Second Mortgage Bad Credit in Brampton for $100k

Here is how Brampton Mortgage Broker- Rumy Gill, Helped Janet a Home Owner from Brampton with a Second Mortgage Bad Credit Debt Consolidation for $100k.

Janet had contacted me, a Brampton Mortgage Broker – Rumy Gill for a new Second Mortgage on her Home in Brampton to pay off her High Interest Debts, Collections and Late Payments.

Janet had tried to a Mortgage Refinance with her Bank (CIBC) but was decline due to her Bad Credit.  Her monthly Payments were becoming too much to handle, and she had no Money available to pay off her Collections and late payments which were stress her out and resulted in Bad Credit. Janet needed help and fast.

With the help of a Brampton Mortgage Broker- Rumy Gill, Janet, was able to Refinance her current Second Mortgage and pay off her debts with a new Second Mortgage Bad Credit Debt Consolidation. By Leveraging the Equity in her, Janet was able to take care of all the high interest debts, collections and late payments and put a stop to all the stress. She could now start over,

Janet’s Old Bad Credit and Debt Situation:

*CIBC Mortgage for $442,000 monthly payments of $2,016.44
*Second Mortgage for $46,000 monthly payments of $460
*RBC Visa Credit Card $417 monthly payments of $15   (in Collections)
*RBC Visa Credit Card $3,031 monthly payments of $95 (in Collections)
*RBC Mastercard Credit Card $1,223 monthly payments of $39 (in Collections)
*CIBC Visa Credit Card $2,147 monthly payments of $65 (late payments)
*Car Loan $21, 500 monthly payments of $612 ( 3 Late Payments)
*Money Mart Pay day Loan $2, 591 monthly payments of  $226 (in Collections)
*Cash Money $5,391 monthly payments of $351 (in Collections)

Total Debts $524,300
Total Monthly Debts $3,879.44

Janet’s New $100k Second Mortgage Bad Credit Debt Consolidation Situation:

*CIBC Mortgage for $442,000 monthly payments of $2,016.44
*New Second Mortgage Bad Credit Debt Consolidation for $100,000 with monthly payments of $832.50
*All Collections paid and cleared
*All Late payments paid and cleared
*$10k Cash in Hand for Client

Total Debts $542,000
Total Monthly Debts $2,848.9

Janet was able to save $1, 030.50/month and Over a year that’s $12,366.

The real benefit was that Janet was able to pay off all her Debts in full, which helped with increasing her Credit Score from a Bad Credit rating to a much better one. Because of the Second Mortgage Bad Credit Debt Consolidation done by Brampton Mortgage Broker – Rumy Gill, Janet is now able get a Mortgage Refinance done in the upcoming year, which will allow her to save even more money.

Contact Brampton Mortgage Broker – Rumy Gill, Today to get the Best Mortgage Options for your Second Mortgage Bad Credit Debt Consolidation. Helping you find savings in your Mortgage!

Second Mortgage Bad Credit Debt Consolidation | Brampton Mortgage Broker -Rumy Gill
Second Mortgage Bad Credit Debt Consolidation | Brampton Mortgage Broker -Rumy Gill

Rumy Gill – Mortgage Broker

Direct: 416-855-0545 Ext 101
Email: Rumy@BramptonMortgageBroker.com

Office : 2260 Bovaird Dr. E. Unit 202A
Brampton, ON L6R 3J5

Mortgage Intelligence Inc. – Lic# 10428

Second Mortgage Equity Take Out of $100k in Brampton

Here is how Brampton Mortgage Broker- Rumy Gill, Helped Jose a Home Owner from Brampton with a Second Mortgage Equity Take Out for $100k.

Jose had just sold his home and was looking to put in an offer on a new home but didn’t have money available for a deposit on the purchase. Jose also had a Lien against the property from CRA due to personal taxes owing and was behind on his Property Tax.

With the closing of his property 2 months away Jose wanted to pay all these debts off and not have to worry about them any longer and wanted to have money for his Deposit and for a trip back home to Spain so he could visit family.

That is when Jose contacted me, a Brampton Mortgage Broker – Rumy Gill for a new Second Mortgage Equity Take Out on his Home in Brampton which he had just sold.

Jose explained to me that he wanted to get the Second Mortgage taken care of as soon as possible and have his Property Tax paid off, CRA Lien paid off, Have money for the Deposit of the new Home he was looking to buy and have money available to him for his visit back to Spain.

