These are individuals whose duty is to bridge the gap between lenders and loan consumers. The main goal of mortgage brokers in Stouffville is to make sure that their clients get the best deals available from banks and other mortgage lenders. Most of all first mortgages in Stouffville are offered by banks without the involvement of brokers. Banks are very strict about who they loan and you must have 600 points or more to qualify. The mortgage broker industry in Stouffville, Ontario grew to serve the needs of people who were not approved for bank loans. Many brokers in Stouffville deliberately work with non-bank lenders. Our mortgage brokers in Stouffville only offer private solutions to people who cannot go to banks.
Roles of a Mortgage Broker and Our Mortgage Brokerage’s Focus
Normally, a mortgage broker will offer services related to arranging the mortgage. They will listen to the clients’ needs, inform them about the options available and request multiple quotes from lenders in their network. Using their knowledge of the industry, mortgage brokers compare quotes and choose the one they feel is most suitable for a specific client. Working with mortgage brokers heightens the chances of getting the best loan terms and rates.
Our mortgage broker, Mortgage Broker Store, is licensed to trade in mortgages. We also have some niche services to offer which include:
- Stopping Power of Sales
- Stopping Foreclosure
- Home Equity Loans
- Bad Credit Mortgages
- Private Lender Mortgages
- Second Mortgages
The experts at Mortgage Broker Store have been in operation for many years, offering alternative financial solutions. The principal broker Ron Alphonso is a renowned expert on the Stouffville mortgage industry and a sought after authority on matters real estate. Ron has been featured on Global News, Toronto Life and Toronto Star among others on our media page.
Our brokerage services other cities and towns in Ontario including London, Brampton, Windsor, Richmond Hill and Markham to name a few.
Mortgage Brokers versus Mortgage Agents
These two professionals are much alike but there is a significant difference. While both can sell mortgages, only a mortgage broker in Stouffville can open a brokerage. There can be more than one broker at the same brokerage led by the principal broker or broker of record. It is the leader’s duty to ensure that those under him follow all the rules and that all documents are accurate. In short, the principal broker is responsible for everything that happens within the firm.
Mortgage Brokers versus Banks
All through Canada’s history, banks have been the leading provider of mortgages. In recent times, however, there has been a surge in the number of mortgage brokers in Stouffville. They offer more options than banks by working with private lenders. Banks are still the main lender but there is an evident increase in the demand for mortgage brokers. Today, mortgage brokers are credited with 40% of initial mortgages and 45% of all mortgages for people buying a new home. Mortgages brokers might soon overtake banks as the top mortgage provider in Stouffville.
Mortgage Broker Fees
The charges by a mortgage broker depend on the client’s prevailing circumstances. People who meet bank’s approval criteria will not be asked to pay anything upfront. This is because banks will pay the mortgage broker immediately the deal is closed. The charges are usually $2000 but if there is divorce, power of sales, inheritance or other complex legal issue, a client will definitely pay more. A mortgage broker, lender or both, may charge the fees for a private deal to use as payment for staff, appraisal or real estate lawyers.
Mortgage Broker Licensing in Stouffville
Anyone who hopes to become a mortgage broker in Stouffville must have a license from the Financial Services Commission of Ontario in order for them to do business as brokers. Mortgage brokers in Ontario start out as mortgage agents, maintaining the license for two years before thy can apply. Only people who pass the FSCO approved Mortgage Broker Education Program can get the license after proving their residency in Ontario. The Financial Services Commission of Ontario will only issue a mortgage broker license to individuals working for a licensed mortgage brokerage in the province.