A mortgage broker in Niagara Falls is the link between consumers and lenders of mortgages. The ultimate goal of a mortgage broker is to mediate between a mortgage consumer and banks or other lenders and get the best deal for their client. In Niagara Falls, most of the first mortgages are provided by banks without assistance from mortgage brokers. The Niagara mortgage broker industry grew to serve the needs of people who were turned away by banks. Banks have strict mortgage approval criteria that require 600 credit score points. Those who don’t qualify must seek alternatives which mortgage brokers may have. Today, most Canadian mortgage brokers specialise in deals from non-bank lenders. Our mortgage brokers in Niagara Falls only deal with private services for those that were turned down by the banks or simply want variety.
Mortgage Broker Services and Our Mortgage Brokerage’s Focus
A mortgage broker generally provides services associated with setting up a mortgage. They can consult with their clients, request quotes and finally decide on the best lender. Mortgage brokers have widespread knowledge of the industry and can help in getting the best rates and terms on mortgages.
Our mortgage brokerage, Mortgage Broker Store, is licensed to offer mortgages in the city and we have a few special offerings including:
- Private Lender Mortgages
- Second Mortgages
- Stopping Foreclosures
- Stopping Power of Sale
- Home Equity Loans
- Bad Credit Mortgages
Our staff at the Mortgage Broker Store boast more than half a decade of experience in offering alternative financing solutions. The principal broker is Ron Alphonso, a renowned expert on real estate matters. He appeared n Toronto Life, Toronto Star and other popular media outlets as on our media page. We also serve other cities in Ontario like Windsor, Milton, Vaughan and Ottawa.
Comparing Mortgage Brokers and Mortgage Agents
In Niagara Falls, mortgage brokers and agents are allowed to sell mortgage but that doesn’t mean they are the same. Only a mortgage broker has the right to run a mortgage brokerage. There can be more than one broker in one mortgage brokerage but the lead is known as a broker of record or principal broker. This individual should ensure that mortgage agents follow regulations and that all documents are in order.
Comparing Mortgage Brokers and Banks
Historically, Canadian banks have led at providing mortgages. Mortgage brokers are gaining popularity nowadays as they have more to offer than banks. Most mortgage brokers offer non-banks mortgages for which they are able to negotiate competitive rates with their network of lenders. The majority of mortgage brokers’ clients are people that were turned away by banks. While banks are still the leading source of mortgages change is inevitable as mortgage brokers continue to expand. Today, mortgage brokers are credited with arranging 45% of mortgages for people buying a new home and 40% of initial mortgages. If demand continues to increase, mortgage brokers will soon take the lead as the top provider of mortgages.
Fees Charged by Mortgage Brokers
The fees charged by a mortgage broker in Niagara Falls depend on the current situation of the client. Those who meet banks’ criteria don’t usually have to pay in advance. The mortgage broker’s fees are in such a deal paid to the broker directly by banks. The clients in need of private loans may be charged upfront by the lender, broker or both. The least you can pay is $2000 to set up your loan but it could be more if there are legal issues to deal with. The money is meant for paying real estate lawyers, appraisal, broker’s and lender’s staff among other experts required in arranging a mortgage. Mortgage broker fees tend to increase if there are legal issues like divorce, power of sales and inheritance facing the client.
Mortgage Broker Licensing for Niagara Falls
In this city, mortgage brokers must have a license from the Financial Services Commission of Ontario (FSCO). To be licensed one must have served as an agent and maintained their mortgage agent’s license for at least two years. If they pass the FSCO approved Mortgage Broker Education Program individuals can get the license but only if they live in Ontario and work for a licensed mortgage brokerage in the Province.