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Become A Mortgage Broker

Fri, 18 Feb 2022 19:15:13 GMT

What Does It Take To Be A Hamilton Mortgage Broker?

This could be the time for a career change and if helping people is your thing, perhaps becoming a licensed mortgage

broker might be the solution for your career path. If you are good with people, interested in real estate and like numbers, this could be the job for you.

What is a Mortgage Broker?

Realtor.com defines a Mortgage Broker as a “contractor who analyzes mortgage loan products and counsels customers on loan availability, qualification requirements, interest rates and terms. A mortgage broker doesn’t actually loan any money but serves as the intermediary between the lender and the borrower.”

The process of becoming a mortgage broker is quite straight forward. In Ontario, when you first start in the mortgage industry, you must get your mortgage agent license and practice as an agent for 2 years. Becoming a mortgage agent is a quick process: take a course (can be completed online in a matter of weeks), pass the course, get hired by a mortgage brokerage, complete the FSRA application with the mortgage broker that hired you. (FSRA is the Financial Services of Regulatory of Ontario. Go to www.fsrao.ca for more information.) After you’ve worked as a mortgage agent for 2 years, you can start path to becoming a mortgage broker and change your license from agent to broker.

To become a licensed mortgage broker in Ontario, you must:

 be 18 years of age or older

 be a resident of Canada

 your mailing address has to have the ability to receive registered mail (not a P.O. box)

 be authorized by a mortgage brokerage to deal on their behalf

 completed an approved education program

 been a licensed mortgage agent for 2 years and take the Mortgage Brokers’ Exam within 3 years of completing

the course.

To become a licensed mortgage broker, you must take the mortgage broker course and become licensed as a mortgage broker. The name of the mortgage broker course is called the Mortgage Broker Education Program. This course focuses teaches its students the skills and knowledge in how to supervise and assist mortgage agents. If you become a practicing mortgage broker, you will make a positive impact on people’s lives and help them reach their financial goals.

Think about the first-time home buyer or those who have been turned down by traditional banks, these could be the people you help. The mortgage industry is constantly changing and you can be a part of it and help people in their mortgage needs.

As a mortgage broker, like those at Weisz Choice Mortgage Group, you will learn to take the time to understand the unique situations of your clients. Shopping for a home is a huge undertaking but shopping around for a mortgage broker doesn’t have to be. Using the services of a mortgage broker will free up your time to look at houses, especially if you are pre-approved for financing. Weisz Choice Mortgage Group will have your pre-approval ready in a timely manner so you can start your house hunting. They will let you know how much home you can afford. Your broker will contact lenders on your behalf, saving you valuable time, effort and stress. The professionals at Weisz Choice Mortgage will put you at ease and make the road to your mortgage painless. Their team will explain the mortgage process so that will feel comfortable about your commitment.

Make the Weisz Choice Today!

Call (905) 921-2701

Talk mortgages or talk about joining their team!

What is a Mortgage Broker?

Tue, 25 Jan 2022 16:50:15 GMT

Hamilton's Best Mortgage Brokers - Why You Should Make The 'Weisz' Choice!

Before you start shopping around for your mortgage, you should really decide if you are going to use a bank as your lender or lean on the expertise of a Mortgage Broker. The bank you regularly use can offer you their mortgages, key word being “their.” The mortgage agent with your bank, works for them and can’t offer you mortgage products from a variety of lenders. A mortgage broker has many lenders that they deal with on a regular basis and will work on your behalf to find you the mortgage that will suit your needs now and in the future.

There is a misconception out there that people use mortgage brokers when their credit is questionable. You should know, that is not the case. A mortgage broker should be called upon when a mortgage is needed. Period. These professionals are educated and trained in all things having to do with mortgages. A broker will help you if have a unique situation, like you own a business or you’re a typical client that is in need of a mortgage. A mortgage broker works with all types of people and has a network of lenders that they can call upon to find you the mortgage that will for you and your situation. The staff at Weisz Choice Mortgage Group will give you personalized advice and attention based on your situation. In Ontario, a mortgage broker has to be licensed and covered under the Mortgage Brokerages, Lenders and Administrators Act, 2006.

