Toronto, ON -- (SBWIRE) -- 01/05/2017 -- Experts at Mortgage Broker Store have provided clients in Canada second mortgages for 10 years. Now they are now expanding to serve the Orangeville, Ontario market.
A second mortgage loan is the name given to loans secured against real estate property. How a homeowner uses their loan money is not dictated by lenders. They can use it to pay for renovations, school fees, rent, emergency bills, or any project.
Ron Alphonso of the Broker store explained that the reason why customers takeout a second mortgage is because it is better than unsecured debt. He said, "this is often the cheapest option'' compared to credit cards or payday loans. It doesn't make sense to charge a large purchase to a credit card only to pay hefty interests when a second mortgage costs much less. Where credit card interests are as high as 20%, you will easily get rates as low as 10% on second mortgages.
Another reason why a second mortgage is attractive is that clients are free to choose the payment plans that work best at any point in time. Pre-payments, payment breaks and skipping payments gives clients enough time to meet their obligations without hurting their credit score. Such flexibility makes second mortgages more affordable than other types of credit in the market.
Residents of Orangeville who have been turned away by banks have to turn to lenders that specialize in alternative lending, like Mortgage Broker Store does. Ron Alphonso says, "At the Mortgage Broker Store your salary is not a problem. We approve loans based on home equity and not the client's paycheck. If lots of your money is tied up in your home, we will let you access it no matter what your occupation may be."
In addition to second mortgage loans our Orangeville customers can access a variety of credit options. "All our brokers are duly licensed to issue different types of loans including our specialty second mortgage loans", says the president. It is important for people considering taking a loan to understand exactly what they can afford. The key to good credit is maintaining a good score which is only possible by taking on affordable credit.
Mortgage Broker Store
Brokerage Number: 12800
Address: 100 Consilium Pl. Suite 200 Toronto, ON, M1H 3E3, Canada