Mortgage brokers in Oshawa are people who connect mortgage borrowers with lenders who may be offering them. A mortgage broker’s main goal is to connect consumers with the mortgages they need to fulfil various financial obligations. A mortgage broker in Oshawa may work with private or bank lenders to make sure that all clients get the loans the most appropriate services. Banks are rather strict about whom they loan but private lenders are willing to negotiate on different terms. Mortgage broker store exclusively offers private deals to people who couldn’t access banks loans or those that are after more flexibility.
Mortgage Broker Store’s Focus and Services of Mortgage Brokers
The main role of a mortgage broker in Oshawa is to assist a client with basic mortgage set up procedures. They listen to a customer’s needs, send out a request for quotes, and advice on the best deal from the offers received. They have the expertise to gauge different products and make a decision on the best lender for each client. Mortgage Broker Store is licensed to sell mortgages but rather than just the usual, we also have some niche products including:
- Private Lender Mortgages
- Home Equity Loans
- Second Mortgages
- Stopping Power of sales
- Stopping Foreclosures
- Bad Credit Mortgages
Our specialists at Mortgage Broker Store have been providing alternative financing solutions for many years. They work with Ron Alphonso, the principal broker and renowned real estate authority in Ontario. Mr. Alphonso has been featured in Toronto Life and Global News among other outlets as on our media page. He is an authority on matters concerning the real estate sector and therefore and incredible guide on the best loans for different clients in Oshawa.
Comparing Mortgage Brokers with Mortgage Agents
People often confuse them but mortgage agents can only sell mortgages in Ontario. A mortgage broker, on the other hand, can do more than just sell mortgages by opening a brokerage. The person who opens a mortgage brokerage is known as a principal broker or broker of record. They can hire agents and other mortgage brokers in Oshawa, ON. It is the broker of record’s role to ensure that agents under him follow the rules and that all documents are precise.
Comparing Banks with Mortgage Brokers in Oshawa
As far as mortgage history goes, banks have been the leading lender in Oshawa. Unfortunately, only a few qualify for the coveted bank loans, leaving the rest to find alternatives in mortgage brokerages. Mortgage Broker Store is not under the same rules as banks and can, therefore, offer loans to people with bad credit at flexible terms and affordable rates. Currently, banks still provide the most initial mortgages but statistics show an upsurge in demand for mortgage brokers who offer a wider range of products.
Mortgage brokers are currently in charge of 40% of initial mortgages and 45% of loans for new home buyers. If the trend continues, mortgage brokers might soon become the best lender even for people with good credit.
How Much Will You Pay a Mortgage Broker in Oshawa
Charges depend on your prevailing financial and legal situation. People with good credit in need of bank mortgages do not pay any fees before the loan closes, as the broker will be paid directly by the bank. For anyone interested in a private deal, a fee of $2000 is charged but divorce or other complex legal matter leads to a higher price. This money is needed as neither lender or broker wants to increase their expenses by paying the real estate lawyers, appraisers, and broker’s staff for a risky client.
Licensing for Mortgage Brokers in Oshawa
The Financial Services Commission of Ontario regulates all mortgage professionals including the brokers. You must have been a mortgage agent and maintained the license for at least two years for you to enter the Mortgage Broker Education Program approved by the FSCO. Only those who pass and reside in Ontario can get the license but not before showing that, they work under a licensed mortgage brokerage. With a mortgage broker’s license in Oshawa, one may sell mortgages or enter a niche market to provide alternative financing solutions.