A mortgage broker in Pickering is the individual charged with negotiating mortgage deals between consumers and lenders. The goal is to bridge the gap between their clients and lenders offering the best solution for a particular client’s needs. In Pickering, Ontario the bulk of mortgages is provided by banks without the help of mortgage brokers. The mortgage industry in that city grew in response to the needs of customers who had been turned away by banks. Modern day mortgage brokers and agents in Canada specialise in linking their clients with private lenders. Our mortgage brokers in Pickering exclusively focus on private services intended for people who cannot go to banks.
Mortgage Broker Services and Our Mortgage Brokerage’s Focus
The standard broker in Pickering will simply render services involved in setting up the mortgage. They can consult with the client on available options and request multiple quotes before reaching a verdict on the most ideal. Mortgage brokers can pull this off quite easily, drawing from their knowledge of the Pickering mortgage industry. This guarantees clients the best possible terms and rates on their loans.
Our mortgage brokerage is licensed to offer mortgages in Pickering and in addition to the usual services, Mortgage Broker Store has a few niche offerings:
- Private Lender Mortgages
- Bad Credit Mortgages
- Home Equity Loans
- Stopping Power of Sales
- Second Mortgages
- Stopping Foreclosures
The officers at Mortgage Broker Store have more than 7 years under their belts, offering alternative financing solutions in the city. The Principal broker Ron Alphonso is a renowned expert in the industry. His opinion is widely sought after, which is why he has appeared in media outlets like Toronto Life, Global News, Toronto Star among others as seen on our media page. Our brokerage services other cities and towns in Ontario like; Ottawa, Toronto, Brampton, Mississauga, Vaughan, and Windsor.
Mortgage Brokers and Mortgage Agents
In Pickering, mortgage broker and mortgage agent are professionals allowed to trade in pieces of real estate. The only difference is; only a mortgage broker can open and run a mortgage brokerage in Ontario. The business can employ more than one broker led by the principal or broker of record. It is the principal broker’s duty to ensure that agents follow the rules and that all documents are in order.
Mortgage Brokers and Banks
Since time immemorial, banks have been the leading mortgage lenders in Canada. Things seem to be taking a turn today, as there is an increase in mortgage brokers, who are more popular owing to a wider range of services than banks have to offer. Most brokers offer non-bank loans and are therefore able to negotiate competitive terms for their clients who were rejected by banks. Mortgage seekers who were turned away by banks make the bulk of mortgage broker’s clients. While banks continue to take the lead, demand for mortgage lenders is still increasing. Today, mortgage lenders are responsible for setting up 40% of new mortgages and 45% of mortgages for new home buyers.
Fees Charged by Mortgage Brokers
Rates paid to a mortgage broker depend on the client’s needs. For those that meet banks loan approval criteria, mortgage brokers don’t usually charge fees beforehand. This is because mortgage lenders, in this case, will be paid by the banks as soon as the mortgage closes. For client’s who do not meet the bank’s requirements rates are charged by the broker, lender or both in some circumstances. A minimum of $2000 is needed upfront to set up the loan. Charges increase if the client has inheritance, divorce, and power of sale or other complicated legal matter to resolve. The fees are basically used to pay real estate lawyers, broker and lender’s staff as well as appraisers.
Mortgage Broker Licensing in Pickering
The Financial Services Commission of Ontario (FSCO), must license all mortgage brokers in Pickering in order for them to conduct legitimate business. The license seeker must live in Ontario and work for a licensed brokerage there. All mortgage brokers start as mortgage agents and maintain licenses for at least two years before they can apply. To get the license, the person must pass the Mortgage Broker Education Program approved by the FSCO.