After years of providing mortgages in Peterborough, Peterborough Mortgage Brokers are now offering second mortgages. Second mortgage loans are secured against property with existing mortgages, thereby offering people a chance to take care of financial issues. As the homeowner, you are free to use money from the mortgage as you like for personal matters such as renovations, tuition or utility bills.
Upon inquiry as to why people choose such mortgages mortgage broker Ron Alphonso said: “these are the more affordable alternatives compared to other loans available to people with bad credit.” He explained that unlike credit cards and payday loans, second mortgages charge way low-interest rates. “With rates as low as 8%, these loans are easy to pay off and therefore avoid damaging credit scores which are extremely important to traditional lenders,” stated Ron.
It is also attractive that customers can choose the payment plan they are most comfortable with. You can opt to make partial payments, skip payments when things are tight or make early payments when you can. This flexibility means that loan repayment periods could be anything from a few months to years as long as the borrower maintains contact with their mortgage representative.
Residents of Peterborough who just started earning, work on a contract or are self-employed often face difficulties when trying to get loans from traditional lenders. According to Mr. Alphonso “The firm approves loans based on home equity rather than the occupant’s pay slip”. This means as long as the loan to value ratio is below 85% this lender can approve a loan for you to cater to urgent needs.
Besides allowing people to access equity on their homes the mortgage team will help customers access a number of credit lines that were not too easy to get. This is because all brokers working with us are duly licensed to provide more than just second mortgage loans. According to the president, “the staff can help homeowners in the area find an ideal product for their needs.” All this in a bid to connect people with affordable loans without costly consequences in the long run. Our current establishments are in Oshawa, Pickering and Whitby but now our main focus is the Peterborough market.
The company has felt the need to expand to this city because there are many people unable to access credit facilities for reasons beyond them. A newly employed professional for example doesn’t have a credit score to convince banks of their creditworthiness which means that they don’t have a chance to get assistance from them. Most often these people charge large payments on their credit cards only for them to get caught up with exceedingly high interest rates.