Mortgage brokers in Aurora are professionals whose main responsibility is linking consumers with lenders. Their main goal is to connect clients with banks and other lenders offering the most suitable deal to clients. In Aurora, most initial mortgages are given by banks without the assistance of mortgage brokers. The mortgage industry in this city grew in response to the needs of people who were turned down by banks. Most agents and brokers in the country specialise in services from lenders who are not associated with banks. Our mortgage brokers in Aurora work with private lenders to serve people who cannot go for bank loans.
Mortgage Broker Services and Our Mortgage Brokerages Focus
The standards mortgage broker primarily offers services related to mortgage set up. A mortgage broker listens to the client’s needs, asks for quotes from different lenders and finally reach a decision. They can achieve results much easily as mortgage brokers have extended knowledge of the local mortgage industry. Their expertise goes a long way in ensuring that the clients get the best possible terms for the loan.
Our mortgage brokerage is licensed to provide mortgages in Aurora. In addition to the ordinary services, Mortgage Broker Store offers niche products like:
- Stopping Foreclosures
- Private Lender Mortgages
- Stopping Power of Sales
- Second Mortgages
- Home Equity Loans
- Bad Credit Mortgages
The staff at Mortgage Broker Store has more than 5 years experience offering alternative financing solutions. The principal broker, Ron Alphonso is an expert in the industry who is often seen in the news lending his opinion on the mortgage markets. Ron has been on Toronto Life and Global News and others on our media page. Our brokerage serves other towns and cities in Canada including Ottawa, Toronto, Kitchener and Oakville to name a few.
Mortgage Brokers vs. Mortgage Agents
Both a mortgage agent and mortgage broker can sell mortgages in Aurora. The only difference is that only a mortgage broker can open and run a mortgage brokerage. The broker who leads a brokerage is known as a principal broker or broker of record, and he can employ other brokers or agents at the firm. It is the duty of a principal broker to ensure that documents are in order and that all agents adhere to the rules.
Comparing Mortgage Brokers with Banks
In Canada, banks have been the main lenders of mortgages through history. There is growing the presence of mortgage brokers in the city who have more offerings for different clients than banks. Many of the mortgage brokers working in Canada specialise in non-bank loans for which they can negotiate competitive rates. People who could not qualify for bank loans make the bulk of a mortgage broker’s customers. While banks are still the leading provider of mortgages in the city, the use of mortgage brokers is clearly on the rise. Mortgage brokers of today are responsible for arranging around 40% of initial mortgages and 45% of loans for people buying a new home. If this continues, mortgage brokers might soon become the leaders in the provision of mortgages in Aurora.
Fees Charged by Mortgage Brokers
The money paid upfront depends on a client’s situation. People who are approved for bank loans are not charged in advance as banks pay the lenders as soon as the deal is over. People in need of private loans have to pay at least $2000 to the broker, lender or both. These are charged as fees for processing the mortgage and often increase with the revelation of legal issues like inheritance and divorce. The fees charged by a mortgage broker are used to pay staff, real estate lawyers and others involved in the mortgage set up process.
Mortgage Licensing in Aurora
To get a mortgage broker license you must be a resident of Ontario and work for a licensed brokerage. The Financial Services Commission of Canada only issues the license to people who have passed the Mortgage Broker Education Program. For one to apply, they must have been a mortgage agent and maintained a license for at least two years. Only the person with an FSCO license can legitimately serve as a mortgage broker in Aurora or even open a mortgage brokerage.