Mortgage brokers in Brantford are the professionals responsible for linking mortgage seekers with lenders. The main goal is to connect mortgage clients with banks and other lenders offering the best solutions to a particular client’s needs. In Brantford, banks offer the bulk of first mortgages without involving mortgage brokers. The Brantford mortgage industry grew to meet the demands of people who have been turned down by banks. Most Canadian mortgage brokers and agents of today specialise in connecting clients with non-banks. Our mortgage brokers in Brantford specialise on private lending services for individuals who cannot access bank loans.
Mortgage Broker Services
The standard mortgage broker in Brantford primarily offer services involved in mortgage processing. The expert can discuss the clients’ options, request quotes from lenders in their network and finally decide on a particular lender that they believe is most suitable. Mortgage brokers have a profound knowledge of the industry, which helps them in getting the best rates and terms for each client.
Our mortgage brokerage, “Mortgage Broker Store” has the license to transact mortgages in Brantford. We have a few niche specialisations including:
- Private Lender Mortgages
- Second Mortgages
- Home Equity Loans
- Stopping Power of Sales
- Stopping Foreclosures
- Bad Credit Mortgages
The staff at Mortgage Broker Store has more than half a decade of experience in providing alternative financing solutions. The principal broker, Ron Alphonso is a real estate expert by right, who is often consulted by the media. He has been in Toronto Life, Global News among others as seen on our media page. Our brokerage also services other cities and towns across Ontario like Vaughan, Milton, Cambridge, and London.
Mortgage Brokers vs. Mortgage Agents
Mortgage brokers and mortgage agents can both set up mortgages but there is a difference between them. Only a mortgage broker is allowed to run a mortgage brokerage. The person-in-charge of a mortgage brokerage is the principal broker who may hire others to work for him. It is the broker of record’s duty to ensure that rules are followed and that all documents are in order.
Mortgage Brokers vs. Banks
Banks have historically been the leader in mortgage lending all over Canada. Mortgage brokers are becoming more commonplace today as people who were rejected by banks seek alternatives. Mortgage brokers offer more variety and are more flexible than banks are when making lending decisions. They work with all lenders meaning that they can find suitable products for their clients from private mortgage lenders who are not governed by the same rules as banks. With their lender network, mortgage brokers are able to negotiate competitive rates on loans for their clients. The bulk of mortgage broker client are people who were rejected by banks. Today, the mortgage brokerages arrange about 40% of new mortgages and 45% of mortgages for people purchasing new homes. Banks still lead at offering mortgages but if the trend continues, mortgage brokers might take over.
Fees Charged by Mortgage Brokers in Brantford
The money you will pay as fees depend on your current situation. Banks pay mortgage lenders directly so people who qualify for bank loans do not need to pay upfront. For those seeking private deals, a fee of $2000 is charged and it could be more if there are complex legal matters to solve. Divorce and inheritance are some of the issues that cause an increase in fees paid to the mortgage broker or lender. Sometimes, fees are needed by both broker and lender to pay staff, real estate lawyers, and appraisal.
Mortgage Broker Licensing for Brantford
All mortgage brokers must be licensed by the FSCO or Financial Services Commission of Ontario in order to carry out legitimate business. Licensing also requires that a person has an Ontario address and be working at a licensed broker. The person seeking a mortgage broker license must have been a mortgage agent, maintaining their license for two years before they can apply. An aspiring mortgage broker must also pass the FSCO approved Mortgage Brokers Education Program in order to get the coveted license allowing them to offer mortgage services to different clients in Brantford and other parts of Ontario.