Refinance Mortgage with Bad Credit in Brampton for $750k

Refinance Mortgage with Bad Credit in Brampton for $750k.

Here is how Brampton Mortgage Broker – Rumy Gill, helped with a Refinance Mortgage with Bad Credit client in Brampton for $750k.

Bobby and Janet were looking to get help with a Refinance Mortgage with Bad Credit, client in Brampton. Bobby and Janet been living in their Brampton home for over 3 years and had been going through some rough times with their credit score and repayment history.

Bobby had $100k in bad investments, and had missed payments on his credit cards and car loan payments. Bobby and Janet tried to hold it together for as long as they could but ended up getting a high interest Second Mortgage for $225k to cover their bad investment and all other debts.

But now they were burdened with a high monthly payment of $2, 265 a month on the 2nd Mortgage, and $1,050 a month from the $40k in credit card debts Bobby and Janet were carrying.  Along with their $450k TD Mortgage which had a $2,205 a month payment, Bobby and Janet were paying a total of $5,520 a month on total debt of $715,000. Over the course of a year Bobby and Janet were paying a total of $66, 240 a year and doing nothing to do anything to fix their credit score. Highly leveraged on all their debts and making such a high monthly payment of $5,520 a month on all their outstanding debts and Mortgages, a Refinance Mortgage with Bad Credit would help Bobby and Janet get some much need financial relief and remove the financial stress they had on their shoulders.

To get a clear picture of the financial stress Bobby and Janet were under, here is what they numbers looked like on looked on paper.

$450k TD Mortgage at monthly payments of $2, 205
$225k Second Mortgage at monthly payments of $2,265
$40k  Debts (credit cards) at monthly payments of $1,050
= $715k Total Debts at a total monthly payment of $5,520

Bobby and Janet have a combined income of $160k a year. Bobby is a Truck Driver who is self employed as an Owner Operator for over 1 year and was previously working as a Company Truck Driver for 5 years. Bobby made the decision to become self employed Owner Operator so he could increase his earnings. By becoming self employed, Bobby’s income went from $60k a year to $120k a year for the same amount of he was already doing. After taxes and on paper Bobby was declaring $90k a year.
Janet is a Senior Analyst making an income of $80k a year. Janet was on Maturity leave and would be returning back to work in 6 months.

Taking everything into consideration for Bobby and Janet’s situation, I was able to get a Mortgage Refinance with Bad Credit Approved on their home valued at $1.1Million for $750k, which worked out to be a new monthly payment of just under $3,800. This allowed Bobby and Janet to pay off all their debts and save $1,720 a month. Over the year that would work out to be a savings of $20,640 a year.

Coming from monthly payments of $5,520 to $3,800 and yearly payments of $66,240 to $45,600, Bobby and Janet were able to move forward with much better situation by cutting their payments down by over 30% with a Refinance Mortgage with Bad Credit.

If you are looking for a Refinance Mortgage with Bad Credit in Brampton, and want to find the best mortgage financing option for yourself, make sure to contact Brampton Mortgage Broker – Rumy Gill, Today.

 

Refinance Mortgage with Bad Credit | Brampton Mortgage Broker - Rumy Gill
Refinance Mortgage with Bad Credit | 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

Refinance Mortgage for $570k Debt Consolidation in Brampton

Here is how Brampton Mortgage Broker- Rumy Gill, Helped Jason a Home Owner from Brampton with a Refinance Mortgage for $570k Debt Consolidation.

Jason had a Mortgage with Equitable Bank for $420k at a High Interest Rate and was up for a Mortgage Renewal. Jason had fallen into a routine of signing back on the Mortgage Renewal every year with his Mortgage and paying a Fee of 1% every year, but not this year.  Jason could not just sign back this year, over the years Jason had took on a lot of debt and now was looking for a Refinance Mortgage to find some financial relief.

Jason had tried a Mortgage Refinance with Equitable Bank but they were still charging a Fee of 1% which came up to $5,700 on the amount of $570,000 Mortgage Jason was looking for.

The worse part was that the rate he was getting was still high and his High Interest Debt was not being paid off, Jason just had enough and decided to look into his options.

