Vince Iannello: Mortgage and Finance Expert
Vince Iannello works in the fields of accounting, finance, and real estate and has done business throughout Canada.
Vince Iannello works in the fields of accounting, finance, and real estate and has done business throughout Canada. Vince Iannello speaks both English and Italian.
Vince Iannello explains that a mortgage broker is a type of intermediary between someone who is interested in purchasing real estate and a financial institution that offers loans that are secured with real estate. These individuals need to borrow loans in order to be able to purchase real estate, and this is where the mortgage broker comes in. The mortgage broker is going to work with both parties, in order to get the individual approved for the loan he or she needs. They also end up collecting and verifying all of the paperwork that is necessary. The lender needs this paperwork from the individual in order to make sure that the purchase of the home is complete. A lot of the time, a mortgage broker is going to work with several different lenders and can offer many different loan options to the borrower that they are working with. This third-party intermediary between the lender and borrower will collect information from the borrower in order to help him or her. They will consult with multiple lenders in order to find the best potential loan for the client. The broker will also serve as a loan officer, making sure to collect all of the necessary information and working with both parties to get the loan taken care of and closed. Usually, the mortgage broker is compensated through fees that are paid from borrowers and commissions that are paid by lending institutions. The costs can vary quite a bit, but usually, a mortgage broker will get anywhere from one to three percent of the total loan amount. The total amount that the borrower pays the mortgage broker will vary quite a bit, depending on which broker is used, the type of loan, and how much the broker happens to be earning in commissions from the lending institution.
You might wonder when you should be using a mortgage broker, like Vince Iannello. Generally speaking, you should use a mortgage broker if you are trying to find access to home loans that are not readily advertised in a way that you have access to. If you do not have the best credit, you are not seeing mortgages that are going to work for you, or you have some sort of unique borrowing situation, a broker might be able to grant you access to loans that will be able to help you. A lot of the time, individuals will prefer to work with someone regardless of their situation, as they would have access to lenders this way that they wouldn’t be able to find otherwise. In addition, a mortgage broker might be able to help them qualify for lower interest rates, compared to most of the commercial loans that are currently available.