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Does it cost anything to use a Mortgage Agent/Broker?

Posted 12/3/2018

Does it cost anything for BOSS MORTGAGES The Mortgage Centre to arrange my mortgage?

There is a common misconception that all mortgage agents/brokers charge fees to the client for their services. The fact is, for fully qualified residential first mortgages, the lenders pay BOSS MORTGAGES The Mortgage Centre a “finders” fee for us to direct you to them, except for unique scenarios such as challenging and hard to place mortgages ONCE THE BANKS HAVE TURNED YOU DOWN.

How Do Mortgage Agents/Brokers Get Paid?

If you have good credit, are able to provide full income verification, and you qualify through an institutional lender, there should be absolutely no cost to you. In the majority of residential real estate transactions in major centers, mortgage brokering services should be completely free of charge to the client. Once the deal closes, the lender compensates the mortgage agent/broker via a one time finder’s fee based on the mortgage amount and the term of the mortgage; we don’t get paid until you get funded. Credit scores are important when obtaining a mortgage through a bank.Credit scores are important when obtaining a mortgage through a bank.

When and why does a Mortgage Agent/Broker charge a fee?

When all institutional avenues are exhausted and the borrower has been repeatedly turned down, private financing may be the only option that remains. At this point, it is up to the borrower whether they want to proceed or not. Private mortgage lenders do not pay a finder’s fee to the mortgage agent/broker and therefore, the mortgage agent/broker must charge a fee to the client to compensate them for their time, services, knowledge and importantly, access to their network of private funds. Nothing is paid up front and the fee is only paid when the deal funds.  If a mortgage agent/broker charges you a fee up front, it is a red flag.

Commercial and Agriculture mortgage lenders do not compensate mortgage agents/brokers. Both commercial mortgages and agriculture mortgages consume a lot of time, are usually very complicated, multi-factorial and challenging. A mortgage agent/broker can work on 5-10 residential mortgages in the time it takes to complete a single commercial or agriculture mortgage. These types of deals can be very complicated, taking a huge amount of time, often without ever closing and often resulting in the mortgage agent/broker not being compensated at all.

Borrowers that have been turned down from a financial institution may qualify with an alternative lender if they meet the lending criteria. These files can take a greater amount of time to work on due to the complexity of the file. These alternative lenders do not compensate the mortgage agent/broker very well and therefore the mortgage agent/broker may charge a small fee. Most clients that have been turned down by a financial institution are grateful to work with an experienced and knowledgeable mortgage agent/broker to help them wade through the complexities of mortgage borrowing.

When it comes to mortgages, most people do not have the time or know-how to ensure they are getting the best possible mortgage product, rate or payment available to them.  At Boss Mortgages we have a variety of loan options available from various lenders. Your mortgage agent/broker will assess your individual needs then shop the market for the best offer available using a multitude of different lenders at their disposal, including the major banks. Should the banks have the best rates, and the agent/broker can still place your mortgage there it’s truly a win-win situation for the client. Mortgage Brokers don’t work for any individual institution and here at BOSS MORTGAGES The Mortgage Centre, we work for you not the lenders.

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Why use a mortgage agent/broker?

Posted 11/12/2017

Why use a mortgage agent/broker?

More and more people are turning to a mortgage agent/broker to obtain the best rates and products for their mortgage(s). Gone are the days when a person would just walk into their bank and talk to their banker, someone they had a long term relationship with, and be approved on the spot. Times are changing and more and more people are using a mortgage agent/broker to find them the best mortgage for their particular needs.

Mortgage agent/broker in Ontario.Mortgage agent/broker in Ontario.A mortgage agent/broker is an intermediary person between the lender and the borrower, whose job is to qualify the latter for a mortgage loan. Why use a mortgage agent/broker instead of looking for a loan by yourself or going directly to a bank or an independent lender. The first thing you should know about mortgage agents/brokers is that they are professionals, they are well informed as far as mortgage loans are concerned and work for the best interest of the borrower. They also need to be licensed and take continuing education courses.

Mortgage agents/brokers negotiate for you and they don’t get paid until your deal funds which is a huge incentive for them to work hard on your behalf.  Bank employees pick up a cheque every two weeks regardless.

Consider this; mortgage agents/brokers build their fame from their customers trust. A customer can only trust you when he or she is satisfied. And we all know that a satisfied customer is an excellent asset, as far as advertising your services is concerned. Why should you then use a mortgage agent/broker rather than a bank for your mortgage loan? Working with a mortgage agent/broker presents many advantages.

1. Boss Mortgage agents/brokers are licensed professionals. They do all the legwork for you including only pulling your credit bureau once. They can determine right away which type of lender you will qualify with. This is important especially if you have bruised credit, low income or are on ODSP or Self-employed. They gather the necessary documents from you, check your financial status and employment, and use the obtained information to apply for loans on your behalf to several lenders within a short period of time; something that might be a little complicated, if you do it on your own or work with a loan officer who has many businesses to handle at the same time and works them out one after the other. Also, a bank is limited, meaning they can only offer you the products they have. The Boss Mortgage agent/broker saves you time.

What is Amortization? Looking for a mortgage Ontario.What is Amortization? Looking for a mortgage Ontario.

2. The Boss Mortgage agent/broker knows the market and a wide range of lenders, from banks to individual lenders. The mortgage agent/broker does not get paid until your deal is successfully closed, which is a great incentive to work hard for your satisfaction.

3. The Boss Mortgage agent/broker is trusted in the market field by lenders. There are lenders who work exclusively with mortgage agents/brokers, providing borrowers access to loans to which they otherwise would not have had access.

Note: Mortgage agents/brokers will assist you in the application process, from pre-approval to home appraisal; however, it is important to note that they are an origination service. A financial institution, not a mortgage broker, will provide and service your loan. The bank or lender will collect payments and provide customer service after the closing; however you can also reach out to your mortgage broker to help you throughout the life of your mortgage.

Here, at Boss Mortgages, we work hard for you. We are here to help.

Boss Mortgages

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