Mortgage Broker Store Now Offers Second Mortgages in Burlington
Mortgage Broker Store in Ontario has been helping homeowners get financing from alternative lending sources.
June 06, 2017 ( datsyn.com) – They are now expanding into the Burlington mortgage market offering different services including second mortgages. Second mortgages are additional loans that homeowners can take on their home even if they have a first mortgage. To lenders, this is riskier than the initial loan as they will be second in line for compensation if the loan defaults. According to the mortgage laws, the first mortgage holder must be compensated first, followed by the subsequent lender.
Stopping foreclosure and power of sale are some of the special offerings from Mortgage Broker Store. In the event of a default and successful power of sale or foreclosure, the lenders are paid in order in which the mortgages were placed. This means that the first lender is first to recoup then the second is paid from the proceeds of a power of sale. Compared to a foreclosure, power of sale is cheaper and much faster, hence being a preference for most lenders. The team at Mortgage Broker Store can quickly arrange financing and negotiate with existing mortgage lenders to quickly stop a power of sale or foreclosure.
Second mortgages can be used to consolidate one’s debts and even allow people to meet their various financial obligations. This ultimately leads to a stronger credit score which makes it possible to recover financially. It is safer to have one big secured loan with lower monthly payments as opposed to multiple credit cards with overwhelmingly high payments. Missing out on credit card payments could lead to a poor credit score so clients are safer with a secured loan like a second mortgage. In addition, second mortgage loan amounts are usually higher than what you get with unsecured credit cards. Second mortgages would suffice for home renovations, hospital bills and even tuition fees whenever a client is out of income.
To find out whether applicants qualify, Mortgage Broker Store has two main considerations: Secured loans on the home and home equity. This is to help them calculate LTV, the metric that guides the experts on what property to lend against. Too little equity heightens the risk of losses for private lenders who are invested in real estate.
For more information on second mortgages in Burlington, get in touch with Ron Alphonso at www.mortgagebrokerstore.com or give them a call.
The Mortgage Broker Store team has been offering alternative financing solutions to clients for more than a decade. The founder, Ron Alphonso is a mortgage broker and private mortgage lender who has been featured in some of the most prominent Canadian media outlets like Toronto Star and Global News. Mortgage Broker Store specializes in bad credit mortgages, stopping power of sale, second mortgages and home equity loans.