenders in their network and finally make a decision to suit each customer. They can get clients the best rates and terms for loans with much ease because of an in-depth knowledge of the entire Ontario mortgage industry.
Mortgage Broker Store, our mortgage brokerage has a license to offer mortgages in Milton. Instead of just the basic services, we have some niche offerings like:
Our services are available in other Ontario cities including Ottawa, Toronto, and Hamilton, London and Markham to name but a few.
Our mortgage brokerage’s staff has many years of experience dealing alternative lending solutions. Principal broker Ron Alphonso is a veteran in the real estate industry who constantly lends his opinion through the media. Ron has been on Toronto Life, Global News and Toronto Star among other media outlets as seen on our media page.
Mortgage brokers in Ontario and Mortgage agents are individuals with a license to trade mortgages. While both professionals are allowed to sell mortgages, only the mortgage broker can run a brokerage. There can be many brokers in the same firm but the lead is known as a broker of record or principal broker. It is the principal broker’s duty to ensure that agents stay in line and that all documents are in order.
All through history, banks always led at providing mortgages in Canada. Today, though, mortgage brokers are in higher demand as they can offer variety to clients. A large number of mortgage brokers exclusively deal in private “non-bank” mortgages. This enables them to negotiate competitive rates with their pool of lenders. Individuals that were turned away by banks make the bulk of clients for mortgage brokers. Today, these professionals have set up 40% of new mortgages and 45% of loans for people buying a new property. Currently, though, banks still dominate the mortgages lending industry.
This depends on each client’s circumstances but those who are accepted for loans by banks usually don’t pay upfront fees. This is because the mortgage lender is in this case, paid by the banks as soon as the mortgage closes. People that seek private deals must pay upfront fees charged by broker, lender or both. The minimum charged for a private deal is $2000 but that could be more if there are complex issues like divorce and inheritance to resolve first. The fees charged upfront are usually fro paying real estate lawyers, broker and lender staff, and home appraisers among other professionals needed to facilitate the mortgage.
The Financial Services Commission of Ontario licenses mortgage brokers in Milton. To be licensed requires one to have an Ontario address, work for a licensed brokerage there and have served as a mortgage agent for two years. Those who meet the criteria must successfully complete the Mortgage Broker Education Program in order to receive the license. With this document, you can trade in mortgage and if possible even open your mortgage brokerage.