Mortgage brokers are industry professionals who are tasked with finding the best possible deals on mortgages for their clients. While most mortgages in Ontario are processed by banks, the use of mortgage brokers is becoming increasingly common. The mortgage broker industry in Ontario developed in order to service people who have been turned away by banks. Ron Alphonso, Principal Broker at Mortgage Broker Store, is one such mortgage broker in Toronto and he focuses on financing difficult mortgages that banks cannot service.
Specialty services offered by Mortgage Broker Store
Most mortgage brokers will offer basic services related to setting up a mortgage. The mortgage broker will discuss the client’s needs and present the client with offers from different lenders. What sets Mortgage Broker Store apart from competitors is their ability to arrange mortgage quickly and deal with any legal complications that may be involved. Some of the specialty services the brokerage offers include: second mortgages, private lender mortgages, stopping power of sale and foreclosure.
A second mortgage is a mortgage that is placed on a property with a first mortgage already in place. Second mortgages are considered to be much riskier than first mortgages since, in the case of mortgage default, the first mortgage must be paid out first. Due to this risk, many banks will refuse to mortgage an already mortgaged property. At Mortgage Broker Store, one of the most popular services offered is a second mortgage. Instead of using credit scores like banks, Mortgage Broker Store focuses on the equity in the property for mortgage approval. In most cases, the brokerage can lend up to 80 per cent of the value of the property. Interest rates for second mortgages are typically lower than those of credit cards and personal loans, which makes these mortgages an ideal source of emergency money.
Private mortgage lenders
Ron is a private lender with over a decade of experience in investing in real estate, and he funds many of his brokerage’s deals himself. Ron also has a network of private lenders that offer mortgages in cities across Ontario to fund mortgages he personally cannot. Private lenders are an excellent source of alternative financing for situations where a bank cannot help. While private lenders will charge more than banks, they can lend on high-risk bad credit mortgages and second mortgages that the banks turn down. Once approved, you can use the mortgage money for any purpose you deem fit. Some common uses of mortgage money include: paying off high-interest debts, home renovation, pay living expenses, and paying for higher education.
Stopping power of sale and stopping foreclosure
A mortgage is a debt that is secured by real estate, and as such, the mortgage lender has the right to sell the property if the mortgage payments are not made. The most common legal process for a lender to sell a home is called a “Power of sale”, but “foreclosures” are also used. The difference between a power of sale and foreclosure is that a power of sale is a fast process that allows a lender to sell the home, while foreclosure is a slower process that allows the lender to take ownership of the home. In the majority of cases, both legal proceedings will leave the homeowner without a place to live. Ron at Mortgage Broker Store is able to stop these legal processes and keep the homeowner in their home. Ron has extensive knowledge of all the relevant legal documents and is familiar with all the Ontario legal firms that process these actions. In many cases, Ron is able to quickly resolve any issues with the lender’s lawyers and provide the funding needed to stop legal proceedings.
About Ron Alphonso, Principal Broker at Mortgage Broker Store
Ron is a licensed Ontario mortgage broker and private lender with more than a decade of experience in the Ontario real estate market. Ron founded Mortgage Broker Store with the goal of helping people who were experiencing legally complex financial issues. Ron has been featured in Toronto Life and Global News in stories where he saved families from power of sale proceedings. He is always happy to give financial advice to those who call him and can outline a person’s best options for their situation. Ron offers his services in many cities across Ontario including: Toronto, Mississauga, Brampton, Hamilton, London, Pickering, Ajax, Whitby, Oshawa, Markham, Newmarket, Aurora, Richmond hill, Vaughan, Kitchener, Windsor, and Oakville. You can contact Ron directly at 416-499-2122 or by email at email@example.com.