Guelph, ON -- (ReleaseWire) -- 08/11/2017 -- Mortgage Broker Store has been offering their clients throughout Ontario second mortgages for more than a decade. They are now offering Guelph second mortgages for self-employed homeowners or homeowners with bad credit. Even when individuals are turned down by banks, Mortgage Broker Store can rely on a network of private lenders to offer reliable forms of credit.
To be eligible for a second mortgage at a low interest rate the applicant must own a condo, house or some other type of real estate. The amount available to be borrowed depends on the equity in the property, with many lenders lending up to 80% of the home's equity. Private lenders in Guelph are unable to issue second mortgages to properties with too little equity as it is deemed to be too risky. This type of loan has several potential uses including school fees, paying credit card debt, stopping a power of sale and funding home renovations.
When asked why clients choose a second mortgage over credit card debt, Ron Alphonso said that it is because they are cheaper. He also added that "secured second mortgages have a lower interest rate than personal loans because they are less risky". Payday loans and unsecured credit loans pose a greater risk, prompting lenders to charge higher interest rates.
Many people get credit cards without knowing that they are charged 29.9% interest rate per year. This is usually more than three times the interest rates charged by second mortgages, which are commonly at around 9.99%. Getting a second mortgage is especially important when they need large amounts of money. Some of our clients enjoy second mortgage interest rates lower than 9%, which is impossible to get with credit cards. Unlike with credit cards, it is possible to negotiate for a longer second mortgage repayment term that allows for lower monthly installments. The amount given is usually large enough to facilitate the client's needs when compared to the lower amounts offered by unsecured loans.
Self-employed, low-income earners and people with a low credit rating have the most difficulty when approaching traditional lenders. It is impossible to get a bank loan with poor credit or unstable income these types of people are considered to be high risk. Credit unions and trust companies give loans to a lower credit score than banks but the minimum credit score of 550 is still a high number of the unemployed. This is where Mortgage Broker Store can help Guelph residents since they offer loans that are approved based on the client's equity in a home. They have a network of private lenders who don't mind issuing loans to property owners with bad credit in Guelph, Ontario. These creditors have vested interest in real estate and often overlook credit score in the knowledge that they can recover their investment from the house or condo if a client is unable to pay. They are not governed by the same rules as institutionalized lenders and can, therefore, customize lending rules to suit their clients.
The staff at the Guelph Mortgage Broker Store can help with a wide range of credit options. All of them are qualified with licenses to issue loans that include second mortgages. They can help clients find the ideal product for their situation by contacting private lenders in their vast network. They are able to determine the best loan product for each client by listening to their needs.
In addition to second mortgages, they can arrange home equity loans, bad credit loans, and even debt consolidation loans. The teams at Guelph understand that different homeowners need loans for different reasons and strive to match them with a useful loan that they can easily pay back. Mortgage Broker Store is currently providing second mortgages in other parts of Ontario. The Mortgage Broker Store team can be contacted at 416-499-2122 or firstname.lastname@example.org.
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