Mortgage brokers in Kingston are people who connect mortgage brokers and lenders offering them. A mortgage broker’s main goal is to make loans available to borrowers who need them most. They work with both banks and non-bank lenders in the provision of suitable loans. They are a popular alternative to traditional loans, which are not accessible to all. Mortgage Broker Store specialises in loan services geared to people who do not qualify for loans from banks.
A mortgage broker generally provides services related with arranging the mortgage. These are; consulting with clients, requesting various offers and then making a choice on behalf of the clients. They have unmatched knowledge about the industry that they use to negotiate the best possible terms on loans. We are licensed to provide the usual mortgage broker services and in addition, we specialise in some unique offerings:
- Second Mortgages
- Stopping Power of Sales
- Private Lender Mortgages
- Home Equity Loans
- Bad Credit Mortgages
- Stopping Foreclosure
Mortgage Broker Store’s professionals have been at it for nearly a decade now, offering the best options to residents. They are under the principal broker, Ron Alphonso, a renowned expert on mortgage and real estate matters. Popular media outlets usually consult with Alphonso to get information on prevailing matters in the real estate sector. You can see all the exploits of Ron Alphonso on our media page.
Mortgage Brokers in Comparison with Mortgage Agents
Mortgage agents and mortgage brokers in Kingston are both licensed to sell mortgages. However, only a broker has the permission to run a mortgage brokerage. The person in charge of the brokerage is the principal broker who also hires other brokers and agents to work at the firm. It is the principal broker’s responsibility to ensure that agents adhere to mortgage rules and that all documents are in order.
Mortgage Brokers Compared With Banks
As history has it, mortgages have been primarily offered by banks in Canada. In recent times, however, more people seem attracted to mortgage brokers who offer more flexibility and a wider range of options compared with banks. While banks continue to dominate the mortgage lending scene, statistics show steady growth in demand for services offered by mortgage brokers in the city. The main clients of a mortgage brokerage have bad credit, which means they can only find viable alternatives with private lenders who do not care much for the credit score. Mortgage brokers are credited with 45% o mortgages for new home buyers and 40% of initial mortgages. If this trend continues, it will be mortgage brokers at the helm of the markets in a few years.
Fees for a Mortgage Broker
How much a client pays depends on their current circumstances. Those who qualify for loans from banks are not required to pay anything beforehand. This is because mortgage brokers, in this case, are paid as soon as the mortgage closes, by banks. This situation poses less of a risk than private deals, most of which are needed by people with poor credit. You have to pay the mortgage broker, lender, or both parties a sum of $2000 to cater for expenses associated with processing the loan. For private loans, neither lender nor broker is willing to add costs by paying for home appraisal, real estate lawyers and other staff involved in arranging the loan. This is a move to reduce risk and increase the odds of compensation. You will pay more in fees if there are legal issues like inheritance, divorce, and foreclosure to resolve before finalising the mortgage.
Requirements for a Mortgage Broker License
You must have a license from the Financial Services Commission of Ontario (FSCO) to operate as a mortgage broker in Kingston. To get the loan you must have held a mortgage agent license for two years. This allows you to sit the Mortgage Broker Education Program approved by the FSCO. If yo pass, the Financial Services Commission will establish that you work for a licensed brokerage and currently reside in Ontario before they can hand you the license to operate as a mortgage broker in Kingston and other cities.