A mortgage broker Innisfil is a professional who connects mortgage consumers with lenders. Their main goal is to help their clients to reach banks or other lenders offering the best solutions for their needs. Most of the first mortgages in this city are offered by banks without the assistance of mortgage brokers. The mortgage industry of Innisfil only grew as a response to the needs of residents who couldn’t qualify for bank loans. Banks need people to have a high credit score more than 600 points in order to approve loan applications. Most mortgage agents and mortgage brokers in Canada specialize in linking their customers with private lenders who do not mind the credit score. Our mortgage brokers in Innisfil focus exclusively on private lending services geared at individuals who cannot go to banks for loans.
Mortgage Broker Store Focus and Services from Mortgage Brokers
Usually, a mortgage broker offers services associated with arranging a mortgage. They usually listen to different clients’ needs; tell them about the options available to them. They proceed to request quotes from the lenders in their network and decide on the best one for each. Mortgage brokers in Innisfil have a profound knowledge of the mortgage industry, which they tap into to ensure the best rates and terms on mortgages.
Our brokerage, the Mortgage Broker store has a license to sell mortgages. We also offer other niche services including:
- Second Mortgages
- Private Lender Mortgages
- Stopping Power of Sales
- Stopping Foreclosures
- Home Equity Loans
- Bad Credit Mortgages
Our staff at Mortgage Broker Store has more than 7 years of experience offering alternative funding solutions. Principal broker, Ron Alphonso is an expert in the industry who is often sought by the media outlets to clarify on mortgage matters. He has recently been n Toronto Life, Toronto Star and Global News among others on our media page. Our brokerage services are available in other towns and cities across Ontario including Toronto, Ottawa, Belleville, Milton, Caledon, Mississauga, Brampton and others.
Mortgage Brokers vs. Mortgage Agents
Mortgage agents and mortgage brokers in Innisfil are both licensed to offer mortgages. The only difference is that only the brokers can open a mortgage brokerage. One mortgage brokerage company can have more than one broker led by one known as the principal broker or broker of record. He is in charge of all documents and must ensure that mortgage agents and brokers comply with all regulations.
Comparing Mortgage Brokers with Banks
Throughout history, banks have been the leading providers of mortgages in Canada. There is an increase in mortgage brokers, who offer more options than banks can. The brokers of today mainly connect their clients with non-bank mortgages. Mortgage brokers are able to negotiate reasonable mortgage rates with their network of lenders. While banks continue to be the main source of mortgages, there is a clear rise in the use of mortgage brokers. Today, mortgage brokers are responsible for about 45% of mortgages for people buying their new property and 40% of initial loans. If the trend continues, mortgage brokers will soon become the leaders in providing mortgages in Innisfil.
Fees Charged by Mortgage Brokers in Innisfil
Mortgage brokers in Innisfil charge different rates according to the client’s situation. They do not require those that meet bank’s criteria to pay upfront as banks will pay them directly. Those that need a private deal must pay at least $2000 to process the mortgage but fees could increase if there is a divorce, inheritance or power of sale situation to resolve. The money is needed to pay mortgage broker and lender staff, appraisal, real estate lawyers and other professionals needed in the loan approval process.
Mortgage Broker Licensing for Innisfil
To get a license in Innisfil, aspiring brokers must start out as mortgage agents and hold on to the license for at least two years. This makes them eligible to sit the Mortgage Broker Education Program and get a license if they pass. The Financial Services Commission of Ontario issues a mortgage broker’s license to people who meet all the requirements. To get the license also requires that you live in Ontario and work for a licensed mortgage brokerage.