Toronto, ON -- (SBWIRE) -- 08/15/2016 -- The professionals at the Mortgage Broker Store have been providing clients throughout Ontario with second mortgages for over 15 years. They are now specializing in Pickering second mortgages. Second mortgages can be the perfect solution when a person is in a credit crunch.
A second mortgage is usually secured against a home or condo. Most homeowners choose to use a second mortgage so that they can access the equity in their home. The homeowner can use the second mortgage to pay for whatever they feel is important. They may use it for renovations, children's education, pay off credit card debt, property tax arrears or a wedding.
We asked Ron Alphonso, president of the Mortgage Broker Store, why clients choose to get a second mortgage. "It's often the best financial solution with the lowest cost option," he says. Alphonso explained that second mortgages have a lower interest rate because they are secured against real property. In contrast credit cards, unsecured lines of credit and payday loans are not secured, therefore they have a higher level of risk and a higher interest rate.
"With today's ultra-low interest rates, why would you want to make a large purchase on your credit card and pay 29.9 per cent interest on it? Yes, 29.9 percent is the interest rate that many credit card's charge. If you qualify for a second mortgage, the interest rate will be much lower. Currently, some clients are getting rates as low as 6.99 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, with options to renew. Clients can therefore choose a payment they can afford. Most second mortgages are totally opening, meaning you can pay them off whenever you want.
Residents of Pickering who are newly employed, self-employed or have a low credit rating 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 the equity in the home instead of income or credit rating. If a person has lots of equity in their home, we can help them access it, regardless of their income or credit rating."
The staff at The Mortgage Broker Store can also help residents of Pickering 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 Pickering, Ajax and Whitby."
For more information on second mortgages, contact the Mortgage Broker Store at 416-639-0786 or visit their site at www.mortgagebrokerstore.com
Mortgage Broker Store
License #: M11001286
Address: 100 Consilium Pl. Suite 200, Toronto, ON, M1H 3E3, Canada