Mortgage brokers in Etobicoke are the bridge between mortgage lenders and consumers. The main goal is to connect their clients with lenders of the best solution for their prevailing circumstances. Banks are the major lender of first mortgages without association with mortgage brokers. The mortgage broker industry in Etobicoke only grew in response to the needs of many who had been rejected for loans by banks. Most mortgage brokers in this industry deliberately link their clients with private “non-bank” lenders. Our mortgage brokers serving in Etobicoke exclusively focus on private services for their clients who cannot get traditional bank loans.
Services Provided by Mortgage Brokers and Focus of Mortgage Broker Store
Ordinarily, a mortgage broker in Etobicoke extends services related to setting up a mortgage. They will listen to your needs, inform you about available options and if you like, they move on to request multiple quotes on your behalf from the lenders in their network. After careful comparison of all offers received, the seasoned mortgage broker goes ahead to choose the lender they feel is best for your case. They have a deep knowledge of the industry, which goes a long way in getting clients the best mortgage terms and conditions for their situation.
Mortgage Broker Store is licensed to offer mortgages in the neighbourhood. W e also offer other services to our clients with special needs including:
- Second Mortgages
- Bad Credit Mortgages
- Stopping Foreclosures
- Stopping Power of Sales
- Home Equity Loans
- Private Lender Mortgages
Our experts at the Mortgage Broker Store have more than 7 years of experience offering alternative funding solutions. The principal or broker of record, Mr Ron Alphonso is a common name in the media outlets. Being an expert in real estate Ron’s opinion is widely sought by major outlets like Toronto Life, Global News, and Toronto Life among others seen on our media link.
Mortgage Brokers Compared with Mortgage Agents
Both mortgage brokers and mortgage agents in Etobicoke are licensed to sell mortgages. However, only one is allowed to operate a mortgage brokerage. The person who runs a mortgage brokerage is known as the principal broker or broker of record. He/she may hire others to work at the brokerage and his main job is to ensure that there is full compliance with the law and that relevant documents are in place. In simple terms, the principal broker is culpable for all activities that occur at the brokerage, as he is indeed the heart of the business.
Mortgage Brokers Compared with Banks
Throughout Canada’s history banks have been the main lenders of mortgages but this is changing. Today, mortgage brokers have increased in Etobicoke and they have more to offer than the banks do. Most of the mortgage brokers prefer working with private lenders who are not tied to banks. This way they can negotiate better rates and terms for mortgages. Most of the clients who approach brokers are those who do not qualify for traditional loans offered by banks and other institutional lenders. Banks still lead at providing mortgages but it is obvious that the use of mortgage brokers has increased. Today, mortgage brokers are credited with organising about 45% of mortgages for people buying a new home and 40% for initial mortgages.
Fees Charged by Mortgage Brokers
Mortgage brokers charge fees according to the clients’ needs. Those that meet banks’ criteria aren’t charged any fees upfront as brokers will be paid directly by banks when the mortgage closes. Those who need private loans must part with $2,000 upfront to process the loan. This figure will increase if there is a legal issue like inheritance, divorce or power of sale to deal with. Fees charged by a mortgage broker for private lenders are meant to pay real estate lawyers, appraisers, broker and lender staff among other experts involved in mortgage processing.
Mortgage Broker Licensing in Etobicoke
Mortgage brokers in Etobicoke need a license from the Financial Services Commission of Ontario (FSCO). It is also necessary that you live in Ontario and work at a licensed mortgage brokerage. These professionals start as mortgage agents who must hold on to the license for a couple of years. Then they must pass the Mortgage Broker Education Program approved by FSCO, to earn the mortgage broker license in Etobicoke.