Stratford Second Mortgages Now Provided by Mortgage Broker Store
Mortgage Broker Store provides attractive solutions for homeowners who have been turned away by banks. It will now be bringing the same solutions to Stratford residents.
January 02, 2017 ( datsyn.com) – Many Stratford homeowners are opting for a second mortgage for purposes of meeting their financial obligations. This is especially true when compared to the high interest rates of most credit cards.
So, what is a second mortgage? And how are these mortgages beneficial to a homeowner living in Stratford? Will applying for one from the Mortgage Broker Store prove useful to you?
Basically, a second mortgage refers to a mortgage that allows you to borrow money from the equity you have in your house. The attractiveness of these loans is that they prevent you from having to refinance your current mortgage.
Equity refers to the difference between the amount you owe on your first mortgage and the appraised value of your home. The loan amount you will receive, therefore, will be based on your home’s equity.
There are diffident reasons why a person might want a second mortgage. Some reasons include getting extra spending money, paying off credit cards, or stopping a power of sale. Mr. Ronald Alphonso specializes in saving homeowners who are threatened by Power of Sale. “Through these mortgages, we hope to help anyone who is at risk of losing their home on account of defaults in their mortgage loan repayments by providing them with an attractive solution that will enable them to get back on their feet faster and with minimal expense.”
As a result of the Stratford second mortgages provided by the Mortgage Broker Store, homeowners will now be able to consolidate their high-interest debt into low-interest monthly repayments. Additionally, the mortgages will enable homeowners to improve their properties and make major purchases, which they would not have been able to do without the loan.
Some homeowners, of course, will be using the loans to finance their small business ideas more cost effectively. In some instances, Stratford residents have relied on Mortgage Broker Store to upgrade their homes and convert their basements/garages for renting out to others. By so doing, they have added to their overall net worth and income – making it easier for them to repay their loans.
There are qualifications for the second mortgages that Mortgage Broker Store will be bringing to the Stratford market. These qualifications revolve around having some equity in one’s home as well as proving that one will be able to make the monthly payments on their second mortgage without going over and beyond their total Loan to Value ratio. www.mortgagebrokerstore.com