This refers to professionals who broker deals between consumers and mortgage lenders in the city. The goal of a mortgage broker in Timmins is to connect their clients with banks or other lenders capable of offering ideal solutions for their needs. In the city, most initial mortgages are provided by banks without assistance from mortgage brokers. The mortgage broker industry in Timmins only grew in response to the needs of people who were turned away by banks. Most mortgage agents and banks in Canada specialize in connecting their clients with private lenders who have no association with banks. Our mortgage brokers in Timmins only offer private deals targeted at those who cannot go for bank loans.
Services Provided by Mortgage Brokers and the Focus of Our Mortgage Brokerage
Mortgage brokers usually offer services related to setting up a mortgage. This usually involves talking to the customer about their needs, informing them of available options and finally requesting as many quotes as they can get from their network of lenders. The broker will make the ultimate choice on the client’s behalf, according to offer they find most appropriate.
Our brokerage “Mortgage Broker Store” offers the basic services and as a licensed business, we have some niche services to offer:
- Home Equity Loans
- Stopping Power of Sales
- Stopping Foreclosures
- Second Mortgages
- Bad Credit Mortgages
- Private Lender Mortgages
Our staff at Mortgage broker store have experience gained over 7 years, providing alternative financing solutions in Timmins, ON. They are under principal broker Ron Alphonso a renowned expert on the mortgage industry who is often consulted by media outlets like Toronto Star, Global News and Toronto Life among others as seen on our media page.
Our mortgage brokerage offers services in Mississauga, Ontario, Markham, London, Kitchener, Vaughan and Milton among others.
Comparing Mortgage Brokers with Mortgage Agents
Mortgage agents and brokers in Timmins have similar roles including selling mortgages. However, according to the rules, only the mortgage broker has a right to run a mortgage brokerage. There can be more than one broker working at the same firm, led by a senior broker known as the broker of record or principal brokers. The main duty of a principal broker is to ensure that other agents follow the rules and that all documents pertaining to the mortgage brokerage’s activities are in order.
Comparing Mortgage Brokers and Banks
Throughout Canadian history, banks have been the main mortgages providers. There is an increased presence of mortgage brokers in Timmins, offering a greater variety than banks. Most mortgage brokers work with private, “non-bank” mortgages. The are able to argue the best terms and conditions on behalf of their clients. The most clients of mortgage brokerages are people who were turned away by banks. While banks still provide the most mortgages, there is a clear increase in the demand for alternative solutions. Mortgage brokers are currently responsible for about 40% of initial loans and 45% of mortgages for new home buyers.
Charges by Mortgage Brokers
The money charged by mortgage brokers in Timmins depends on the client’s situation. People who meet the bank’s demands are not usually required to pay any fees in advance. Thy are less risky clients and the banks agree to pay mortgages brokers as soon as the mortgage closes. For those seeking private lender mortgages, upfront fees must be paid to arrange the loan. While the minimum amount is $2000, some clients with complex legal issues like divorce, inheritance, or power of sale situation pay more in fees. The money charged is used to pay real estate lawyers, appraisal, broker and mortgage lender staff.
Licensing for Mortgage Brokers in Timmins
Mortgage brokers in Timmins must have a license from the Financial Services Commission of Ontario. The get the license also demands that one works under a licensed brokerage and live in Ontario. Brokers star their careers as mortgage agents and must hold on to the license for two years. Then, they have to pass the Mortgage Broker Education Program approved by the FSCO in order to get the mortgage broker license. If a person has a mortgage broker license, they can choose to join or start a mortgage brokerage firm.