Mortgage brokers in Welland are the connection between lenders and loan consumers in the industry. Their main aim is to enable their clients to reach banks and other types of lenders offering the best solutions. In Welland, banks provide the most initial mortgages without the assistance of brokers. Banks have strict criteria for loan approval which, unfortunately, leaves out many people in need of loans. The mortgage industry here grew in response to the needs of clients after more than banks could offer. Many agents and mortgage brokers in Welland only engage with non-bank lenders. Our mortgage brokers in the city wholly concentrate on private lending solutions for individuals who cannot go to banks.
Mortgage Broker Store’s Focus and Basic Services of a Mortgage Broker
The ordinary mortgage broker in Ontario primarily offers services associated with setting up a mortgage. They can discuss the clients’ needs, inform them about options available to you, request multiple quotes, and choose the one they feel is most suitable. Mortgage brokers tap into their vast knowledge of the industry to get their clients the best terms and rates on loans.
Our mortgage brokerage is licensed to trade in mortgages in Welland and in addition to the normal services; Mortgage Broker Store has some niche services, which include:
- Second Mortgages
- Stopping Power of Sales
- Home Equity Loans
- Bad Credit Mortgages
- Private Lender Mortgages
- Stopping Foreclosure
The officers at Mortgage Broker Store have many years of experience providing financing options in Welland. The principal broker, Ron Alphonso, is a highly regarded expert in the mortgage industry. He has been featured in several media outlets including Toronto Life and Global News as seen on our media page.
Our brokerage operates in other towns and cities including Richmond Hill, Windsor, Brampton, Cambridge, London, Markham, and Mississauga among others.
Comparing Mortgage Brokers with Mortgage Agents
Mortgage brokers and mortgage agents in Welland have similar roles, which cause most people to assume they mean the same. Both professionals can sell mortgages in the city but only the mortgage broker can open a mortgage brokerage. There can be more than one broker at a brokerage, and the leader is known as principal or broker of record. They ensure that mortgage agents follow set rules and that all mortgage documents are in order.
Comparing Mortgage Brokers with Banks
Throughout history, banks have been the leading mortgage providers in Canada. There is increased demand in mortgage brokers who have a variety of offerings. Most of the mortgage brokers in the city specialise in non-bank mortgages. They are able to negotiate competitive rates with lenders in their network. The majority of a mortgage broker’s clients are people who were turned away by banks. Banks are still the main mortgage providers but clearly, the rise of mortgage brokers is on the increase. Currently, mortgage brokers are responsible for 40% of initial mortgages and about 45% of loans for people buying new properties.
Fees Charged by Mortgage Brokers
The charges by a mortgage broker depend on the clients’ financial situation. People who meet the criteria needed by banks do not have to pay anything upfront as the mortgage broker will be paid directly by the banks. People seeking private lender deals need to pay some fees up front to the lender, mortgage broker or both depending on the prevailing circumstances. Usually, the charges are $2000 to set up the mortgage but it could be higher if there are issues like power of sales, inheritance and divorce. The money is used to pay real estate lawyers, broker staff and appraisal among other professionals needed in the mortgage approval process.
Mortgage Broker Licensing in Welland
All mortgage brokers must be licensed by the Financial Services Commission of Ontario (FSCO) in order to carry out any business as a broker. To be licensed in Welland also demands that an individual has an Ontario address and work under a licensed brokerage. All mortgage brokers must start out as mortgage agents and maintain the license for two years before they can apply to be a broker. The aspiring broker can only receive their license after succeeding at the FSCO approved Mortgage Broker Education Program.