Top 5 Benefits of Choosing MortgageBrokerStore.com for Your Private Mortgage

MortgageBrokerStore.com offers some excellent advantages for people who are looking for an alternative loan rather than a traditional product. The personalized service and flexible lending solutions these private lenders provide are perfect for people with low credit scores and fluctuating income from contract work and freelancing.

This is also a great solution for people who want to get back on their financial feet and avoid a power of sale or foreclosure.

Personalized Mortgage Solutions

Each person applying for a private mortgage has a unique financial situation. MortgageBroker Store.com takes all of these individual situations into account when deciding who gets to take advantage of our personalized mortgage solutions.

For example, a traditional bank or credit union relies heavily on credit scores. Equifax reports that a poor credit score ranges from 300 to 579. People with scores in that range will have a harder time getting a loan through a traditional source.

That’s not the case with private lenders like us. We look at a slightly different set of criteria. Because we will consider alternative income sources and existing assets, we accept people with lower credit scores.

Flexible Lending Criteria

Along with the other criteria from a traditional bank already mentioned, we adopt a more lenient approach to the debt-to-income ratio (DTI). This formula compares someone’s monthly debt payments to their gross income.

With more flexible lending criteria, our company can approve borrowers with high DTI ratios.

Other flexible lending criteria are available. For example, a private lender can look at alternative income sources, including government benefits and self-employed income. This allows self-employed people to supply different types of documentation instead of a typical return. A bank application for a loan will require traditional pay slips, while an alternative lender can use the money they get from freelance work and consultation fees on the application.

It’s a more flexible process, allowing a more accurate picture of their earning potential.

Quick Approval Process

Our company offers a more streamlined approval process to bypass more traditional procedures that take longer.

• The evaluation process is faster because we rely on equity rather than credit history. The primary focus here is the equity in the property, which makes the whole application process much faster because there’s less documentation. 
• Banks need to look at other requirements, including formal income verification, which can include pay stubs and T4 slips. MortgageBrokerStore.com accepts alternative incomes, such as money made through contract work, freelance work, and sole proprietorships, which can make the entire process quicker.

Overall, focusing on essential information we obtain through items like a property appraisal makes for quicker assessments and approvals.

Competitive Interest Rates

Even though the rates on a private loan are usually higher than those of a bank, MortgageBrokerStore.com works with a broad network of private lenders. We can get multiple quotes on any application so that you get the best rates available.

Because we simplify the process and put such a big emphasis on your equity, we can offer competitive rates for borrowers. The more equity you build up, the less risk there is for a private lender.  Alternative lenders like us focus on the Loan-to-Value (LTV) ratio. That combines the equity that’s been built up in a property with the appraised market value. Our company will lend up to 75% LTV. The lower the LTV number, the more chance you have of a competitive interest rate.

Remember, we also offer customized mortgage solutions like interest-only payments and amortization periods that are flexible. Allowing clients to select the best option that aligns with their situation can also result in a competitive interest rate.

Expert Advice and Support From Private Lender

Maybe you’re someone who doesn’t meet traditional credit rating standards. You might be somebody who doesn’t meet traditional bank requirements for a loan for another reason. 

There are other reasons why a private mortgage works well for a specific group of people. Perhaps you need to make an emergency repair to your house, or you’re renovating. For those reasons and others, you should consider us as direct private mortgage lenders.

Our team is comprised of direct private lenders, brokers, and mortgage agents. 

Experience 

Jonathan Alphonso is the Principal Broker of Mortgage Broker Store (FSRA licence M08005247). With more than 15 years of mortgage and real estate experience, he leads the brokerage’s day-to-day mortgage operations and oversees more than $10 million in mortgage assets under management. His work focuses on private and second mortgages, refinancing, and urgent power-of-sale situations across Ontario.

Support 

Jonathan works directly with Ontario homeowners from the initial assessment through closing. He reviews the property, available equity, timing, and exit strategy, then determines whether Mortgage Broker Store can fund the mortgage directly or whether another lender in the brokerage’s network offers a more suitable option.

Jonathan and the Mortgage Broker Store team offer customized solutions for borrowers facing challenges such as bad credit. MortgageBrokerStore.com uses a streamlined application process that places greater emphasis on property equity than traditional lending criteria such as credit scores and conventional income documentation.

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This article is provided for educational purposes only and does not constitute mortgage, legal, tax, financial, or investment advice. Mortgage products and lending criteria vary by lender and borrower circumstances. Readers should seek professional advice before making financial decisions.