As the name suggests, a mortgage broker in Hamilton plays the role of an intermediary between creditors and customers in search of loans. The main goal of a professional mortgage broker is to act as mortgage advisor and provide best mortgage terms. While banks are the biggest mortgage lenders, many applications are rejected, as they do not meet the loan criteria. Many mortgage brokers in Hamilton work with private lenders who are not associated with banks to offer alternative financing to those that were turned down by lending institutions. Our mortgage brokerage is one such company that specializes in private lender mortgages.
General Services Provided by Mortgage Brokers and the Focus of Mortgage Broker Store
Our mortgage brokers listen to a client’s needs, request as many quotes as possible and then make a choice of what they feel would be best. They typically offer services related to setting up a mortgage and guide the customer based on their understanding of the inner workings of the Hamilton mortgage market. Our Mortgage Broker Store has the green light to serve as a mortgage brokerage firm and we have some special services for clients including:
- Bad Credit Mortgages
- Private Lender Mortgages
- Debt Consolidation Loans
- Stopping Power of Sale and Foreclosure
- Second Mortgage
- Home Equity Loan
Mortgage Broker Store experts have many years of skilled gained in constantly offering alternative funding solutions to the people of Hamilton. The broker of record in this firm is Ron Alphonso, an acclaimed real estate authority. Top media authorities like Global News and Toronto Life regularly seek his counsel about mortgages and other matters related to real estate. He has also been featured in Toronto Star among others as seen on our media page.
Mortgage Brokers Near Me
Our mortgage agents and brokers are always near to you. Our mobile mortgage advisors can come directly to you house to discuss your mortgage options. Our mortgage agent will review your mortgage requirements and make recommendations based on your situation. Mobile mortgage agents work on weekends so that you do not have to take time off work.
Mortgage Brokers and Mortgage Agents
Both mortgage brokers and mortgage agents can advise and arrange mortgages. The main difference is that only a mortgage broker may open a mortgage brokerage. The person in charge of affairs in a mortgage brokerage is the broker of record. This person also has power to hire other mortgage agents and ensure that everyone follows set regulations. Most of our clients want to know who is the best mortgage broker near me, therefore we have mortgage agents that can come to your house to fill out the paperwork.
Mortgage Agents and Banks
The most mortgages in Canada are issued by banks but there is a surge of demand for mortgage advisors. Banks have stringent loan approval requirements, which only a few people meet. The rest find a suitable alternative by working with mortgage brokers who can land them good loan packages from non-bank lenders. Owing to their flexibility, most of a mortgage broker’s clients are people with low credit score. Banks still command a big share of the Hamilton mortgage market but that should change if things continue as they are. Currently, mortgage brokers are 45% of first-time home buyer loans and 40% of initial mortgages.
Fees by Mortgage Brokers in Hamilton
Residents who meet bank requirements are not charged any fees upfront. For the rest, the fees are determined by the situation. Legal issues such as divorce, inheritance, and power of sale are likely to increase the fees charged. Generally, people looking for private lender mortgages pay $2000 as fees to pay lawyers, broker’s staff and other professionals involved. Due to higher risk levels private lender charge higher fees. Mortgage broker fees also depend on the brokerage you approach for help in Hamilton. It is the mortgage broker’s duty to find loans at the cheapest possible rates in the crowded mortgage scene. A broker ensures that the loan given is one that a consumer will be able to repay when the time comes.
Commercial Mortgage Advisors
Commercial mortgages are very different from residential mortgages, therefore the mortgage advisor must specialize in commercial properties. Our commercial mortgage specialist are trained to handle all aspects of larger financial transactions. Our mortgage advisors are always near by or a quick phone call away. Commercial interest rates are dependent on the type of property and the level of risk. Our commercial mortgage advisors assist our clients in getting the lowest possible interest rate for their property.
Mortgage Broker Licensing in Hamilton
Anyone who is interested in becoming a mortgage broker must start out as an agent and maintain their license for a couple of years. After this period, they must pass through the Mortgage Broker Education Program to qualify for a license. The Financial Services Commission of Ontario will only give the license to professionals with an Ontario address. They must also work for a licensed brokerage. Everyone that claims to be a mortgage broker must present a valid license from the Financial Services Commission of Ontario (FSCO). As mortgage professionals we are members of various mortgage associations and are on the advise on industry concerns.
Hamilton Mortgage Specialist
Our mortgage company has mortgage specialist for residential and commercial properties. We also have mortgage specialist that handle power of sales, foreclosures and real estate litigation. Our specialist have many years of experience in their specific lending areas and can advise you on the best course of action for your situation. Our mortgage specialist are always near you or a phone call away.
As mortgage professionals we understand that advising our clients on their best options is our job. All our mortgage agents are licensed by FSCO and independent mortgage advisors. We are required to follow all government regulations cover by the Ontario Mortgages Act.
Mortgage Agents Near Me
We have mortgage agents near you they can come to your home to discuss your mortgage options. We have mortgage agents near by in Stoney Creek, Hannon, Binbrook, Ancaster, Freelton, Milgrove, Puslinch, Morriston, Rockton, Grassie, Smithville, Dundas, Waterdown and Caledonia. Our professionals can advise you on all of your mortgage options.