Mortgage brokers in North Bay are people whose main role is connecting clients with mortgage lenders in the city. A mortgage brokers’ main intention is to connect customers with different lenders who can offer mortgages that are most suitable for their needs. In the Province, most of the first mortgages are provided by banks; without the involvement of mortgage brokers. In response to the needs of those that were turned away by banks, the mortgage industry grew. Today, many Canadian mortgage brokers work only with non-bank lenders as they try to provide the ideal mortgages for clients. Our mortgage brokers in North Bay only deal with private mortgages for people who cannot go for bank loans.
The standard mortgage broker ordinarily delivers services related to setting up a mortgage. They listen to a client’s desires and send out a request for quotes from lenders in their network. The professional will move on to compare any offers they receive in order to decide on the best deal for their clients. To get the best rates and terms for individuals and organisations, mortgage brokers draw from knowledge gained over the years.
We are a licensed mortgage brokerage in North Bay and apart from the normal services we have a few niche offerings including:
Staff working at the Mortgage Broker Store has more than 5 years of experience offering alternative funding solutions. This is done under the leadership of Ron Alphonso who is highly regarded as the real estate authority of Ontario. This is why you will see him on Toronto Life and Global News among others as on our media page. Our brokerage serves cities and towns in Ontario including Toronto, Ottawa, Oakville, Richmond Hill and others.
People often confuse between them but mortgage agents and mortgage brokers are different in that only the broker has authority to run a brokerage. There might be more than one mortgage broker in a firm and the lead is known as a broker of record. It is the principal broker’s duty to ensure that documents are in order and that mortgage agents abide by the rules.
In Canada, mortgages have been historically provided by banks. It is now normal to see mortgage brokerages in Canada as people are much in need of alternative financial solutions. Many mortgage providers specialise in non-bank mortgages because they can negotiate competitive rates for their customers. Banks are still the lead mortgages provider in North Bay but soon, mortgage brokers might overtake them. To get a bank loan, one needs a high credit score above 600 points but the non-bank lenders are ready to offer loans without consideration of credit score. Today, mortgage brokers have arranged around 45% of mortgages for new home buyers and 40% of initial mortgages.
Fees charged by mortgage brokers depend on the individual client’s needs. Those who meet banks’ criteria do not have to pay any fees upfront because mortgage brokers get paid by the banks as soon as the deal is sealed. For people searching for private deals, a minimum of $2000 is needed t start the mortgage processing. Legal issues like divorce, inheritance and power of sale often cause people to pay more for mortgage fees. The money is usually needed to pay mortgage broker staff, real estate lawyers and property appraisal. There is much risk in private deals so neither mortgage broker or lender is ready to take on more expenses on the borrower’s behalf.
To be a mortgage broker in Northbay requires a license from Financial Services Commission of Ontario. Before giving this document, the FSCO must establish that you live in Ontario and work for a licensed mortgage brokerage. Mortgage brokers usually start out as mortgage agents and maintain their licenses for two years. Then, they are eligible to apply for the mortgage broker license, which they can only receive after passing the FSCO approved Mortgage Broker Education Program.