Ontario, CA -- (SBWIRE) -- 08/20/2014 -- All of the services offered by Mortgage Broker Store are aimed at assisting homeowners to get lower interest rate mortgages and provide flexible financing for non-conforming mortgages.
Canada Mortgage and Housing Corporation (CMHC) is the largest insurer of mortgages in Canada. During the recent recession CMHC would cover mortgages with Loan to Value (LTV) ratios as high as 95 per-cent. CMHC has recently reduced its mortgage insurance to a maximum LTV of 80 per-cent.
This insurance reduction was instituted by CMHC to slow down housing price inflation in hot real estate markets like Toronto and Vancouver. This policy has also made it harder to obtain a mortgage anywhere else in Canada even if you have a good credit rating.
These changes in CMHC policy will also affect homeowners that would like to arrange a second mortgage for their property in Ontario. Second mortgages which exceed an LTV of 80 per-cent will not be covered under the new CMHC guidelines. In most cases if a homeowner requires a second mortgage they will need to find a private lender to provide the funding. It also means that if you have a first mortgage which exceeds 80 percent of the LTV, you will find it difficult to get a mortgage renewal.
This is where Mortgage Broker Store can help homeowners. We have private lenders that can provide first mortgages, second mortgages or home equity loans. Our private lenders are not restricted by CMHC regulations and can lend up to 85% on qualified properties across Ontario
Ronald Alphonso, (President of Mortgage Broker Store) stated that "we are here to help people get a mortgage even if a bank has turned them down". For many homeowners the only reason they have been turned down for a mortgage are the changes in the bank's lending policy. At Mortgage Broker Store we are not restricted by bank guidelines and can therefore use alternative lenders to get the funding that homeowners require.
If you have any questions regarding a second mortgage or private lenders , please email ron@mortgagebrokerstore.com or call 416-499-2122.
About Ronald Alphonso
Ronald Alphonso is a mortgage agent, licence number M11001286.
You can find more information on private lenders in Ontario at our web site:
www.mortgagebrokerstore.com