Mortgage brokers in Waterloo are people who act as intermediaries between mortgage lenders and consumers. The main goal of a mortgage broker is to connect customers with banks or other lenders offering an ideal solution. In Waterloo, the biggest number of initial mortgages is offered by banks, without assistance from mortgage brokers. The growth of the mortgage broker industry in Waterloo is due to demand alternative solutions by those who were rejected by banks. Most of the mortgage brokers in Canada concentrate on connecting their clients with private “non-bank” lenders. Our mortgage brokers in Waterloo exclusively deal private services targeted at residents who cannot go for bank loans.
Mortgage Broker Services and Our Mortgage Brokerage’s Focus
A standard mortgage broker in Waterloo generally offers services involved in setting up a mortgage. They will consult with you on options available to you, request quotes from different mortgage lenders before making the ultimate choice. They have a deep knowledge of the Waterloo mortgage industry which can help you get the best rates and terms on mortgages.
Our mortgage brokerage “Mortgage Broker Store” has a license to deal in mortgages and we also provide some special services like:
- Bad Credit Mortgages
- Private Lender Mortgages
- Stopping Power of Sales
- Home Equity Loans
- Second Mortgages
- Stopping Foreclosure
Our professionals at Mortgage broker Store have more than 7 years experience I providing financial alternatives. Principal broker, Ron Alphonso is a highly regarded expert in the mortgage industry and has been featured in the main media outlets like Toronto Life as on our media page. Our services are also available in Windsor, Toronto, Ottawa, Mississauga, Markham, and Kitchener among other cities and towns in Ontario.
Comparing Mortgage Brokers with Mortgage Agents
Both mortgage brokers and mortgage agents in Waterloo are people with a license to sell mortgages to different consumers. While both professionals can sell mortgages in the city, only a mortgage broker can open a mortgage brokerage. The firm may have more than one broker but the one in charge is referred to as principal broker or broker of record. As the head of a mortgage brokerage, the principal broker is responsible for documents and must ensure that agents abide by all the rules.
Mortgage Brokers Compared with Banks
Throughout the history of mortgages in Waterloo, banks have been the main lenders. Today, however, mortgage brokers are more common as they are able to provide a wider range of options than banks. Many brokers in the city specialise in private mortgage because they are able to negotiate better terms with their network of lenders. Those who have been rejected by banks make up the biggest chunk of a mortgage broker’s customers. While banks remain as the main source of mortgages, there is increased use of mortgage brokers. Today, they are responsible for around 45% of mortgages for people buying a new home and 40% of new mortgages. If the trend keeps up, mortgage brokers will soon overtake banks as the leading lender of mortgages in Waterloo.
Mortgage Broker Fees in Waterloo
The fees charged by a mortgage broker are determined by the situation of each client. People who meet the banks’ criteria do not need to pay upfront as brokers will be paid directly by lenders as soon as the mortgage closes. For private lender deals required by people who didn’t meet bank requirements, a minimum fee of $2000 is charged to set up your mortgage. Charges may increase if there are complex legal issues to deal with. The broker, lender, or both typically charge these fees; to pay staff, real estate lawyers, appraisal and other professionals needed to set up the mortgage.
Mortgage Broker Licensing in Waterloo
All Mortgage brokers must have a license from the Financial Services Commission of Ontario (FSCO) in order to run a business as a broker. To be licensed in waterloo also requires that one has an Ontario address and work under a licensed brokerage. All brokers start out as mortgage agents and maintain the license for two years before applying to be a mortgage broker. The individual can get their license only after passing the FSCO standard Mortgage Broker Education Program.