A guide to navigating mortgage stress and finding solutions

It's no secret that times are... well, tough. But if you've been struggling with a mortgage, debt, or other finances, solutions are available. And the first step is knowing where to look. 

Mortgage Broker Store is an Ontario-based direct private mortgage lender and licensed mortgage brokerage, focused on lending its own private funds on residential properties across Ontario. With over $10 million in assets under management, the team specializes in helping borrowers secure financing when traditional bank options aren’t available — with approvals based primarily on property equity.

Here are four common routes you can take and how Mortgage Broker Store can help you navigate them.

Private mortgage loans

If the problem is that you don't qualify for a bank mortgage or loan, the simplest solution is to get a private mortgage loan.

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Mortgage Broker Store can provide you with such a loan quickly and with no upfront cash required. For more complex situations, the team can also leverage its brokerage side to explore additional options within Ontario when needed.

Second mortgages 

Second mortgages are becoming a popular choice in Toronto because they can help cover expenses like renovations or other major expenses. It's a loan secured by a piece of real estate that already has a mortgage and can be settled once the first mortgage holder is paid off. 

When considering a second mortgage, it’s important to factor in interest rates and associated fees. Mortgage Broker Store primarily funds second mortgages directly, offering flexible solutions tailored to your financial situation and equity position.

Debt consolidation 

If you have multiple sources of debt with very high interest rates, getting a debt consolidation loan in the form of a mortgage can be a convenient, more affordable way to pay off pricey loans. 

To put it simply, debt consolidation means taking out a mortgage loan with your property as collateral, using the equity in your home to merge all payments into one, reducing costs to a single monthly payment. 

Power of sale

If you have received a power of sale notice, or are dealing with mortgage arrears, there may still be options available. In Ontario, power of sale is the legal process most commonly used by lenders when a mortgage goes into default.

Foreclosure is different and much less common in Ontario, as it involves the lender taking ownership of the property.

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Alternatively, instead of selling, you can reach out to explore loan options that may help you catch up on payments and avoid the power of sale altogether.

Mortgage Broker Store can help with a quick approval process and time-saving application skills because at this point, acting fast is crucial.

Navigating mortgages and loans can feel intimidating, which is why the experts at Mortgage Broker Store are here to help with unbiased advice and services catered to your needs. 

Visit the Mortgage Broker Store website to learn more, or reach out directly to Jonathan Alphonso at 416-499-2122 or jonathan@mortgagebrokerstore.com