Mortgage Brokers in Brant are professionals who act as the intermediaries between mortgage consumers and lenders. Most of the first mortgages in Ontario are provided directly by banks without involving mortgage brokers. Unfortunately, many residents of Brant cannot get bank loans, which require a very high credit score. Most Canadian mortgage agents and brokers specialise in connecting their clients with private lenders. Our mortgage brokers in Brant exclusively offer private lender deals aimed at those who cannot go to the banks.
Mortgage Broker Services and the Focus of our Mortgage Brokerage
A mortgage broker generally provides services related to processing the mortgage. They are available to listen to a customer’s needs, discuss options available for that situation and request quotes from multiple lenders in their network. They are able to get the best rates on loans for their clients owing to a vast knowledge of the mortgage industry.
Our mortgage brokerage is licensed to deal with mortgages in Brant and in addition to the usual; we have some niche offerings.
- Private Lender Mortgages
- Bad Credit Mortgages
- Home Equity Loans
- Stopping Foreclosure
- Stopping Power of Sales
- Second Mortgages
Our staff at the Mortgage Broker Store have 7 years of experience in offering alternative financing solutions. They are guided by a renowned expert in the real estate industry, who is often sought after for his opinion on current affairs. The principal broker, Ron Alphonso has been on Toronto Life and Toronto Star among others on our media page. Our brokerage services other cities and towns in Ontario including Ottawa, Toronto, Mississauga, Markham, London and more.
Mortgage Brokers Compared with Mortgage Agents
Mortgage agents and mortgage brokers in Brant are different in that only the mortgage broker can open a brokerage. The person in charge of a brokerage is the principal broker who can hire agents and other brokers to work for the firm. It is the duty of a principal broker to ensure that agents comply wit regulations and that all brokerage documents are in order. The broker of record is culpable for all deals conducted by other brokers and agents.
Comparing Mortgage Brokers and Banks
Throughout Canadian history, banks have been the leading lenders of mortgages. Recently, though, there has been an increased presence of mortgage brokers in the marketplace, who offer more alternatives than banks. Many mortgage brokers deliberately connect their clients with non-bank lenders who are always willing to offer competitive rates. The majority of a mortgage broker’s clients are people who have been turned away by banks. There is increased use of mortgage brokers among residents even if banks still lead at providing mortgages. In Canada today, mortgage brokers have arranged about 40% of all mortgages and 45% of all loans for new home buyers. If the demand for mortgage brokers continues, banks will soon take a step back as the leader in the provision of mortgages around Brant, Ontario.
Fees Charged by Mortgage Brokers
The charges depend on the individual client’s needs and those who are approved for bank loans do not have to pay upfront. The mortgage brokers, in this case, are paid directly by banks as soon as the deal is done. For private deals, the borrower must pay a minimum o $2000 to the lender, mortgage broker or both, to finance mortgage set up. You will pay more if there is a divorce, power of sales or inheritance to resolve. The money charged by a mortgage broker is used to pay different professionals like real estate lawyers, appraisal and other professionals needed to process the loan.
Mortgage Broker Licensing in Brant
Mortgage brokers must have a license from the Financial Services Commission of Ontario if they want to operate legally. To be licensed in Brant also requires that one has an Ontario address and work under a licensed brokerage. Before they can apply, brokers start out as mortgage agents in Ontario, maintaining the license for at least two years. Then they are eligible to sit the Financial Services Commission of Ontario approved Mortgage Broker Education program and get the license if they pass. As a licensed mortgage broker, the professional can open a brokerage or work for one.