Mortgage brokers in Barrie are the professionals who link mortgage brokers and lenders. The main aim is to help borrowers access much-needed credit to meet different financial obligations. They work with bank and non-bank lenders to ensure that nobody is left out of the best loan products available in the market. Banks are particularly sensitive about who they loan, which is the reason so many people are left to seek alternatives. Mortgage Broker Store focuses on alternative funding solutions for individuals who do not qualify for traditional bank loans.
You will generally get help setting up the mortgage from a broker or their agents. They will discuss your needs, search for quotes and decide on the best offer for you. They have garnered skills over a long time, which contribute a big part to getting the best loan terms for their clients whether organisations or individuals. As a licensed mortgage brokerage, Mortgage Broker Store also specialises in some services including:
- Home Equity Loans
- Private Lender Mortgages
- Stopping Power of Sales
- Stopping Foreclosures
- Second Mortgages
- Bad Credit Loans
The staff at Mortgage Broker store have been offering alternative financing to people of Barrie for many years. They are led by principal broker Ron Alphonso, a real estate guru by right. Toronto Life and other popular media outlets constantly seek his opinion on current affairs and predictions of the real estate industry. More of Ron’s stories can be seen on our media page.
Comparing Mortgage Brokers with Mortgage Agents
There are differences between mortgage agents and mortgage brokers but some people think they mean the same. While both parties can sell mortgages, only the mortgage brokers in Barrie can open a brokerage. The mortgage brokerage’s leader is known as principal or broker of record; who is responsible for everything that goes on there. A principal can higher other brokers to work with him in providing funding options in Barrie and other cities.
Banks Compared With Mortgage Brokers
The norm for Canada over the years has been that banks offer the majority of first mortgages. However, these institutions cannot loan to poor credit score. Finding alternatives is not easy, which is why people turn to mortgage brokers for an easier time getting assistance. With mortgage brokers, clients enjoy the flexibility and extra options that banks wouldn’t offer them. Banks still command a large portion of the mortgage market but if the trend continues, they will soon e at par with mortgage brokers whose popularity is on the rise. Mortgage brokers in Barrie are currently credited with connecting 40% of initial mortgage seekers with lenders and arranging 45% of all loans for new homebuyers. As things are, even people with poor credit are turning to mortgage brokers for help in finding the best loan solutions.
Fees Charged by Mortgage Brokers
Fees depend upon the mortgage seekers circumstances. People who are approved for bank loans do not need to pay any fees beforehand. These are people with good credit history and do not pose much risk for the mortgage brokers who know they will be paid by the banks immediately the loan closes. Those interested in private deals must part with $2000 or more if they are riddled with legal issues like divorce or inheritance. The upfront fees for such a mortgage may be required by both broker and lender depending on prevailing circumstances. Money is required in advance to pay broker’s staff, appraisers, and real estate lawyers among other professionals needed along the process of setting up your mortgage.
Licensing for Mortgage Brokers in Barrie
To be a mortgage broker in Barrie, you need a license from the Financial Services Commission of Ontario, also known as FCSO. This is only given to residents of Ontario working with a licensed mortgage broker in Ontario. In order to qualify for the license, one starts out as a mortgage agent in the city and maintain the license for two years. This makes it possible to pass the FSCO approved Mortgage Broker Education Program and receive the license to serve as a mortgage broker in Barrie and other cities in Ontario, Canada. With the license, one can sell mortgages in Barrie and even open their own mortgage brokerage.