Our Ontario-based mortgage brokerage, Mortgage Broker Store, offers speciality financial services for people in difficult situations. Ron Alphonso, the principal mortgage broker has over 7 years of industry experience and is frequently called upon by the media for his insights. Below is a summary of our different services:
A second mortgage is a mortgage that is placed on a property with an existing first mortgage. Second mortgages are considered riskier than first mortgages and for this reason, they are rarely offered by banks. We’ve built up a network of private lenders that offer second mortgages, and our firm can negotiate with these lenders to get our clients the best offer.
Private Lender Mortgages
A private mortgage lender is an individual that invests their own money in mortgages. Private lenders are often much more lenient than banks and are a good option for people who’ve been turned down by a bank. Our brokerage has a network of lenders that offer competitive rates on mortgages.
Home Equity Loans
A home equity loan is a loan where a person’s house is used as security. This kind of loan usually takes the form of a registered mortgage and can have interest rates far lower than credit cards and personal loans. With enough equity in your home is it is easy to get approved. Our team can help you confirm if you can be approved.
Bad Credit Mortgages
Banks in Canada have extremely strict requirements for credit scores when applying for a mortgage. For people with bad credit, a bank mortgage is typically not attainable. Our lender network includes many lenders who can lend on properties regardless of credit score.
Stopping Power of Sale
When mortgage payments are not made, the mortgage lender is legally entitled to sell the property. After several notices have been sent to the homeowner, the homeowner is evicted and the house is put up for sale. Our experts have stopped dozens of Power of Sale situations and allow people to continue to have a place to live.
Similar to a Power of Sale, a Foreclosure allows the mortgage lender to evict the homeowner. Unlike in Power of Sale, in Foreclosure the lender will take possession of the property and the previous owner is not entitled to any profits from the sale of the property. Our team has experience in stopping the foreclosure process.