These professionals act as the link between mortgage consumers and lenders. The main goal of a mortgage broker in Cornwall is to connect their clients with lenders offering them the best solutions. In Cornwall, most initial mortgages are issued by banks without the assistance of mortgage brokers. The mortgage industry of Cornwall only developed in answer to the needs of those who turned down by banks. Most agents and brokers specialize in connecting their clients with private lenders who do not follow the same rules as banks. Our mortgage brokers in Cornwall focus wholly on private services that are aimed at those who cannot get bank loans.
Mortgage Broker Services and Focus of Mortgage Broker Store
The ordinary mortgage broker offers services related to arranging a mortgage. They can talk to clients about available options, request mortgage quotes and finally choose the offer they feel is best for your circumstances. Mortgage brokers have a vast knowledge of the industry, which helps a lot in getting clients the best terms and rates for mortgages. Here are some of the speciality services offered at our brokerage:
- Bad Credit Mortgages
- Stopping Power of Sales
- Home Equity Loans
- Stopping Foreclosures
- Second Mortgages
- Private Lender Mortgages
The staff at Mortgage Broker Store have been in the business of offering alternative financing solutions for nearly a decade. Principal broker Ron Alphonso is considered an expert in the mortgage industry. He is often featured in the major outlets like Toronto Life and others on our media page.
Our Brokerage Services other Cities and Towns across Ontario including Markham, Toronto, Ottawa, Belleville, Milton, Vaughan, Mississauga, Brampton, Oakville, Kitchener and more.
Mortgage Brokers vs. Mortgage Agents
Mortgage brokers in Cornwall and agents are individuals licensed to offer mortgages to consumers in Cornwall. The only difference is that only a mortgage broker can open a brokerage employing other mortgage brokers and agents. The leader is known as principal broker or broker of record and he must ensure that rules are followed and documents are in order. The principal broker is responsible for everything that happens within the mortgage brokerage.
Mortgage Brokerages vs. Banks
In Canada, mortgages have mainly been provided by banks but today there is an upsurge of mortgage brokers offering a variety of solutions. They offer more than banks and many mortgage brokers specialise in non-bank services so they can negotiate competitive rates on behalf of their clients who could be individuals or companies. Those who have been turned away by banks make the bulk of a mortgage broker’s clients. Banks are still in the lead as top mortgage providers but there is no doubt that the use of mortgage brokers is on the rise. Today, mortgage brokers arrange about 45% of mortgages for people buying new homes and about 40% of initial mortgages. If this keeps up, mortgage brokers will soon take the lead as the main provider of financing in Ontario.
Mortgage Broker Fees in Cornwall
The amount clients pay mortgage brokers in Cornwall depends on their financial situation. Those who were approved for bank loans aren’t usually required to pay any fees upfront as the banks pay mortgage brokers as soon as the deal is done. For those who prefer private deals a minimum of $2000 is needed to facilitate the mortgage set up process. Lender, mortgage broker or both parties might charge fees in advance. They need this money to pay broker and lender staff, appraisal and real estate lawyers among others needed along the mortgage approval process. Some people pay higher mortgage broker fees in Cornwall with the revelation of complicated legal issues like inheritance, power of sales and divorce.
Mortgage Broker Licensing for Cornwall
In order to carry out business as mortgage brokers in Cornwall, people must have a license from the Financial Services Commission of Ontario. To grant the license, FSCO also requires that you reside Ontario and work for a licensed mortgage brokerage. All mortgage brokers in Ontario start as mortgage agents who must maintain their license for two years. Those who meet this requirement have to apply and sit the Mortgage Broker Education Program approved by the Financial Services Commission of Ontario to get the coveted mortgage broker license. With this document, you ca trade in mortgages or open a mortgage brokerage offering niche services for mortgage consumers in Cornwall.