The use of a mortgage broker is a free service. Speaking to a professional at Weisz Choice Mortgage Group will cost you nothing and you will learn about the several products that are available. A broker can usually find you a better rate because of their several contacts. Mortgage brokers will lean on their experience, education and the products that their lenders offer to find you the best deal. All you really have to do is fill out an application.

By now, you’re probably wondering how a mortgage broker gets paid. They can offer you their service at no charge because they are paid through the lender when the deal is placed. The broker can be paid when the deal starts or over the life of the mortgage. All lenders pay the brokers the same rate so there’s no playing favourites to the mortgage brokers they like. Every lender works with the mortgage broker and offers each one the same rates.

Using a mortgage broker will find you a better rate because of their connections and can negotiate on your behalf with more than one lender. This is especially true if you are a unique case. Weisz Choice Mortgage Group works with clients in Hamilton, Burlington, Oakville, Niagara and Toronto. They also have access to over sixty lenders and will find you the perfect mortgage to suit your needs. You can call them at 905-921-2701 or reach them using e-mail at nweisz@weiszchoice.com to learn more with no obligation.

Make the Weisz Choice Today!

Mortgages Explained

Mon, 06 Dec 2021 18:42:21 GMT

When you’re talking about mortgages, you have probably heard that that there are many types to choose from. The various types and the terminology can be overwhelming to learn about and be confusing if you don’t know what each type can do for you.

What is a mortgage? The basics:

When you purchase a home, chances are you can’t buy it out right. A down payment is put towards the purchase of the home or property and the balance needs to be borrowed. The remaining portion of the purchase is called the mortgage. This is the loan you get from a lender to cover the balance that is owed. A mortgage is a legal contract between you and your lender. When you are shopping for your mortgage, your lender or mortgage broker, like the team at Weisz Choice Mortgage Group, will present you with mortgage options that will suit your circumstances. Topics that will be discussed are the amortization and the payment frequency. The amortization the length of time you will make payments to the lender and the payment frequency is how often your will make the payments. When discussing your mortgage, you will the word term brought up. The mortgage term is the length of time you contract is in effect. Your interest rate and contract are binding for the length of the term. When the term expires, you renew your mortgage, unless you want to pay it off.

Your lender or mortgage broker, like the Weisz Choice team, will help you in finding an interest rate and mortgage type that works for you. The interest rate is the cost of borrowing money. Weisz Choice Mortgage Group will work with lenders to find you the best interest rate that will work for you and your situation. Interests are based on the length of the mortgage term, your credit rating, if you are self-employed and the lender you work with.

Types of Interest Rates

(You will be offered different types of interest options and you should know what they are.)

Fixed…interest rate stays the same during the entire term which means the payments will stay the same also.
Variable…interest rate and payments can increase and decrease during the term.
Hyrid/Combination…has both fixed and variable rates. This is not common interest rate and needs much discussion.

Payment Frequency

Monthly…one payment per month…12 payments per year
Semi-monthly…2 payments per month, not necessarily every other week…24 payments per year
Biweekly…every other week…26 payments per year
Weekly…payment made each week…52 payments per year

Whether you already have a mortgage and it is renewal time or you are a first-time home buyer or looking at buying commercial property, Wise Choice Mortgage Group can help. They will get you the best rates and terms that will help you.

The process at Weisz Choice Mortgage is very simple.

They get to know you.
They find the right mortgage.
They seal the deal.

Weisz Choice Mortgage Group works with clients in Hamilton, Burlington, Oakville, Niagara and Toronto. They also have access to over sixty lenders and will find you the perfect mortgage to suit your needs. You can call them at 905-921-2701 or reach them using e-mail at nweisz@weiszchoice.com to learn more with no obligation.

Make the Weisz Choice Today!

What Is The Role Of A Mortgage Broker?

Mon, 01 Nov 2021 18:37:18 GMT

Before you start the mortgage process, knowing the function of a mortgage broker may help....

