Mortgage brokers in North York are professionals with a duty to negotiate with mortgage lenders and consumers. The main intention is to connect different clients with lenders of ideal solutions for their needs. Banks are the main mortgage lenders without the assistance of mortgage brokers. The mortgage broker industry in North York only grew in answer to the varying needs of those who couldn’t get bank loans. Most mortgage brokers in the country work with only private lenders. Our mortgage brokers in North York exclusively offer private deals to those that were rejected for bank loans.
Our Mortgage Brokerage’s Focus and Services of a Mortgage Broker
The ordinary mortgage broker will offer services related with arranging the mortgage. The are free to listen to your needs, discuss available options for your situation and finally request quotes from lenders in their network. After considering all offers on the table, the mortgage broker will go ahead and choose the lender they feel is most appropriate. They have a vast knowledge of the industry which helps a lot it negotiating the best rates for clients.
Mortgage Broker Store has a license to sell mortgages in North York. In addition, we provide some niche services including:
- Bad Credit Mortgages
- Home Equity Loans
- Stopping Power of Sales
- Second Mortgages
- Private lender Mortgages
- Stopping Foreclosures
The professionals at Mortgage Broker Store have been offering alternative financing solutions in the neighbourhood for more than 5 years. The broker of record is Ron Alphonso, a real estate guru by right. He is so knowledgeable on matters mortgage that the media outlets scramble for a few minutes of his opinion once a while. To this end, Ron has been on Global News, Toronto Life and Toronto Star among others seen on our media link.
Mortgage Brokers versus Mortgage Agents
Though often thought to mean the same, a mortgage broker has a major difference from mortgage agents. While both professionals can sell mortgages, only the mortgage broker in North York can start a brokerage. A mortgage professional who runs a mortgage brokerage is the broker of record or principal broker. This expert can hire others to work with him but he is responsible for everything happening. It is his duty to ensure that agents and other brokers are compliant and must also keep all documents in order.
Mortgage Brokers vs. Banks
Banks have been the main lenders of mortgages in Canada all through history. There is an increased presence in of mortgage brokers in North York and they offer more than banks. Many of the mortgage brokers serving in this area choose to work with non-bank lenders as a way of negotiating the most reasonable rates for clients. Banks may be leading but the use of mortgage brokers is evident. Today, they are responsible for about 45% of mortgages for new property buyers and 40% of all initial mortgages.
Mortgage Broker Charges
The fees charged by a mortgage broker are in accordance with your situation. There will be no upfront fees for those that meet banks’ criteria. Mortgage brokers in such a deal are paid directly by the lender as soon as the deal is sealed. Advance fees are required of people who couldn’t get bank loans or those that simply prefer private lender loans. The minimum is $2000 but it could be more if there are legal issues like divorce or inheritance to resolve. The money might be charged by broker, lender or both as they try to reduce the risk associated with their main clients. The money is used to pay staff, real estate lawyers, appraisal and other professionals needed to process the mortgage.
Mortgage Broker Licensing in North York
If you have been a mortgage agent and kept the license for two years you are eligible for a mortgage broker license issued by the Financial Services Commission of Ontario (FSCO). To get a license requires that you have an Ontario address and work for a licensed mortgage brokerage. Those who get the license are individuals who pass the FSCO approved Mortgage Broker Education Program. With the license, you can continue working at the brokerage under a new title.