Hamilton, ON -- (SBWIRE) -- 10/19/2016 -- Ron Alphonso from Mortgage Broker Store specializes in the province of Ontario and helps clients with poor or damaged credit. They have been providing mortgages for over 10 years and now have a network of private mortgage lenders in Hamilton. These lenders specialize in providing second mortgages in Hamilton. For clients with bad credit, or time sensitive real estate deals, private lenders can help out.
Second mortgages in Hamilton are loans secured against properties with existing first mortgages. Many people take out a second mortgage to access the remaining equity in their property. Everyone has a different reason for needing the money. They may use it for home renovations, stopping a power of sale, paying credit cards, or tax arrears.
Ron Alphonso, president of the Mortgage Broker Store, explained the appeal behind second mortgages. "For many people who are turned away from banks, second mortgages are their least expensive options." Ron says. Alphonso explained that he is able to offer lower interest rates since second mortgages are secured against real estate. In comparison, credit cards, payday loans and other unsecured lines are seen as more risky for lenders. This high risk level is why these kinds of unsecured loans have very high rates and overall fees.
"When you consider the low rates offered by banks, paying rates of up to 29.9 percent is unfeasible. Many popular credit card charge too much to justify taking out large amounts of money. With second mortgages, the rates and fees are much more reasonable. We've been able to offer interest rates as low as 5%."
Private lender mortgages in Hamilton are more customized than those offered by banks. Mortgage brokers can discuss the client's situation and create a mortgage agreement document that caters to their specific needs. Some popular terms include, interest only payments, rent to own, and pre-paid mortgage arrangements. Payment schedules and mortgage terms are also negotiable. Most second mortgages have a one year term and can be paid off at any time. Clients can customize the payment schedule to ensure that they will have the money on hand to make payments.
People living in Hamilton who have a new job, are self-employed or have bad credit usually do not meet the strict requirements of traditional banks. "That's where we are able to help with financing," says Ron Alphonso. "At Mortgage Broker Store we can approve mortgages regardless of a person's credit score. The main thing we look at is the equity remaining in the property. If there is enough equity in the property, then we can provide a mortgage at a good rate."
The team at Mortgage Broker Store provides people in Hamilton with a variety of financial services. "Our mortgage staff are qualified and licensed to provide financing, particularly second mortgages," says Alphonso. "We look at the client's situation and we outline the different options available. Currently the Hamilton real estate market is very lively and we are providing mortgages to many people in that region."
About Ron Alphonso
Ron Alphonso is a licensed Ontario mortgage broker and has been featured in many major media publications such as: Toronto Life, Toronto Star, Global News, and Newstalk 1010. For more information on second mortgages, contact Ron directly at 416-639-0786 or by email at firstname.lastname@example.org