A mortgage broker in Bradford is the professional tasked with linking mortgage brokers with mortgage agents. The main goal is to get the best loan solutions for their clients. The most initial mortgages are offered by banks in Canada without any help from mortgage brokers. The mortgage industry in Bradford grew to serve clients who had been turned away by banks. Mortgage brokers specialise in connecting their clients with private lenders. Our brokerage exclusively focuses on non-bank services geared at those who couldn’t go to the banks for loans for different reasons.
Mortgage Broker Services and the Focus of Mortgage Broker Store
Mortgage brokers usually offer services related to setting up the loan. They are available to discuss options with clients and ask for offers from multiple lenders in the network. After comparing the quotes, a mortgage broker will choose the one they find most appropriate for a particular client. Mortgage brokers are able to find the most appropriate product for their client owing to their vast knowledge of the industry gained over many years.
Mortgage Broker Store is licensed to operate as a mortgage brokerage in Bradford. In addition to the normal services, mortgage broker store offers some niche services including:
- Private Lender Mortgages
- Bad Credit Mortgages
- Second Mortgages
- Stopping Foreclosures
- Home Equity Loans’
- Stopping Power of Sales
Our employees at Mortgage Broker Store have many years of experience offering alternative funding solutions. The principal broker is Ron Alphonso, a highly-regarded real estate expert whose opinion is often sought by the media. He has been on Toronto Life, Toronto Star, Global News and others seen on our media page.
In addition to Bradford, our mortgage brokerage services other cities including Windsor, Toronto, Mississauga, Oakville, Milton and Kitchener among others.
Comparing Mortgage Brokers with Mortgage Agents
Both a mortgage agent and mortgage agent in Bradford can sell mortgages. The only significant disparity between them is the fact that mortgage brokers can open brokerages but agents can only work there. The leader at a mortgage brokerage is known as the principal or broker of record, who can hire others to work for the firm. It is their duty to ensure that rules are followed and that all documents are in order.
Mortgage Brokers Compared with Banks
In Canada, banks have been the main mortgage providers but there is an increased presence of mortgage brokers in Bradford. Mortgage brokers in Bradford have more to offer than the banks and most of them specialise in private deals. They can negotiate ideal terms and rates with lenders in their networks. The bulk of mortgage broker clients are people who were turned down by banks owing to poor credit or other reason. While banks are still the leading provider of mortgages in Bradford, the use of mortgage brokers is clearly on the rise. Today, brokers are responsible for about 45% of loans for people buying new homes and 40% of initial mortgages. If this continues, mortgage brokers will soon become an integral player in the loans market, overtaking banks and institutional lenders.
Mortgage Broker Fees
The fees charged by mortgage brokers in Bradford depend on the client’s situation. People who meet requirements by banks are not usually required to pay anything in advance because brokers of such deals will be paid directly by the lender as soon as the mortgage closes. Some people need private deals for which a fee of $2000 must be paid as mortgage processing fees. Depending on the client’s situation again, broker, lender or both professionals may demand the fees. This money is needed in advance to pay real estate experts, appraisal, and other professionals needed to process the mortgage.
Mortgage Broker Licensing in Bradford
All mortgage brokers must have a license from the Financial Services Commission of Ontario (FSCO). To get the license also requires that a broker has an Ontario address and work for a licensed brokerage. Mortgage brokers were originally mortgage agents for two years before they could apply. All individuals must pass the FSCO approved Mortgage Broker Education Program if they want to get the license allowing them to serve as mortgage brokers in Bradford, Ontario.