Mortgage brokers in Whitby are an important link between mortgage borrowers and lenders. The main intention is to make accessible the best loan products for different clients by sending the message to the right lenders. It is difficult for clients to access alternative funding solutions without assistance, which is why they turn to mortgage brokers for assistance. Some brokers choose to deal exclusively with people who did not qualify for bank mortgages. Mortgage broker exclusively offers mortgages to people with bad credit that could not qualify them for traditional mortgages.
A mortgage broker ordinarily provides basic services related to the mortgage set up process. They discuss the clients’ situation. They will discuss the customers’ needs and look for suitable loan products from their network of lenders. After comparing the offers given, a mortgage broker will decide on the best lender for their client. We are licensed as mortgage brokers in Whitby but in recognition of residents’ unique needs; we also offer some special services including:
The staff working at Mortgage Broker Store boast many years of experience offering alternative lending solutions. The principal broker here is Ron Alphonso, a real estate expert whose opinion is widely sought by the main media outlets. Toronto Life, Global News, and Toronto Star are some of the media outlets where you can catch a glimpse of Ron Alphonso of the Mortgage Broker Store.
There are clear differences between mortgage brokers and mortgage agents in the city even if both are allowed to sell mortgages. A mortgage broker is allowed to open a brokerage but an agent has to maintain their license selling loans. The individual in charge of the mortgage brokerage is a principal or broker of record. He can hire mortgage agents to work in the firm and he is also responsible for everything at the brokerage including ensuring that documents are accurate and properly filed.
Banks have been the leading mortgage lenders in the city over the years. However, there is growing popularity in demand for mortgage brokers who provide more alternatives. By negotiating with private lenders, mortgage brokers are able to find appropriate loans for people who failed the bank’s approval process. As things are, mortgage brokers have set up 45%of loans for new buyers and 40% of initial mortgages. If things continue this way, it will be mortgage brokers that become the leading mortgage lender in Whitby and Ontario as a whole. The bulk of mortgage brokers’ clients are people with bad credit seeking available options after being turned away by banking institutions.
Fees charged by mortgage brokers in Whitby depend on the client’s situation. Those who qualify for bank loans do not pay anything upfront because lenders will be paid directly by the banks as soon as your mortgage closes. Dealing with private mortgages is much riskier, which is why lender and mortgage broker charge upfront fees. If you have complex legal issues like divorce to deal with, the fees for a private mortgage with a broker increase from the usual $2000. This money is needed to pay broker’s staff, real estate lawyers, property appraisers and other professionals needed in the process of setting up your loan. Mortgage set up fees are demanded because neither broker nor lender wants to add onto their expenses, considering that most who seek these deals already have bad credit.
To become a mortgage broker in Whitby, you need to have a license from the Financial Services Commission of Ontario (FSCO). You must also prove residency in Ontario and work for a mortgage broker. To qualify you must be a mortgage agent first and maintain the license for two years so that you can sit the Mortgage Broker education Program approved by the FSCO. Then you can get a license to serve as a mortgage broker in Whitby and other cities in the greater Ontario Province.