Georgetown, ON -- (SBWIRE) -- 02/10/2017 -- Georgetown Mortgage Pros have been successfully operating in the second mortgage market in Ontario for over a decade. Now they announced that they will spread their business to offering second mortgages in Georgetown market, under the name Georgetown Mortgage Pros.
A second mortgage is a kind of loan secured while the original mortgage is still active. It is an option homeowners use to access the equity in their property. They usually have the discretion of using the mortgage money any way they want, including but not limited to children's education, home renovations, paying off credit card debts or paying taxes.
Mortgage professional Ron Alphonso believes that second mortgages are a far better option than their unsecured debt alternatives. "This is usually the option that costs the least. A second mortgage has a much lower interest than a personal loan or unsecured credit lines," explains Alphonso. He specifies that the interest rates have gone way down lately.
"There is no reason why not to use this. If you make a large purchase with your credit card, you will end up paying more than 20 percent interest. There is no reason to do that if you qualify for a second mortgage. This way you can get a much better rate, as little as 5 percent, which is the rate some of the clients are getting at the moment. You just need to do simple math to see that this is a very affordable option."
Another advantage of second mortgages in Georgetown and elsewhere is adaptability. Unlike traditional bank mortgages, a client has more options at his disposal. They can make a deal to skip a payment, make a pre-payment or take a payment holiday. The terms of a mortgage can largely be customised to suit the client's financial abilities. A mortgage deal can vary from several months to a few years.
Getting turned down by banks is a common occurrence in Georgetown. Alphonso explains that people then ask for their help. "People who are seasonal workers or those who just got employed have issues securing a loan from a traditional bank. Unlike them, we don't care about credit score. The only thing we assess is selling price and existing mortgages. When people have a lot of equity locked into their properties, we help them access that money."
There are other credit options Georgetown Mortgage Pros can offer to the residents of Georgetown. "We are independent mortgage agents, which enables us to offer impartial advice. We are focused on working in the best interest of our clients. We have over a decade of experience of working across Ontario, Canada, and our brokers are located in every province."
Georgetown Mortgage Pros offer various services, from mortgage refinance to commercial mortgages. This network of independent agents has been in business for more than a decade and their entire staff is licensed and experienced. Their advice on whether someone is eligible for a mortgage is free.