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Alternative lending options can help high risk buyers secure a mortgage

Many options available through The Mortgage Centre
Donna and Mandy Agents

In today’s highly competitive real estate market, there’s the dream of home ownership, and then there’s the nightmare of trying to make it happen. Fueled by low interest rates, limited inventory and high demand, prices continue to skyrocket across Ontario, leaving many potential buyers at the mercy of a seller’s market. Even when the right house does come along, there’s one more hurdle financially challenged buyers must face: finding a lender willing to give them a mortgage.

Unfortunately, given their general unwillingness to take risks, banks are rarely allies to those people with limited finances or poor credit hoping to enter the housing market or find the funds for other purchases they may be considering. Thankfully, there are alternative lenders who can help.

“You are one click away from eliminating financial stress,” said Danny Alessandrini, owner, and broker of The Real Estate Stop (also known as The Mortgage Centre and Algoma Mortgage). “We deal with so many lenders and a variety of guidelines that allows us to turn what your bank may have said no to into a yes. It just makes financial sense to come see us.”

The Real Estate Stop has been serving the community for 40 years. In that time the team of experienced professionals behind the name have developed a reputation for excellence built on high service standards and knowledge-based solutions for every different type of financial situation. They specialize in refinances, grouping all debts into one low payment using the equity available to homeowners. Whether they have a poor credit history or recently bruised credit, there are ways to ensure clients get the financial help they need.

“Most banks are primarily credit score driven,” said Alessandrini. “For private lending and alternative lending, which is what we do, that isn’t our primary focus. We look more at equity. We bring opportunity for someone to realize home ownership that would not normally be able to use conventional type lending.”

The Real Estate Stop has mortgages available where credit scores and verified income or low income on paper isn't a concern. They've established their niche in the market as equity lenders as well. Overall, the company offers a full range of services on buying a first home, buying a second home, a rental or cottage, along with refinancing options and providing solid advice that guides clients step-by-step toward financial freedom.

Cathy Gregorchuk, Donna Gioia, Mandy Thorkilson all provide a combined experience level together that is unmatched. All 3 have 10 to 20 to 30 years previous banking/lending experience. Chantal Laliberte is their dynamic Office Admin that boasts years of exemplary customer service skills. Together with Danny they continue to make home ownership for families their priority in such a fast-paced environment that is rate driven.

“Rates are very attractive right now so we’re able to shop rate for people,” said Alessandrini. “We have some rates under one percent. The big thing is finding enough down payment to qualify in this market. The prices are increasing so dramatically it can become very difficult for someone who has saved only a nominal amount for a down payment.”

To learn more about how you can qualify for a mortgage, connect with The Mortgage Centre / Real Estate Stop online at https://algomamortgage.com/. Or visit their location at 2 Queen Street West.