The professionals at the Mortgage Broker Store have been providing clients throughout Ontario with second mortgages for over 15 years. They are now expanding further into the Oshawa second mortgage market.
A second mortgage is a type of loan, usually secured against a real estate property. Homeowners can choose to use a second mortgage to access the equity in their home. The use of second mortgage money is usually left to the homeowner’s discretion. They may use it for renovations, education, pay off credit card debt, tax arrears or any other project.
We asked Ron Alphonso, president of the Mortgage Broker Store, why clients would choose to take out a second mortgage. “It’s often the lowest cost option,” he says. Alphonso goes on to explain that second mortgages are a lower-interest alternative to unsecured debt, such as credit cards, unsecured lines of credit or payday loans.
“With today’s rock-bottom interest rates, why would you want to charge a large purchase to your credit card and pay 20 per cent interest on it? If you qualify for a second mortgage, that rate will be much lower. Currently, some clients are getting rates as low as 5 per cent.”
Flexibility is another advantage to opting for a second mortgage. Clients can choose various features, such as skip a payment, payment holidays and pre-payments. Terms are also flexible, ranging from months to several years. Clients can therefore choose a payment they can afford.
Residents of Oshawa who are newly employed, self-employed or seasonal workers often face difficulties when trying to qualify for a loan from a traditional bank. “That’s where we come in,” says Alphonso. “At the Mortgage Broker Store, we approve loans based on home equity instead of just on salary. If someone has lots of money locked-into their home, we can let them access it, regardless of what type of work they do.”
– See more at: http://www.datsyn.com/press-release/12149/2016/05/10/Oshawa-Second-Mortgages-Now-provided-by-Mortgage-Broker-Store#sthash.voRJAKMH.dpuf