Mortgage brokers in Halton Hills are people whose job is to broker deals between mortgage lenders and consumers. The main goal is to ensure that their clients can reach banks and other lenders offering the best solutions. Mortgage brokers in Halton Hills work with organizations and individuals to ensure that each resident gets a loan that will indeed hep their situation. Banks issue most of the initial mortgages in the city but the mortgage industry is witnessing the incessant growth of mortgage brokerage prompted by the demands of people seeking alternative financing solutions. In Canada, most mortgage brokers connect their clients with non-bank lenders. Our mortgage brokers wholly concentrate on private lender services geared at people who cannot go for bank loans.
Our Mortgage Brokerage Focus and Basic Services of a Mortgage Broker
A mortgage broker generally provides services related to setting up a mortgage. They are available to listen to your needs, tell you about the options available to you and request several quotes on your behalf. Drawing from a pool of lenders, mortgage brokers can get the best rates and terms for your mortgage. Their vast knowledge of the mortgage market also helps in getting the most suitable loans for different clients.
We are a licensed mortgage brokerage in Halton Hills and in addition to the basics; we have some special offerings including:
- Second Mortgages
- Private Lender Mortgages
- Home Equity Loans
- Bad Credit Mortgages
- Stopping Power of Sales
- Stopping Foreclosure
Our mortgage brokers have 7 years of experience in providing alternative funding solutions to residents. The broker of record, Ron Alphonso has a great reputation in the real estate industry which is why the media trusts his opinion. He has been featured at Toronto Life, Toronto Star and Global News among others as seen on Mortgage Broker Store media page.
Our services are available in many other cities and towns across Ontario including Cambridge, Toronto, Ottawa, Belleville, Caledon and Markham.
Mortgage Brokers and Mortgage Agents
Mortgage agents and brokers’ roles cross when both are involved in selling mortgages. Otherwise, only a mortgage broker can open a brokerage. There can be many brokers at the same brokerage but the lead is called broker of record or principal broker. The main duty of the broker in charge is to ensure that mortgage agents stay in line and that all documents are in order.
Mortgage Brokers and Banks
All through history, banks have been the main provider of mortgages in Canada. Mortgage brokers are gaining more traction in the industry as they respond to the needs of clients who have been turned away by banks. Most of the mortgage brokers in Halton Hills choose to deal with private mortgages offered by non-bank lenders. Banks still lead at providing mortgages but mortgage brokers are now responsible for about 40% of initial mortgages and 45% of loans for clients buying a new piece of real estate. The biggest chunk of mortgage broker clients are people who were turned away by banks.
Mortgage Broker Fees
The fees depend on a client’s unique circumstances but those who meet banks’ criteria needn’t worry about upfront fees. The banks will pay such mortgage brokers directly when the deal is done but people seeking private deals must pay a fee. The broker, lender or both professionals may demand these charges as fees for processing the loan. Mortgage broker fees increase if there are legal issues like divorce and inheritance surrounding the client. The money is needed to pay lawyers, broker staff and other experts who set up the loan.
Mortgage Broker Licensing for Halton Hills
To become a mortgage broker in Halton Hills you must first be a mortgage agent and maintain your license for at least two years. Then you can apply and pass the Mortgage Broker Education Program approved by the licensing body; Financial Services Commission of Ontario (FSCO). To get the license demands that you live and work for a licensed mortgage brokerage in Ontario Province, Canada. Then you can become a mortgage broker offering basic services or start a mortgage brokerage to serve the needs of residents who cannot go to banks.