Mortgage brokers in Belleville are the bridge between lenders and consumers of mortgages. Their aim is to connect their clients with banks and other lenders with ideal solutions for different clients’ needs. Many of the initial mortgages in Belleville are issued by banks without the involvement of mortgage brokers. Very few meet the high credit requirements of banks and mortgage brokers are there to serve the rest. Most Canadian brokers and mortgage agents of today specialise in non-bank lenders serving people who cannot get bank loans. Such private lenders have different terms and conditions for loan approval, which accommodate more people than banks. Our mortgage brokers in Belleville exclusively connect people who cannot get bank loans with a selection of private lending services.
Mortgage Broker Services and the Specialisation of Mortgage Broker Store
A standard mortgage broker in Belleville will generally provide services associated with arranging the mortgage. They will consult with you on available options for your situation and request multiple quotes from various lenders before making the ultimate choice on your behalf. They have an in-depth knowledge of the entire Ontario mortgage industry, which goes a long way in getting you the best rates and terms for your mortgage.
Mortgage Broker Store-our mortgage brokerage- is licensed to conduct business in Belleville. We offer some niche services including:
- Stopping Power of Sale
- Stopping Foreclosure
- Bad Credit Mortgages
- Second Mortgages
- Private Lender Mortgages
- Home Equity Loans
Our staff at the mortgage broker store have nearly a decade of experience in alternative funding solutions. They are under principal broker Ron Alphonso, a renowned real estate guru. He has been on the major media outlets in Canada including Global News, Toronto Life and others seen on our media page.
Our mortgage brokerage has offices all over Ontario including Markham, London, Cambridge, Mississauga, Ottawa, Toronto, Vaughan and Milton among many others.
Mortgage Brokers and Mortgage Agents Compared
Mortgage brokers and mortgage agents in Belleville have the same roles selling mortgages However, only a mortgage broker has a right to operate a mortgage brokerage. There can be more than one mortgage broker in such a business and the leader is known as a broker of record. Also called the principal broker, the leader of a mortgage brokerage must keep agents in line and ensure the accuracy of all documents. The broker of record is culpable for everything that goes on at the brokerage.
Comparing Banks with Mortgage Brokers
Since time immemorial, banks have been the leader in providing mortgages in Canada. However, there is an increase in mortgage brokers providing more funding solutions than banks. A big number of mortgage brokers only work with non-bank services. This way, they can get reasonable mortgage rates with their network of lenders. People who were turned away by bank make the majority of a broker’s clients. While banks are still the main mortgages provider, today, mortgage brokers have set up about 40% of initial mortgages and 45% of the loans for new property buyers. If this trend continues, mortgage brokers will change history by becoming the leading mortgages provider.
Fees Charged By Mortgage Brokers
The charges depend on the client’s circumstances. A person who was approved for a bank loan doesn’t usually need to pay any fees in advance. Mortgage brokers are paid directly by the banks in such a deal. For private lender mortgages, you have to pay fees to the lender, broker or both parties. The minimum charges are $2000 to arrange the loan but it will be more if you have a divorce or other such complex legal issues to resolve. Mortgage broker fees are charged to pay broker staff, appraisal and real estate lawyers.
Mortgage Broker Licensing for Belleville
All mortgage brokers in the city must have a license from the Financial Services Commission of Ontario (FSCO). To be licensed also requires that you have an Ontario address and work under a licensed mortgage brokerage. All brokers start out as mortgage agents before they can apply for the license. After holding on to a mortgage agent’s license for two years, aspiring brokers must pass the FSCO approved Mortgage Broker Education Program, to become licensed mortgage brokers in Belleville.