Second Mortgages in Ottawa Now Offered By OttawaMortgageOffice.ca
Ottawa Mortgage Office has been providing quality customer service for people searching for a mortgage.
A second mortgage is a specific type of home loan that utilizes the equity that homeowners have in their home. This loan can be used for any reason that the homeowner decides to and it totally left up to the borrower’s discretion. Things this loan has been used for can include: education expenses, refinancing other debt, renovations or anything else where money is needed.
Mortgage broker Ron Alphonso, explains why a second mortgage is good for certain people. “It can be the best option for homeowners that has the lowest cost.” Alphonso then goes on to explain that second mortgages are a much better for homeowners to pay off unsecured debts rather than a pay day loan which have very high interest rates and a short payback time allowed.
“Personal loans and other unsecured loans like credit cards carry with them a very high interest rate when compared to a second mortgage. With interest rates being at or near 20% for an unsecured loan, would you want to use that or a rate as low as 8% from your second mortgage if you qualify?”
The mortgage terms can be customized to suit the client’s needs for example: interest only, pre-paid interest, ability to skip specific payments. Banks just can’t generally offer this level of flexibility.
Ron Alphonso goes on to talk about how Ottawa Mortgage Office can help those who have been turned down by banks. “They focus on the current selling price and existing mortgages on a home, and not credit score. They can also arrange home equity loans even if you are newly employed, self-employed or even seasonal. It is all based on how much equity they have in their home and not on what type of work they do or how much they take home in pay.”
Ron Alphonso is a registered Ontario mortgage broker and private mortgage lender. He has over 10 years of expertise in helping people with alternative financing and stopping power of sales & foreclosures. Ron is a known expert in the field of mortgages and has been featured in numerous news publications.