This refers to the real estate experts who acts as a link between mortgage seekers and creditors. The main goal of a mortgage broker in Orillia is to connect customers with banks or other lenders with the best solution for their needs. Many of the initial mortgages in Orillia are offered by banks without any help from mortgage brokers. The mortgage industry of Orillia grew in response to the needs of consumers who were turned away by banks when they needed loans. Most mortgage brokers in Orillia choose to link their customers with non-bank lenders. Our mortgage brokers only offer private deals to people who couldn’t qualify for bank loans.
Mortgage Broker Services and Mortgage Broker Store Focus
A typical mortgage broker will offer basic services associated with setting up the loan. They are available to listen to your needs, discuss available options and request multiple quotes from lenders in their network. Eventually, a mortgage broker will choose the offer they find most appropriate for a particular client. Mortgage brokers have a profound knowledge of the industry, which they utilise to get the best rates and terms on loans.
Mortgage Broker Store is licensed to offer mortgages in Orillia and in addition to the usual, Mortgage Broker Store has some niche services which including:
- Home Equity Loans
- Second Mortgages
- Private Lender Mortgages
- Stopping Power of Sales
- Bad Credit Mortgages
- Stopping Foreclosures
Our experts at the Mortgage Broker Store have nearly a decade of experience offering alternative funding solutions. Ron Alphonso, the principal broker and a renowned real estate expert in Canada, leads other brokers at the store. He has been on the major media outlets like Toronto Life, Toronto Star and others seen on our media page. Our mortgage brokerage services other towns and cities in Ontario including Vaughan, Ottawa, and Toronto among others.
Comparing Mortgage Brokers and Mortgage Agents
There are differences between them but people often confuse them because both a mortgage agent and mortgage broker can sell mortgages. The difference is that only mortgage brokers are allowed to operate mortgage brokerages. There can be more than one broker at the same firm, led by the broker of record or broker of record. It is the principal’s duty to ensure that rules are followed and that all documents are in order.
Banks and Mortgage Brokers Compared
Throughout history, banks have been the main mortgage lenders in Canada. Today, the market is witnessing a surge in the presence of mortgage brokers with more offerings than banks. Most mortgage brokers in Orillia only work with non-bank lenders. They are able to negotiate ideal rates and terms from lenders in their network. People who have been turned away by banks make the bulk of a mortgage broker’s clients. While banks are still the leading mortgages providers, there is a clear increase in the demand for mortgage broker services. Today, brokers have set up around 40% of initial mortgages and 45% of loans for people buying a new property.
Fees Charged by Mortgage Brokers
The money you will pay as mortgage brokers’ fees will depend on your circumstances. People who meet banks’ criteria aren’t usually charged any fees upfront. This is because the mortgage brokers know they will be paid directly soon as the deal is sealed. For private lender deals, people must part with a minimum of $2000 as mortgage processing fees. Some people are forced to pay more especially if there are legal issues like inheritance, divorce or power of sales to resolve before arranging the loan. Money is needed in advance to pay real estate lawyers, brokers’ staff, appraisal and other professionals needed to process the loan.
Mortgage Broker Licensing in Orillia
Anyone who wants to become a mortgage broker in Orillia must start as a mortgage agent. If they maintain a license for two years, an agent may apply for the brokers’ license. The Financial Services Commission of Ontario issues the license only to individuals who pass the Mortgage Broker Education Program. To get a mortgage broker’s license from the FSCO, you must prove that you live in Ontario, Canada and work for a licensed mortgage brokerage.