When we broke down the cost of everything and the money we needed for a Second Mortgage Equity Take Out, we got the following numbers;

*Property Tax Owing $5,000
*CRA Lien $15,000
*Money need for deposit on new Home $50,000
*Money needed for visit back to Spain $20,000
*Legal costs, and fees needed totaled $10,000

Jose needed a Total of $100,000.

Jose told me he didn’t want to make any payments on the Second Mortgage Equity Take Out and he wanted everything to be paid out on the day of the closing from the sale of his home.

I contacted a few Second Mortgage Lenders, and I was able to arrange a Second Mortgage of $100,000 in a 2 days. Jose was very happy with quick response I was able to get him from one of my Second Mortgage Lenders and arrange such a quick closing for the $100,000 he needed.

After getting all documents signed, Jose was able to collect his money and get started on his plans. When I spoke to Jose a few days after he received his money, I asked him what was the best part of working with me?

Jose explained to me he was really impressed with the fast turnaround time and all the information given up front. He told me he had never had someone work so fast and efficient to get him approved before and that he usually had to wait weeks in the past.

So if you are looking to get the Best Mortgage Options for your Second Mortgage Equity Take Out, then you should contact me, Brampton Mortgage Broker – Rumy Gill, Today.

Second Mortgage Equity Take Out | Brampton Mortgage Broker - Rumy Gill

Second Mortgage Equity Take Out | Brampton Mortgage Broker – Rumy Gill

Rumy Gill – Mortgage Broker

Direct: 416-855-0545 Ext 101
Email: Rumy@BramptonMortgageBroker.com

Office : 2260 Bovaird Dr. E. Unit 202A
Brampton, ON L6R 3J5

Mortgage Intelligence Inc. – Lic# 10428

 

Spousal Buyout Second Mortgage Brampton $400k

Here is how Brampton Mortgage Broker – Rumy Gill, helped Kim, resident of Brampton had contacted me for a Spousal Buyout Second Mortgage.

Kim was in the process of filling for a divorce from her husband and she was trying to a way to give him his share of the equity in the property. Kim had tried to go to her bank and get the financing arranged but she was unable to qualify for the full mortgage amount on her own income.

The current mortgage was in Kim’s name only, although her ex-husband did contribute with the down payment, Kim was the one making the payments.

Kim’s main concern was since the home was a matrimonial home; she wanted to make sure he got his share of equity so it would not carry over into a nasty divorce process. Kim wanted the divorce to be as clean as possible. Through the lawyers there was a mutual understanding and agreement as long as Kim was able to get her ex-husband the money agreed upon he would move on.

While sitting down with Kim to discuss her Spousal Buyout Second Mortgage options, I asked Kim what her plans moving forward with the property, was she going to be selling or keeping the property? She had told me she was open to both options, but her main concern was getting her ex-husband bought out so she can make a clear decision and she needed the Spousal Buyout to happen right away.

Taking a more detailed look at some options, I was able to get her Spousal Buyout Second Mortgage in place for $400k and she was able to move on from the divorce, as clean as possible giving both of them a fresh new start in the next chapters in each of their lives.

After the Divorce was finalized, I spoke with Kim to see how her reaction was to the Spousal Buyout Second Mortgage I was able to arrange for her. She told me, “I was happy that you were able to get me the money I need in such a short period of time. It really took a lot of stress off my shoulders and has allowed me to move forward with a clear peace of mind. I didn’t think I would have been to keep my home and I would have had to sell, if you were not able to find me a Second Mortgage as quick as you did.”

Spousal Buyout Second Mortgage | Brampton Mortgage Broker - Rumy Gill
Spousal Buyout Second Mortgage | Brampton Mortgage Broker – Rumy Gill

Contact Brampton Mortgage Broker – Rumy Gill, Today to get the Best Mortgage Options for your Spousal Buyout Second Mortgage Situation.

Second Mortgage Debt Consolidation in Brampton for $180k

Here is how Brampton Mortgage Broker – Rumy Gill, helped Ralph, a resident of Brampton with a Second Mortgage Debt Consolidation in Brampton for $180k.

Ralph was looking for help with Debt Consolidation to free himself from the high monthly payments he was making and needed an Equity Take Out for a down payment on a Builder home he was looking to purchase the following year.

