These professionals arrange deals between mortgage consumers and borrowers. Their main goal is to ensure that lenders know of the needs among borrowers. Mortgage brokers in Woodstock work with lenders across the board to ensure that their clients get the ideal loans available. Banks leave out many people who are in need of loans and they must seek alternative solutions. To get a mortgage from the banks, you must present a high credit score of 600 points or more. Credit scores do not deter private lenders as they have other means of deciding if a client is credit worthy. Mortgage Broker Store only provides private deals geared at people who could not get banks loans.
The ordinary mortgage broker generally provides services related to setting up the loan. They will listen to your desires, inform you about the options available to you and ask for quotes from their network of lenders. The mortgage broker compares different quotes and chooses the one the feel is best for a particular client. Mortgage brokers tap from knowledge gained over many years to ensure that they get the best offer for their clients who were rejected by banks.
We are licensed to offer mortgages in the city and in addition to the normal services, Mortgage Broker Store has some niche services including:
Our staff at the Mortgage Broker Store have been offering alternative financing solutions to people in Woodstock for many years. They are under Ron Alphonso, an expert on real estate matters with a profound knowledge of the mortgage industry. Ron’s opinion is much sought after and as evidence of that, he has often been featured on Toronto Life, Toronto Star and others on our media page.
There are clear differences between them though people often assume that a mortgage agent is just another name for brokers. While both professionals can sell mortgages, only the broker is allowed to open and operate a mortgage brokerage. The leader of the firm is known as a broker of record or principal broker and he can hire others to work for him. He is responsible for everything that goes on within the brokerage and must ensure that agents stay in line. The principal broker is also charged with ensuring that documents are in order.
Throughout history, mortgages have generally been provided by banks in Canada. There is a huge presence of mortgage brokers today and they offer a wider variety than banks. Many mortgage brokers choose to connect their clients specifically with non-bank lenders. They are therefore able to negotiate the best rates and terms for mortgages. Banks still lead at providing mortgages but the popularity of mortgage brokers is unmissable. Currently, brokers have arranged 40% of initial mortgages and about 45% of loans for new property buyers. If the trend continues, mortgage brokers could soon overtake banks as the leading mortgages provider in Woodstock, ON.
The fees charged depend on the clients’ situation. The mortgage broker doesn’t demand any payment in advance for people who qualify for bank loans. This is because they will be paid directly as soon as the mortgage closes. Those who need private deals must pay some fees to the broker, lender or both. The least you can pay to set up the mortgage is $2000 but some facing complex legal issues have to pay more. The fees paid to a mortgage broker in Woodstock are used to pay staff and other professionals needed in the process of setting up a mortgage.
To become a mortgage broker, you need to have served as a mortgage agent in Ontario and maintained the license for two years. Then, you can apply for a broker’s license from the Financial Services Commission of Ontario. To get the license you must pass the FSCO approved Mortgage Broker Education Program and prove that you reside in Ontario in addition to working for a licensed mortgage brokerage.