Mortgage brokers in Fort Erie are people with a duty to connect lenders and borrowers of mortgages. The aim is to make sure that the message reaches banks and other lenders that their clients are in need of loans. Most of the initial mortgages are offered by banks without any association with brokers. Unfortunately, banks follow very strict rules before approving loans and many people are left to look for alternative solutions elsewhere. The mortgage broker industry in Fort Erie grew in response to the needs of various clients who were turned down by banks. Our mortgage brokers in Fort Erie exclusively serve people who cannot qualify for bank loans.
Mortgage Broker Services and Focus of Mortgage Broker Store
The standard mortgage broker in Fort Erie offers services related to setting up the loan. They will discuss the options available, request multiple quotes and finally make a choice they feel is most appropriate for each particular client. Mortgage brokers have a profound knowledge of the industry, which goes a long way in getting the best rates and terms for the mortgage.
Our mortgage brokerage is licensed to offer mortgages in Fort Erie and in addition to the ordinary, we have some niche offerings, which include:
- Stopping Power of Sales
- Home Equity Loans
- Second Mortgages
- Private Lender Mortgages
- Stopping Foreclosures
- Bad Credit Mortgages
Our staff at the Mortgage Broker Store have experience spanning several years providing alternative financing solutions. Principal broker Ron Alphonso, who is a popular real estate expert on the media, leads Mortgage Broker Store. He has been on Toronto Star, Toronto Life and others on our media page. Our brokerage services other cities and towns across Ontario including Windsor, Markham, Vaughan, Toronto, Ottawa and others.
Comparing Mortgage Brokers with Mortgage Agents
Mortgage brokers and mortgage agents in Fort Erie are often confused because they tend to have similar roles. The main difference between them is that only a mortgage broker has a right to open a mortgage brokerage. The firm may employ other agents and brokers led by a principal or broker of record. It is his duty to ensure that rules are followed and that documents relating to the firm are all in order.
Comparing Mortgage Brokers with Banks
Throughout history in Canada, banks have been the main mortgage providers of mortgages. Brokers are becoming more commonplace. Mortgage brokers provide more solutions than banks because a large number of brokers choose to work with non-banks lenders. This makes it possible for them to negotiate the most reasonable rates for their clients. The majority of mortgage broker’s clients are people who were turned away by banks. This is why mortgage brokers are responsible for arranging about 40% of initial mortgages and 45% of loans for people buying a new home. Banks are still the leading mortgages provider but if the trend continues mortgage brokers in Fort Erie will soon become the leading providers of loans.
Fees Charged by Mortgage Brokers
Fees Charged by mortgage brokers depend on each client’s circumstances but those who are approved for bank loans do not need to pay any fees upfront. For such deals, mortgage brokers are paid directly by the banks. People after private mortgages have to pay $2000 as loan set up fees. The charges might be higher if the borrower is faced with complex legal issues like divorce and inheritance. The money charged is often used as payment to broker and lenders’ staff, appraisal, real estate lawyers and other professionals needed to facilitate the loan.
Licensing for Mortgage Brokers in Fort Erie
To practice as a mortgage broker anywhere in Ontario, one must start as a mortgage agent and hold on to the license for at least two years. This makes them eligible candidates for the license but first, they must pass the Mortgage Broker Education Program approved by the Financial Services Commission of Ontario. Before getting the license, you must prove that you work at a licensed brokerage and reside in Ontario. Only those that meet these important criteria can get the coveted mortgage broker license in Fort Erie, Ontario, Canada.