Ralph had plans to sell his home and buy a builder home in the next year, which would allow him to move closer to his 3 children who had all planned to move into a new sub division in Brampton. This move would allow him to be close to his children and his grandchildren.

Ralph needed a Second Mortgage arranged  to make this happen but, he learned very quickly the Banks were not able to help him due to his Bad Credit and his income of $60k was not enough for him to qualify with the Bank guidelines. although Ralph had a lot of Equity in his property, he was turned away and declined.

Disappointed and frustrated with the outcome from his Bank, Ralph contacted me, Brampton Mortgage Broker – Rumy Gill to help with arranging financing. After speaking with Ralph and understanding what Ralph was looking for, I was able to help arrange a  Second Mortgage Debt Consolidation customized just for Ralph’s needs.

Since Ralph owned his Brampton home and had a value of $750k, it made more sense to leave the existing RBC Mortgage of $300k in place, which had a penalty of over $12k to break, and just get the financing he needed.

By keeping the $300k RBC Mortgage in place on his Brampton home, Ralph was able to get a Second Mortgage Debt Consolidation for $180k  and it only cost Ralph $1,461/month. These low monthly payments allowed Ralph to access his homes equity and lower his monthly payments he was making on his High Interest Debts he was fighting with. These payments amounted to $2,300/month. Ralph was able to save $839/month, get access to his Homes Equity for the Down payment he needed for the Builder home he was looking to purchase.

Contact Brampton Mortgage Broker – Rumy Gill Today to get the Best Second Mortgage Debt Consolidation Options for your Situation.

Second Mortgage Debt Consolidation | Brampton Mortgage Broker - Rumy Gill
Second Mortgage Debt Consolidation | Brampton Mortgage Broker – Rumy Gill

 

Rumy Gill – Mortgage Broker

Direct: 416-855-0545 Ext 101
Email: Rumy@BramptonMortgageBroker.com

Office : 2260 Bovaird Dr. E. Unit 202A
Brampton, ON L6R 3J5

Mortgage Intelligence Inc. – Lic# 10428

 

Debt Consolidation Second Mortgage in Brampton for $175k

Here is how Brampton Mortgage Broker – Rumy Gill,  helped Ben and Tina, both residences of Brampton had contacted Me in for a Debt Consolidation Second Mortgage. Ben and Tina were going through a rough financial time in their lives, although they had a household income of over $130k a year it was not enough to cover all their expenses.

Ben and Tina had fallen behind on their Credit Card Debt, Pay Day Loans which were in collections, and were struggling to keep up with their Line of Credit which was maxed out, Car Payments and Mortgage Payments.

Ben and Tina had never been in a situation like this before; they had always paid their Debts in full and never missed any payments. The stress that came with Dealing with the unpaid Debts was a new and stressful experience; they didn’t know how to deal with Collections.

When I asked Ben and Tina what happened; they told me that Ben’s Mother in Guyana has passed away unexpectedly;

“We had just pick up and go. We didn’t have any savings so we had to get Money from our Credit Cards, Line of Credit, anywhere we could. It’s not until we got back and realized how much Debt we racked up. But we had to do what we had to do, Ben’s family is not well off financially and we had to cover all the expense. We just need help, to get this taken care of. We don’t know what to do, it feels like we are just paying what we can and digging ourselves more into debt.”

After getting the full picture of the situation, I was able to talk to Ben and Tina about getting a Debt Consolidation Second Mortgage to help them get out of the messy situation that was created.

Ben’s and Tina’s Credit Cards  $50k maxed out and could not make the  $1,800 month
Line of Credit $25k maxed out where they were paying $200/month
High Interest Car Loan of $45k where they was paying $800/month
Pay Day Loans paying $5k where they were paying $300/month

Ben’s and Tina’s Total Debt was totaling to $125k, this did not include their Mortgage.

Ben’s and Tina’s Mortgage had an outstanding balance of $525k on their $850k Home, and they had renewed it 1 year prior for a 5 year fixed of 2.85%. The penalty was very expensive and their credit score had taken a big hit, they would not qualify with a Bank right now. They would need to pay off their Debts and allow some time to let their Credit Score heal.

The best possible option for Ben and Tina was to get a Debt Consolidation Second Mortgage of $175k. This allowed for all Ben’s and Tina’s Debts to be paid in full, and allow them to have some extra cash in hand for an unexpected Emergency or use it to make extra lump sum payments to their existing Mortgage.

