Mortgage brokers in Caledon are the people who bridge the gap between mortgage brokers and mortgage consumers. The main goal of a mortgage broker is to make sure that the message gets out to potential lenders about consumers’ needs. They negotiate with banks and other lenders to find services that are most suitable for individual clients. The mortgage industry of Caledon grew in response to the need for loans among people who couldn’t access bank loans. Banks require a very high credit score before they can loan anyone but this is a figure that very few meet this requirement. Many mortgage brokers choose to connect their customers with non-bank lenders so they can negotiate the best terms and rates. Such lenders are more flexible than banks and can lend to any client without regard to their credit history. Our mortgage brokers in Caledon only offer private deals to those who cannot get bank loans. This serves a large number of clients in Ontario who are constantly looking for alternative financial solutions.
Mortgage Broker Services and the Focus of Mortgage Broker Store
Mortgage brokers in Caledon will generally offer assistance with mortgage processing. The typical broker will discuss the clients’ needs and request many quotes from the lenders in their network. Finally, the mortgage broker will decide on the offer they feel is most suitable for each client. Mortgage brokers can find good loans with much ease as they boast a profound knowledge of the mortgage industry in Caledon. Besides Caledon, we also serve other cities in Ontario including Windsor, London, Cambridge, Brampton, Mississauga and many more cities.
Mortgage Broker Store is licensed to provide mortgages in Caledon and in addition to that we have some special offerings which include:
- Private Lender Mortgages
- Stopping Power of Sales
- Bad credit Mortgages
- Home Equity Loans
- Stopping Foreclosures
Professionals at the Mortgage Broker Store have been offering alternative lending solutions for 7 years. The principal broker is a recognisable name in the real estate industry of Ontario. He has been featured in Toronto Life, Toronto Star, Global News and other outlets as on our media pages.
Mortgage Brokers and Mortgage Agents Compared
Both a mortgage broker and agent can sell mortgages in Caledon but only the mortgage broker has authority to open a mortgage brokerage. One firm may employ other brokers but the leader is known as a principal broker. The duty of a broker of record is to ensure that rules are followed and that all documents are in order.
Mortgage Brokers and Banks
Through history, most mortgages in Canada are provided by banks. Mortgage brokers are becoming more common in the market and they have more to offer than banks. Typically, mortgage brokers in Caledon work with private lenders who can offer the best rates to their clients. Today, mortgage brokers have set up 40% 0f al initial mortgages and about 45% of mortgages for people buying a new property. If this keeps up, mortgage brokers will be responsible for providing more loans than banks.
Fees Charged by Mortgage Brokers
The fees charged by mortgage brokers depend on each client’s unique circumstances. People who have qualified for bank loans do not need to pay any fees upfront. This is because the mortgage broker for a bank deal will be paid directly as soon as the mortgage closes. For private deals, a minimum of $2000 is required to arrange the mortgage and it increases if there are some complex legal issues to resolve. The fees charged by mortgage broker or lender are used to pay different professionals involved in setting up the mortgage. These include real estate lawyers, appraisal and staff.
Mortgage Broker Licensing in Caledon
For one to become a mortgage broker in Caledon, they need a license from the Financial Services Commission of Ontario. To give the license, the FSCO requires that you reside in Ontario and work for a licensed brokerage. You must start as a mortgage agent and maintain the license for two years before you can be allowed to apply for the license. All applicants must sit the Financial Services Commission of Ontario approved Mortgage Broker Education Program and succeed if they are to receive the license.