Toronto, ON — (SBWIRE) — 01/09/2017 — Aurora Mortgage Loans has an experienced team of mortgage agents operating in York Region. After helping many clients in other parts of Ontario, they are now providing second mortgages in Aurora.
A second mortgage is a loan you can apply for while you still have a first mortgage. Homeowners decide to opt for a second mortgage for various reasons, which can include consolidation of their debt, home renovations, other investments, as well as any kind of surprise expenses. There’s usually no obligation to use the money in one specific way, homeowners can choose how to spend the money.
According to mortgage broker Ron Alphonso, taking out a second mortgage is a very good option for many people. “Alternatives are unsecured credit lines or a payday loan, which cost far more. A second mortgage is a much cheaper option, which is why anyone who qualifies should apply,” he says. Alphonso further explains that people should take advantage of second mortgage interest rates, which are very affordable.
“They’ve reached a historical low and this should be used to people’s advantage. If you make a big purchase using your credit card, the interest rate can be higher than 20 percent. On the other hand, a second mortgage can have rates that are much lower than a credit card. It’s a no-brainer.”
Another benefit of second mortgages is the high level of customization that comes with it. Traditional banks offer a limited number of options for taking out a loan but that’s not the case with second mortgages. Making a deal to take a payment holiday or skipping a payment is among the privileges clients can get, depending on the deal they make with their broker. When it comes to mortgage length, it can be anywhere from 1 up to 30 years.
Alphonso believes that they can be of great service to people that get rejected in banks. “Those who applied for a loan from a bank know how hard it is to get one, especially if you just got employed or have a bad credit score. Private lenders are primarily interested in the equity in your property. We can help release the equity that is trapped in your homes.”
Residents of Aurora can also look for other loan options offered by the staff of this company. The company maintain contacts with a big number of lenders but are completely independent.
About Aurora Mortgage Loans
Aurora Mortgage Loans has expertise in dealing with all mortgage types. Their licensed and qualified staff includes agents who are experts when it comes to residential mortgages, commercial mortgages, power of sale and foreclosures.
Aurora Mortgage Loans
Address: 100 Consilium Pl. Suite 200 Toronto, ON, M1H 3E3, Canada