A mortgage broker helps you find the best mortgage that will suit your financial needs. A broker will gather all the information from their vast list of contacts to find a mortgage that will work for you. Basically, they do your legwork and work on your behalf. A mortgage broker from Weisz Choice Mortgage Group will match you, the borrower, with the best lender. A really good mortgage broker will also streamline the process during the application process by submitting the lender’s needed paperwork on behalf of the borrower. You don’t have to rely on your regular bank when a mortgage broker will research the various lenders for you and share the gathered information and explain the mortgage options to you, truthfully. A broker works with several financial institutions to find you the best mortgage product, whereas a mortgage specialist from a bank, can only offer you solutions from their workplace.

Using a mortgage broker is easy and painless. Generally, it takes one meeting with a broker to discuss your wants. The needed paperwork may be submitted by e-mail, which streamlines the process even more. You may think that you have to pay a mortgage broker for their services, but you don’t. They are paid by the lender.

The access to the pool of lenders that a broker has will work in your favour because brokers are given discounts from their preferred lenders and they pass them on to you. Because of their relationships with lenders, Weisz Mortgage can help with any situation that a borrower has such as bad credit or if the borrower is a business owner. These could be issues with a bank, but there’s a good chance that a broker will find a lender that can help you and any unique situation you may have. Don’t forget a mortgage broker works for you and has relationships with several lenders that will suit your need.

Also, mortgages and anything that has to do with then is the livelihood of a mortgage broker. That’s all they do; they live and breathe mortgages and which works to your advantage in the long run. At the end of they day, you should remember that they are independent and are not tied to a bank or an individual financial institution so they can present you with the mortgage products that are the best for you while keeping your situation and what you can afford top of mind.

· They get to know you.

· They find the right mortgage.

· They seal the deal.

The agents at Weisz Choice Mortgage can be reached by telephone at 905-921-2701 or get a customized quote online by completing their online form. Weisz Choice Mortgages will work for you!

Make the Weisz Choice!

Mortgage Broker Advantages

Fri, 01 Oct 2021 07:19:08 GMT

Shopping for a mortgage doesn’t have to be a scary task but it needs to done if you are travelling down the road to home ownership. Whether you are just starting out in your life of owning a home or you’re needing to renew your mortgage, now is the time to consider the use of using the knowledge of a mortgage broker.

A mortgage broker will do your “shopping around” legwork. The bottom line is that they will find a lender that will best suit your needs as a borrower. You, as the borrower, will just fill out some paperwork and your mortgage broker will handle the calling around to find you the mortgage that will be the most beneficial to you. The team at Weisz Choice Mortgage Group will explain this to you. Ultimately, you want the best rate and term and a mortgage broker will find that for you.

If you just go to a regular bank, the only mortgage options they can offer are their own. A mortgage broker has access to many lenders and has working relationships with them. Due to this fact, you will get the best mortgage to move you forward in home ownership.

The Role of Mortgage Brokers:

One stop shop – just fill out a mortgage application
Mortgage Broker can get better rates
Mortgage Brokers are schooled and very knowledge about mortgage options
Will work with borrowers who have poor credit histories

A good mortgage broker, like the team at Weisz Choice Mortgage Group, will take the time to understand your situation on a more personal level. You will find that you are more than a client. It’s interesting to note that a lot of a broker’s clients are first-time home buyers due the fact that they are doing their lending research online rather than just making an appointment at their regular financial intuition like their parents did. They are using the internet to explore their lending options. The road to your mortgage can begin by completing an easy online application .

Shopping for a home is a huge undertaking but shopping around for a mortgage doesn’t have to be. Using the services of a mortgage broker will free up your time to look at houses, especially if you are pre-approved for financing. Weisz Choice Mortgage Group will have your pre-approval ready in a timely manner so you can start your house hunting. They will let you know how much home you can afford. Your broker will contact lenders on your behalf, saving you valuable time, effort and stress. The professionals at Weisz Choice Mortgage will put you at ease and make the road to your mortgage painless. Their team will explain the mortgage process so that will feel comfortable about your commitment. Let them work with you every step of the way.