Ben and Tina are feeling like life is back on track, and they are now able to manage their finances without any more stress. We also created a plan refinance their Debt Consolidation Second Mortgage of $175k in their Mortgage sooner than planned.

Contact Brampton Mortgage Broker – Rumy Gill, Today to get the Best Mortgage Options for your Mortgage Situation.

Debt Consolidation Second Mortgage | Brampton Mortgage Broker - Rumy Gill
Debt Consolidation Second Mortgage | Brampton Mortgage Broker – Rumy Gill

Rumy Gill – Mortgage Broker

Direct: 416-855-0545 Ext 101
Email: Rumy@BramptonMortgageBroker.com

Office : 2260 Bovaird Dr. E. Unit 202A
Brampton, ON L6R 3J5

Mortgage Intelligence Inc. – Lic# 10428

 

Related Deals for Second Mortgage: Second Mortgage Refinance

Second Mortgage Refinance in Brampton for $200k

Here is how Brampton Mortgage Broker – Rumy Gill, helped Roy and Jasmine, residences of Brampton contacted me for a Second Mortgage Refinance. Roy and Jasmine had an existing Second Mortgage they got so they could restructure their debts, pay off consumer proposals they both had and complete a home renovation.

Their Second Mortgage was for one year and the Second Mortgage Lender did not want to renew them on maturity, instead they wanted to be paid out in full.

Roy and Jasmine had missed 2 months of back to back payments on their first and Second Mortgage due to them quitting their jobs and deciding to run their Business they had from part time to full time. All payments were eventually made up to date, but Roy and Jasmine had a very stressful situation throughout the entire process.

The payments were scheduled to come out on the 15th of every month, but with switching from a full time job where pay was coming in bi-weekly to running your Business on all of sudden, there was a shortage of income in beginning months. Roy and Jasmine had to rely on their friends and family to come up with money to bring their first and second mortgage up to date.

Roy and Jasmine were unable to refinance with their Bank, where they had their first mortgage when they found out the Second Mortgage Lender wanted to be paid in full. Due to late mortgage payments and the damage done to their Credit Score and limited time remaining, trying to get a Second Mortgage Refinance was the best option available.

While meeting with Roy and Jasmine to discuss a Second Mortgage Refinance we agreed that we did not want the stressful missed payment situation to happen all over again, and for good reason. So we looked at options where the payments could be taken upfront and be included in the new Second Mortgage Refinance total of $200k and leave them with money in hand to any unexpected expenses. With the Prepayment option, Roy and Jasmine were able to avoid missed payments altogether and avoid all the stress of missed payments.

During our meeting, I was also able to put together a plan for Roy and Jasmine so we could Refinance their First and Second Mortgage into on simple mortgage when the Second Mortgage Refinance was coming up for renewal. Roy and Jasmine did not plan for all of this to happen to them, but they were happy with the outcome and the plan I was able to provide them to move into the better mortgage situation upon renewal.

Second Mortgage Refinance | Brampton Mortgage Broker - Rumy Gill
Second Mortgage Refinance | Brampton Mortgage Broker – Rumy Gill

Contact Brampton Mortgage Broker – Rumy Gill, Today to get the Best Second Mortgage Refinance Options for your Mortgage Situation.

Rumy Gill – Mortgage Broker

Direct: 416-855-0545 Ext 101
Email: Rumy@BramptonMortgageBroker.com

Office : 2260 Bovaird Dr. E. Unit 202A
Brampton, ON L6R 3J5

Mortgage Intelligence Inc. – Lic# 10428

Related Deals for Second Mortgage: Second Mortgage Equity Take Out

Equity Take Out Second Mortgage in Brampton for $300k

Here is how Brampton Mortgage Broker – Rumy Gill, helped Paul, resident of Brampton contacted me for an Equity Take Out Second Mortgage.

Paul had been looking to purchase an investment property for over a year, but was unable to land the perfect property. He was either outbid by others who wanted to the same property or he was unable to secure financing when he did find the property he liked.

Paul had a specific criteria he was looking for, he wanted to find a home we he could some DIY (do it yourself) renovations.

The challenge Paul had;

*Self Employed (Contractor)
*Showed /declared very little income on his taxes
*Bad Credit
*Late payments
*Overloaded with Debt
*$30k for Down Payment, has only 10% Down Payment

While sitting down with Paul to discuss what he was looking for in a property, it was then I knew what he was looking for. He needed an Equity Take Out Second Mortgage.

