Toronto, ON -- (SBWIRE) -- 08/22/2016 -- Mortgage Broker Store have been providing clients throughout Ontario with second mortgages for over 15 years. They are now providing Brampton second mortgages for homeowners who are self-employed or that have bad credit. Even if a bank has turned a home owner down Mortgage Broker Store can access our private lender network to secure a second mortgage.
To qualify for a lower interest second mortgage you must a house, condo or property. The amount of money that you can borrow on a second mortgage depends on the amount of equity in your home, many lenders will provide loans up to 85% of the value of your home. The loan can be used for many different purposes including home renovations, educational expenses, credit card debt, pay off property taxes or even stop a power of sale.
Ron Alphonso, president of the Mortgage Broker Store, said "clients choose to get a second mortgage because it is the cheapest financial solution, especially when compared to credit card debt". Alphonso explained that secured second mortgages have a lower interest rate because they are less risky. In contrast unsecured credit cards and payday loans are not secured. Since they are unsecured they have a higher level of risk and usually a much higher interest rate.
"Most people do not realize that many credit cards charge an annual interest rate of 29.9%. This interest rate is more than triple the interest rate of most second mortgages. Why would a homeowner want to pay 29.9 % for a loan when they could pay 9.99% interest? If the amount of money being borrowed is large then it becomes even more important to get a low interest second mortgage. We have some clients with second mortgage interest rates as low as 6.99 per cent."
People who have a low income, self-employed or have a low credit rating often face difficulties when applying for mortgage from a traditional bank. "That's where we can help the residents of Brampton," says Alphonso. "At the Mortgage Broker Store, we approve loans based on the equity in the home, our private lenders are basing the loan on the amount of equity in the home. Our lenders can approve people with a bad credit score or self-employed".
The staff at The Mortgage Broker Store can also help residents of Brampton with a wide range of credit options. "All of our mortgage brokers are licensed and qualified to issue loans, including second mortgages," says Alphonso. "We can help homeowners find the right product for their situation. We are currently arranging second mortgages for clients in Mississauga, Burlington and Hamilton."
For more information on second mortgages, contact the Mortgage Broker Store at 416-639-0786 or visit their site at www.mortgagebrokerstore.com
Contact:
Ronald Alphonso
Mortgage Broker Store
License #: M11001286
Address: 100 Consilium Pl. Suite 200, Toronto, ON, M1H 3E3, Canada
Phone: 416-639-0786
Email: ron@mortgagebrokerstore.com