Mortgage brokers in Windsor is an expert who acts as a bridge between mortgage borrowers and lenders. Today, banks are still the major lender of first mortgages without help from mortgage brokers but evidence shows steady growth in the mortgage broker industry. People who were turned away by banks must seek financing alternatives offered by mortgage brokers in Windsor, Ontario. Many brokers in the city choose to deal with people who don’t qualify for traditional loans. Our mortgage brokers in Windsor exclusively offer alternative financing solutions to those who do not meet the strict banks’ criteria for approving loan requests in Windsor City, Ontario.
Roles of a Mortgage Broker and the Special Offerings of Our Mortgage Brokerage
Ordinarily, a mortgage broker will offer mortgage set up related services. An expert will discuss your situation and seek multiple quotes, which they can compare and reach a final decision. They rely on insider knowledge of the local industry to negotiate good loan amounts at the best terms and conditions on behalf of their clients.
Mortgage Broker Store is licensed to sell mortgages in the city and we offer some niche services like:
- Bad Credit Mortgages
- Second Mortgages
- Home Equity Loans
- Stopping Power of Sales and Foreclosures
- Debt Consolidation Loans
- Private Lender Mortgages
Mortgage Broker Store staff boasts more than 5 years of experience in providing alternative funding solutions. Principal broker Ron Alphonso, a real estate guru in Canada who is constantly in the media outlets to offer insights on the industry, leads the Mortgage Broker Store. Toronto Star, Toronto Life, and Global News are some of the places you are likely to see Mr. Alphonso features.
Mortgage Brokers vs. Mortgage Agents
From the names, it is evident that both professionals sell mortgages. The most significant difference between them is that only a mortgage broker has the authority to set up a mortgage brokerage in Ontario. As the principal broker, the individual in charge of a brokerage must ensure that all agents under him adhere to regulations and that all documents are in order. The principal broker is also referred to as broker of record. They are the manager who must answer for all mortgage related activities at the brokerage.
Mortgage Brokers vs. Banks
Banks have over the years been the largest first mortgage lenders in Canada. That is about to change if the current growth in mortgage brokerage is anything to go by. The surge in demand for mortgage brokers came from clients who were looking for alternative financial solutions after facing rejection by banks. While banks still claim a larger chunk of mortgages, brokers are responsible for arranging 40% of new mortgages and 40% of loans for new homebuyers in the city. If the trend continues, mortgage brokers might soon overtake banks as Canada’s biggest lenders.
Mortgage Broker Charges
People who get approval for bank loans through a mortgage broker will not be asked to pay any fees upfront. Banks and mortgage brokers in Windsor have an understanding where the lender pays the broker directly as soon as the mortgage closes. Clients that choose to work with private lenders must part with $2000 to finance the mortgage processing. Lender, broker or both might charge upfront fees depending on a clients’ situation. Higher fees will be demanded upfront if the borrower has divorce, inheritance, or other complicated matter that should be dealt with. For private lender mortgages, the fees are needed to pay home appraisers, real estate lawyers, broker’s staff and other experts involved in the mortgage set up process.
Licensing Requirements for Mortgage Brokers in Windsor
Mortgage brokers in Windsor operate with a license from the Financial Services Commission of Canada. The document is only given to people who reside in Ontario and work under a licensed mortgage broker firm. In order to apply for a mortgage broker license, an individual must have maintained a mortgage agent license for two years after which they need to pass the Mortgage Broker Education Program. The program is approved by the Financial Services Commission of Ontario and only those who pass can get the license to sell mortgages and open a mortgage brokerage if they so wish.