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.

For more information on this press release visit: http://www.releasewire.com/press-releases/more-and-more-people-using-mortgage-brokers-in-london-ontario-1263653.htm

With rising Home Prices London Ontario is expected to see a lot more mortgage refinancing in 2019. See your Local Mortgage Broker or Mortgage Agent to get the Best Mortgage Refinancing Rate.

London, ON -- (ReleaseWire) -- 12/14/2018 -- As London Ontario's Housing Prices continue to rise 2018 was filled with multiple mortgage refinances as Homeowners sought to cash in on the increase equity in their home.

Many Homeowners Refinanced their Mortgage in 2018 in order to Consolidate their Debt.

Indeed, Debt Consolidation is one of the main reasons to Refinance Your Mortgage. By including higher credit card payments, sometimes with interest as high as 20 percent, into a much lower mortgage rate you will not only reduce your monthly obligations, but also pay much less in interest, which is more money in your pocket.

Others refinanced their Mortgage in order to pay for home renovations, vacations, education, etc. Some even refinanced their homes in to garner a down payment for a second home, or the purchase of a rental property.

So What is Involved in Refinancing Your Mortgage?

Whenever I meet new clients I am often asked, How Do I Refinance My Mortgage?

First thing is first, Meet with a Mortgage Broker or a Mortgage Agent.

By meeting with a Mortgage Broker or Agent you will gain access to a number of lenders, but only one credit check is pulled. This enables your Mortgage Broker to shop your file across multiple different types of mortgage lenders, even Private Mortgage Lenders, for the best mortgage rate and product that suits your needs.

Once your Mortgage Broker has gotten you approved the lender will require a few conditions prior to funding. These conditions include income documents (recent tax returns, job letter, pay stub), and maybe an appraisal of your property. However, in many cases an appraisal is not required.

Once those conditions have been satisfied the Mortgage Lender will disburse funds to your lawyer, who will then disburse those funds to you and, in the case of debt consolidation, your creditors.

What If I Am Retired?

Many retirees have opted to get a Reverse Mortgage, enabling them to gain access to their home equity without having to use their income to qualify. There are numerous options available for Reverse Mortgages, and it is worth seeing a Mortgage Broker to see if they will work for you!

So why Will the New Year see an Increase?

While London Ontario residents saw their home values skyrocket over the past few years, the rising prices have also been accompanied by an increase in household debt. Indeed, while London's economy has largely rebounded since the 2008 financial crisis, many are still suffering from financial wounds stemming from that crisis. Refinancing Your Mortgage is a great way to clean up old credit wounds and enable a 'fresh start' in the credit process, fixing old problems and setting a solid foundation for the future.

So Now What?

If you are looking for a Mortgage Broker in London Ontario then it is worth giving Mark Mitchell a call.

As a Licensed Mortgage Agent I have access to over 30 Mortgage Lenders and will strive to get you best rate and product available! Call or Text 519-860-2102 for more information!

For more information on this press release visit: http://www.releasewire.com/press-releases/expect-more-mortgage-refinancing-come-january-says-local-mortgage-agent-mark-mitchell-1105039.htm

London's Mortgage Agent partners with Private Mortgage Lenders in London Ontario.

London, ON -- (ReleaseWire) -- 08/31/2018 -- Mark Mitchell - London's Mortgage Agent - has been helping to connect people who do not qualify for traditional mortgages with Private Mortgage Lenders in London Ontario and area. While Mortgage Brokers in London Ontario have not really focused on the provision of Private Mortgage Lending, Mark recognized the need for the service and sought to fill the gap!

Benefits of a Private Mortgage Lender

Private Mortgage Lenders operate independent of traditional banking and mortgage companies. Since they are independent they are not subject to the stringent guidelines set out by the government. This enables them to handle unique situations and circumstances when consider whether or not to provide a mortgage.

Equity Lenders
While traditional banks and mortgage lenders tend to lend base on credit score and income, Private Mortgage Lenders are concerned with the equity available in the property. Many Private Lenders will lend up to 85 percent of the homes value if it is in good condition and easily marketable. As London Ontario's housing market is now the hottest in Canada Private Lenders have been eager to lend the area, as it is seen as a safe investment.

Bad Credit Mortgages

As a result of the 2008 economic crisis many have been looking for what are called, "Bad Credit Mortgages." London Ontario was hit particularly hard by the economic crisis, with thousands of jobs lost. While Mark prefers the term 'bruised credit' he nonetheless is able to connect those that have what would be considered bad credit but a large down payment with a Private Mortgage Lender who is willing to lend based on Equity.

Private Mortgages can also work for people who want to re-finance their mortgage to consolidate debt but do not have the credit available to get a traditional mortgage from the bank. A Private Mortgage can help people consolidate their debt into a lower interest rate, making their monthly mortgage payments lower and decreasing their overall debt burden.

London Ontario Second Mortgages

Private Mortgage Lenders also specialize in second mortgages, often up to 90-95 percent of your home's value. These second mortgages are usually for just a one year term, after which you can usually switch over to a more traditional lender at a better mortgage rate.

Stop a Power of Sale or Foreclosure

Because Private Lenders can close a mortgage fast (see below) and they lend based off equity and not credit they are able to quickly stop a power of sale or foreclosure. While many banks or other institutional lenders are reluctant to step in to stop a power of sale from going forward, private mortgage lenders are happy to provide funding if there is enough equity in the property.

Quick Closings

Because Private Mortgage Lenders do not have the volume similar to the larger banks they are able to close a mortgage quickly. If you need to get a mortgage fast a Private Lender can close a mortgage within 3 days, providing all documentation has been submitted.

To Contact Mark about a Mortgage in London Ontario visit https://www.LondonOntarioMortgages.ca, or Call or Text 519-860-2102.

For more information on this press release visit: http://www.releasewire.com/press-releases/private-mortgage-lenders-in-london-ontario-partner-with-mark-mitchell-londons-mortgage-agent-1040545.htm