Mortgage brokers in Newmarket are individuals who mediate between mortgage consumers and lenders Their main goal is to connect customers with banks or other lenders who can give them loans at the best rates and terms. First mortgages in Ontario are usually provided by banks without involving mortgage brokers. Mortgage broker industry only grew to offer better services to people whose loan applications were rejected by banks. The majority of mortgage agents and brokers in Canada particularly link their clients to a special category of private lenders who are not associated with banks. Our mortgage brokers in Newmarket, Ontario solely concentrate on private lending services for people who cannot get bank loans.
Mortgage Broker Services and Our Mortgage Brokerages Focus
The standard mortgage broker in Newmarket will provide general services related with the process of setting up the mortgage. They will discuss the options available to you and request as many quotes as they can get before comparing them to decide on the best lender for the client’s needs. They have an in-depth knowledge of the mortgage industry, which helps a lot in getting the best rates and terms for clients. Our mortgage brokerage, Mortgage Broker Store offers mortgages in Newmarket including:
- Stopping Power of Sales
- Private Lender Mortgages
- Stopping Foreclosures
- Home Equity Loans
- Second Mortgages
- Bad Credit Mortgages
Our experts at Mortgage Broker Store have years of experience providing alternative financing options. The principal broker is Ron Alphonso, a renowned real estate expert in Canada. Ron has appeared in several media outlets where he lends his expertise on matters of interest. The media outlets he has visited include Toronto Life and Global news among others as on our media page.
Our mortgage brokerage also services other cities and towns in Ontario including London, Mississauga, Ottawa, Toronto and Milton.
Mortgage Brokers vs. Mortgage Agents in Newmarket
Both professionals are licensed to sell mortgages to borrowers in Newmarket, Ontario. However, only a mortgage broker has a right to open a brokerage company in addition to providing general services. There can be multiple brokers in a mortgage brokerage but the leader is known as principal broker or broker of record. This person is tasked with ensuring that mortgage rules are followed and that all relevant documentation is in order.
Mortgage Brokers vs. Banks
In Canada, the norm has been that banks are the main providers of mortgages. Mortgage brokers are increasingly popular and they can offer more options than banks. A majority of mortgage brokers particularly offer non-bank loans. This way, they can negotiate the best terms with their network of lenders in Newmarket or beyond. Most of a mortgage broker clients are people who were turned away by banks. Banks are still the main lender but today, mortgage brokers arrange 45% of mortgages for people buying their new home and 40% of initial mortgages. If the trend continues, mortgage brokers in Newmarket will soon overtake banks as the leading provider of mortgages.
Mortgage Broker Fees
People who meet the banks’ criteria are not typically charged any fees upfront. This is because banks pay the mortgage brokers immediately the mortgage closes. For people seeking private deals, the fees charged depend on the client’s situation. The charges may be required by broker, lender or both parties to set up the mortgage. A minimum of $2000 is required to pay real estate lawyers, appraisal, staff and other professionals involved in arranging the mortgage. Legal issues the borrower may be facing largely influence the fees. Such legal issues include divorce, power of sales, and inheritance. Mortgage brokers in Newmarket are the best professionals to negotiate the best possible terms on your behalf with multiple lenders.
Mortgage Broker Licensing
The FSCO or Financial Services Commission of Canada must license mortgage brokers in Newmarket for them to carry out legitimate business. This also requires that they live in Ontario and work for a licensed mortgage brokerage. Each broker starts out as a mortgage agent and maintains the license for two years before they can apply for a mortgage broker’s license. To receive the license, people must pass the Mortgage Broker Education Program approved by the Financial Services Commission of Ontario.