In Sudbury, mortgage brokers are the professionals who link consumers and mortgage lenders. The main aim of mortgage borrowers in Sudbury is to connect mortgage borrowers with banks and private lenders offering them. Banks are the biggest lenders of first mortgages without help from mortgage brokers. To be approved for bank loans, you need 600 credit points; a number too high for residents who must turn to mortgage brokers for assistance. Mortgage Broker Store focuses on these people who do not qualify for assistance from banks.
Basic Mortgage Brokers Services and the Focus of Mortgage Broker Store
A mortgage brokerage generally delivers services related to setting up the mortgage. They are there to listen to your needs, request from offers from a special network of lenders and finally make a decision according to which lender they think is best for you. Mortgage brokers are able to do this using skills gained over the years. The biggest number of mortgage brokerage clients is people with poor credit, meaning that brokers have to use their best negotiating tactics to connect them with the best products available for their situation.
We are licensed to serve as mortgage brokers in Sudbury and in addition to the basics; Mortgage Broker Store has some niche offerings:
- Home Equity Loans
- Stopping Foreclosures
- Stopping Power of Sales
- Second Mortgages
- Private Lender Mortgages
- Bad Credit Mortgages
Mortgage Broker Store staff all have more than 5 years experience, which is instrumental in connecting our customers with the best loans. Ron Alphonso is the principal broker at Mortgage Broker Store who guides all the action. He is a real estate authority who has often been featured at News outlets like Toronto Life and Global News among others as in our media page.
Mortgage Agents and Mortgage Brokers Compared
Both the agents and mortgage brokers in Sudbury can sell mortgages but only a broker has clearance to open and run a mortgage brokerage. The professional in charge of a mortgage brokerage is the principal broker who can hire others to work with him. He is responsible for keeping documents in order and ensuring that employees stick to the rules.
Mortgage Brokers Compared to Banks
For many years, banks have been the leading mortgage lenders in Canada but things seem to be taking a different turn in recent times. Mortgage brokers are drawing lots of clients looking for alternative financing solutions in Sudbury and other cities in Ontario. Mortgage brokers in Sudbury are flexible and have more options to offer their clients than banks and institutional lenders. Banks are still holding on to a large chunk of the mortgage industry but mortgage brokers are making lots of headway. Current statistics show that mortgage brokers arranged 45% of mortgages for people buying a new home and 40% for initial mortgages. If things continue as they are, mortgage brokers are likely to overtake banks as the leading provider of alternative financing solutions in Ontario.
Mortgage Broker Charges
The fees paid for a loan by a mortgage broker largely depend on the clients’ current circumstances. Those who seek private deals have to pay $2000 as mortgage processing fees. The mortgage broker alone may request the fees but in some cases, both mortgage lender and broker charge upfront, in order to protect their interests, as it is risky to offer loans to individuals with bad credit. The private lender mortgage fees quickly increase with the revelation of complex legal matters that must first be resolved. Consumers who meet the banks’ criteria are not required to pay any fees beforehand as the mortgage brokers know they will receive payment directly from the lender as soon as the mortgage closes.
Licensing Requirements for a Mortgage Broker in Sudbury
A mortgage broker in Sudbury must have a license from the Financial Services Commission of Ontario (FSCO). Aspiring mortgage brokers must have an Ontario address and work for a licensed mortgage brokerage in the province. Eligible candidates for the license have held a mortgage agent’s license for two years so that they can sit the Mortgage Broker Education Program approved by the FSCO. Only those who pass can get the license to operate as mortgage brokers in Sudbury and other cities in Ontario, Canada.