Mortgage brokers in St. Catharines are loan experts who connect lenders to consumers in need of mortgages. They work with lenders across the board to connect their clients with the loans needed to actualize various financial goals. Non-bank lenders are more flexible than banking institutions that only loan to 600 credit score. This is rather unfortunate because with such a high threshold only a few people qualify for the coveted bank loans. This leaves a large section of the population in desperate need of private lenders who are not easy to find. They turn to mortgage brokers in the city who can negotiate on their behalf to get them the best available loans at the best possible terms. Mortgage brokers in St. Catharines provide the alternative financial solutions that also accommodate clients who were rejected by the banks.
Services Provided by Mortgage Brokers and the Focus of Mortgage Broker Store
In St. Catharines, Ontario, mortgage brokers generally assist with setting up a loan. They talk to clients about their unique needs and send out a message to lenders. They move on to compare different offers and reach a final decision on the borrowers’ behalf. Mortgage brokers in St. Catharines are knowledgeable individuals who leverage their skills to get the best terms for their clients in need of good loans despite their poor credit scores. In the city, mortgage brokers work with organisations as well as individuals in need of loans. We are a licensed company to offer mortgages in St. Catharines and in addition to the usual, Mortgage Broker Store has some special offerings like:
- Private Lender Mortgages
- Bad Credit Loans
- Second Mortgages
- Home Equity Loans
- Stopping Power of Sales
- Stopping Foreclosure
Our professionals at Mortgage Broker Store have many years experience offering different financial solutions. Ron Alphonso, a reputable real estate guru is the principal broker at the firm. He appears at Toronto Life and other media outlets whenever people need information about the real estate and mortgages market. You can read more about his appearances on our media page.
Mortgage Brokers and Mortgage Agents
A mortgage broker is a professional who, like the mortgage agent, can sell mortgages in Ontario. The only difference is that only mortgage brokers are allowed to open a brokerage. The leader of a mortgage brokerage is the principal broker who is allowed to hire agents and brokers to work with him. As the person-in-charge, a broker of record must ensure that documents are in order and that all professionals follow set guidelines.
Mortgage Brokers Compared to Banks
Since time immemorial, banks have led at providing first mortgages in Canada but things are about to change if the trends keep up. There is widespread demand all over Ontario for mortgage brokers who are ready to work with all, credit score notwithstanding. Even with a poor credit score, some people have assets that they can leverage for loans. The brokers have more to offer as financing solutions than banks that are boxed by rigid loan approval criteria. Mortgage brokers are responsible for arranging 40% of initial mortgages and that is bound to rise as people seek more flexibility.
Fees by Mortgage Brokers in St. Catharines
Several factors determine the ultimate fees you will pay for a mortgage broker’s services in Oshawa. Terms are definitely different for those who qualify for bank loans and those after private deals. The bank will pay a mortgage broker directly when the loan closes so you don’t have to pay anything beforehand. The private lender products come at a fee of $2000 upfront to pay for home appraisers, real estate lawyers, and broker’s staff. The charges will increase if there are issues like divorce, inheritance, and power of sale situations surrounding the property.
Licensing Requirements for Mortgage Brokers in St. Catharines
The Financial Commission of Ontario or FSCO licenses mortgage Brokers in the city. An individual must have been a mortgage agent for two years and maintain their license for that duration so that they can be permitted to sit the Mortgage Broker Education Program. Passing guarantees them a license but only if they live in Ontario and work for a licensed mortgage brokerage.