Mortgage Brokers in Georgina
A mortgage broker in Georgina is an important link between mortgage consumers. Their main goal is to make sure that banks and non-bank lenders know about the mortgage needs of their clients. In Georgina, banks provide most first mortgages without seeking assistance from mortgage brokers. The Georgina mortgage industry grew in response to the needs of clients who had been turned down by banks. Our mortgage brokers in Georgina exclusively offer private deals to clients who cannot go to the banks for various reasons.
Mortgage Broker Services and the Focus of Mortgage Broker Store
Most mortgage brokers offer basic services related to arranging a mortgage. They talk to clients about available options and request multiple mortgage quotes from lenders in their network. Finally, a mortgage broker will choose the offer they find ideal for that particular client. They can do this with utmost ease owing to a vast knowledge of the Ontario mortgage industry.
Mortgage Broker Store is licensed to operate as a mortgage brokerage in Georgina, ON. In addition to helping our clients with the mortgage set up, we also have some special offerings including:
- Private Lender Mortgages
- Bad Credit Mortgages
- Stopping Power of Sales
- Second Mortgages
- Stopping Foreclosures
- Home Equity Loans
Our employees at Mortgage Broker Store have many years of experience offering alternative financial solutions. Ron Alphonso, the principal broker and renowned real estate expert, leads them. He is a renowned authority whose opinion is often sought by media outlets. Ron has been on Toronto Life and Global News among others on our media page.
Our brokerage services other towns and cities in Ontario including Mississauga, Ottawa, Toronto, Kitchener and many others.
Mortgage Agents versus Mortgage Brokers
Mortgage agents and brokers are often deemed to be the same but there are clear differences. While their roles of selling mortgages are intertwined, only a broker has the authority to open a mortgage brokerage. Such a firm may have many brokers led by a principal broker or broker of record. These are the individuals charged with ensuring that rules are followed and that all documents are in order. As the man in charge, a broker of record is responsible for all activity related to the mortgage brokerage.
Mortgage Brokers versus Banks
In Canada’s history, banks have been the main providers of mortgages. Today, the market is seeing an increase in mortgage brokers who provide more financing options than banks. Most of the mortgage brokers in the country specifically offer private mortgages. This way, mortgage brokers can get the most reasonable rates and terms with their pool of lenders. People who were rejected by loans make the bulk of mortgage broker’s customers.Banks still offer the most mortgages but there is a clear increase in the use of mortgage brokers. Today, mortgage brokers are credited with arranging around 40% of initial mortgages and 45% of mortgages for new home buyers in Ontario, Canada.
Fees Charged by Mortgage Brokers
The fees a client pays for a mortgage broker’s services depend on their prevailing circumstances. People who meet banks’ requirements do not pay advance fees. This is because for such a loan the mortgage lender is paid by banks as soon as the deal is closed. Some people require private deals and for that, they must pay some fees up front to the lender, mortgage broker or both. This is used to set up the mortgage and it could increase if there are complex issues that need resolution before finalising the mortgage. Fees charged by a mortgage broker are used as payment for real estate lawyers, appraisal and other staff involved in setting up the mortgage deal.
Mortgage Broker Licensing for Georgina
In order to carry out legitimate business, mortgage brokers in Georgina must have a license from the Financial Services Commission of Ontario. To get a license also demands that you live in Ontario and work for a licensed brokerage firm there. All mortgage brokers begin their career as mortgage agents and maintain the license for two years. This makes them eligible to participate in the Mortgage Brokers Education Program, which earns those that pass the coveted mortgage broker license.