Paul had a home he owned in Brampton worth $850k where he lived in the basement and rented the main and upper level. The rent covered his existing mortgage payments on his Mortgage of just $200k.

Due to the challenges he was facing he could not borrow anymore from the Bank. He was trying to get Approved for a Mortgage with 10% Down Payment with really Bad Credit and Tons of Debt, he was not going to get Approved. But Paul could get na Equity Take Out Second Mortgage for $300k so he could buy the properties he liked for cash and not worry about losing out to financing or other bidders.

Once Paul understood the power of a Cash offer and how he leverage his buying power by going all in he changed search. He started looking a lot more properties where the sellers were motivated to sell and he could drive the price down with a firm closing and no financing conditions.

Paul was able to pick up a duplex property in Hamilton for under $275k ($100k under market value), and he put in about $55k worth of renovations and repairs (Paul is a contractor so he is able to do the work himself) to bring the property up to code and in rentable condition bringing the value of the property to $400k.

In a short few months from when Paul purchased the property, we were able to pay off the Equity Take Out Second Mortgage of $300k by getting get a Mortgage on the newly acquired and renovated property at a favourable rate. Paul was able to find two tenants for the Duplex who are covering the Mortgage payments.

Equity Take Out Second Mortgage | Brampton Mortgage Broker - Rumy Gill
Equity Take Out Second Mortgage | Brampton Mortgage Broker – Rumy Gill

Contact Brampton Mortgage Broker – Rumy Gill, Today to get the Best Equity Take Out Second Mortgage Options for your Mortgage Situation.

Rumy Gill – Mortgage Broker

Direct: 416-855-0545 Ext 101
Email: Rumy@BramptonMortgageBroker.com

Office : 2260 Bovaird Dr. E. Unit 202A
Brampton, ON L6R 3J5

Mortgage Intelligence Inc. – Lic# 10428

Related Deals for Second Mortgage: Second Mortgage Spousal Buyout

Home Renovation Second Mortgage Brampton $65k

Here is how Brampton Mortgage Broker – Rumy Gill, helped Jacob and his wife, who are residence of Brampton had contacted me in for a Home Renovation Second Mortgage to complete their kitchen and basement. Jacob and his wife had tired with their Bank but were told that they could not qualify due to their credit score and the outstanding debts they were already carrying.

Jacob and his wife had planned on Renovating their basement and kitchen and had already gotten quotes from a few local Brampton Contractors and were eager to get the process started.

While sitting down with Jacob and his wife to discuss a Home Renovation Second Mortgage, we were able to go over the quotes they had received from the local Brampton Contractors and we put together a financing plan to look at all the options that they were happy with.

We also looked at contingency plan, to ensure there was enough money set aside for an emergency fund throughout the renovation for any unexpected costs that may have come up throughout the Home Renovation.

I was able to get Jacob and his wife qualified and Approved for a Home Renovation Second Mortgage of $65k, as he had requested in a matter of a few hours and get them the Money to start the Home Renovations within a few short days.

Jacob and his wife were excited about how simple and easy the process of getting a Home Renovation Second Mortgage and the low monthly payments he was able to qualify for and their monthly payments came up to be less than $500/month.

The flexibility in the low monthly payments allowed Jacob and his wife to go outside of the planned budget to spend on upgrades for the basement and kitchen.

The one aspect of sit down that Jacob and his wife enjoyed was having a contingency plan in place, as this actually played an important role in the basement renovation as Jacob and his wife came across some unexpected costs, but having that money set aside made all the difference.

Home Renovation Second Mortgage | Brampton Mortgage Broker - Rumy Gill
Home Renovation Second Mortgage | Brampton Mortgage Broker – Rumy Gill

Contact Brampton Mortgage Broker – Rumy Gill, Today to get the Best Home Renovation Second Mortgage Options for your Mortgage Situation.

Rumy Gill – Mortgage Broker

Direct: 416-855-0545 Ext 101
Email: Rumy@BramptonMortgageBroker.com

Office : 2260 Bovaird Dr. E. Unit 202A
Brampton, ON L6R 3J5

Mortgage Intelligence Inc. – Lic# 10428

Related Deals for Second Mortgage: Debt Consolidation Second Mortgage $175k