Mortgage Brokers in London Ontario are seeing an uptick in their business, driven largely in part by a red hot housing market.
London, ON -- (ReleaseWire) -- 10/29/2019 --The traditional banks might be in for a rude awakening as more borrowers are turning to Mortgage Brokers in London Ontario.
With the price of houses in London Ontario increasing nearly ten-percent, year-over-year, for the past three years more and more Londoners are using Mortgage Brokers to help them get a mortgage. Whether it is for a purchase, mortgage refinancing or a private mortgage, Mortgage Brokers are seeing an increase in their business.
Mark Mitchell – London's Mortgage Agent, has seen an increase from people looking to refinance their mortgage at better rates, consolidating all of their credit card loans into one, easier to make monthly mortgage payment.
"With it getting more and more difficult to purchase a house in London, many are opting to remain in their homes, refinancing their mortgage instead. By refinancing their mortgage Londoners are saving the 20-25 percent interest they would normally pay on their credit cards, leveraging their increasing levels of home equity."
Indeed, at one point in time people would sell their homes, using the equity they had gained over the past few years to purchase a larger, more expensive home. Yet this is no longer the case.
According to Mark, "With it becoming harder and harder for people to get a mortgage with the housing market the way it is, many more are turning to mortgage refinancing."
So what about those dead set on purchasing a house who are unable to get a traditional mortgage?
Mark, and many Mortgage Brokers in London, say that more and more people are turning to Private Mortgage Lenders as means to bridge the gap between the services offered by traditional lenders and the special circumstances faced by mortgage borrowers.
"Private Mortgage Lenders are entering the mortgage space like we have never seen before. With borrowers being shut out of traditional sources of credit Private Lenders offer custom solutions to short term mortgage issues."
Private Mortgage Lenders are great, but it is important to remember that they really are short-term solutions.
Many clients use a Private Mortgage Lender to pay off their credit card debt and any collections, save bunch of money on interest, and then switch over to an A Mortgage Lender following the end of their term.
Indeed, according to Mark, "With interest rates between 6 and 14 percent, combined with fees, you really only want to use a Private Mortgage Lender as a short term solution. Most Mortgage Brokers in London will tell you that if you can get out of a Private Mortgage as soon as possible, you are doing well!"
So how does one find a Mortgage Broker in London Ontario?
Google is your best friend – Its provides reviews of Local Mortgage Brokers. Yelp also provides a list of all Mortgage Brokers in London, their average response time and any reviews that are left up.
At the end of the day you want a Mortgage Broker you can trust. Your Broker should be responding with a few hours, answering all questions, and making you feel comfortable with the mortgage process.