When I spoke with Jason, he told me he had about $95k worth of Debts and needed a Refinance Mortgage for a Debt Consolidation and Jason also needed $55k to help with a Purchase of a new Car for his daughter as a graduation gift who is about to graduate from University.

Jason was originally thinking of getting a Car Loan but he was only qualifying for monthly payments of $800/month. I explained to Jason I could add in the Car purchase into his Refinance Mortgage and he would pay less than $265/month, saving Jason $535/month. Jason was excited, after hearing I could save him over $500/month on the Car Loan payments alone.

When I started digging into the rest of Jason’s outstanding debts, I discovered the following;

Equitable Bank Mortgage $420k monthly payments of $2, 214.59
Personal Loan $35k Monthly Payments of $800
Credit Card Debt $30k Monthly Payments of $900
Personal Line of Credit $30k Monthly Payments of $300

Total amount of Debt $515,000 and Total Monthly Payments of $4,214.59

This was without adding the Car Purchase of $55k and the Car Loan payments of $800/month.
Grand Total amount of Debt $570,000 and Total Monthly Payments of $5,014.59

Monthly Payments of $5, 014.59 is way too much for anyone to be paying, especially when these Debts can be rolled into a Refinance Mortgage at payments for much less.

I explained to Jason the new Mortgage Refinance situation for $570,000 which include all the debts; Equitable Bank Mortgage, Personal Loan, Credit Card Debt, Personal Line of Credit, Car Loan,  Now all at $2, 744.69 /month!

That’s a difference of $2, 269.90 /month ($5,014.59 – $2,744.69) that’s cutting the payments in more than half!

Jason was extremely happy with the outcome and the amount of money he was able to save on an ongoing monthly basis. But the best part for Jason was receiving that feeling of being able to give his daughter the Car for her graduation gift and know he can afford it without having to break the bank.

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

Refinance Mortgage | Brampton Mortgage Broker - Rumy Gill
Refinance 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

HELOC Mortgage for $350k with a Mortgage Refinance for $500k in Brampton

Here is how Brampton Mortgage Broker- Rumy Gill, Helped a Raj a Supervisor at a Distribution Factory from Brampton with a Mortgage Refinance of $500k with an included HELOC Mortgage (Home Equity Line of Credit) Portion of $350k in Brampton.

Raj had been a Supervisor at the Distribution Factory where he worked for over 20 years, and had always had a plan to have his own Restaurant and running it one day. As all of his children were going off to university, Raj though it would be the perfect time to get started on putting his plans of owning his own business in action.

So Raj got on the phone with his brother and told him all about his plans of owning a Restaurant and that he needed a partner to take on such a big task, as he felt he could not do it on his own. Raj showed his Brother the Restaurant that he wanted to purchase. The Cost of the Restaurant was only $500k, and they both made plans to get the money they needed to purchase the Restaurant and have money available on hand for Equipment, Renovations and operating cost.

After running some numbers, Raj and his brother agreed to partner up with Raj and help put his plan into action. Raj’s brother already had $350k saved and was ready to act now.

Through a past client referral, Raj contacted me, (Brampton Mortgage Broker – Rumy Gill) to help him get the money he needed. When I meet with Raj, he told me he needed to get $350k to come up with the other half so they would have enough money to successfully own and run the business.

As we started to discuss his Mortgage Refinance, Raj told me had an existing RBC Mortgage of $100k, and had a lot of Equity in his home and homes in his area were selling for over $850k. I explained to Raj that a Mortgage Refinance could take care of all the fixed Debts he had and for any revolving portion it would be best to leverage a $350k HELOC Mortgage (Home Equity Line of Credit).

This would be the best way to leverage his home’s equity and only be charged on the funds he withdraws, just like a line of credit.

So that meant if Raj only wanted to only use $250k of the HELOC Mortgage then he would be charged for payments on the $250k not the $350k, this would allow him to have flexibility and manage his payments as needed, especially while running a business.

When I went through all the details of the Mortgage Refinance and HELOC Mortgage with Raj, I asked him if he had any other outstanding Debts which he has paying, which we could lower the payments on by including them into the Mortgage Refinance. He told me he had $50k worth of Debts which included;

Car Loan $10k with payments of $600/month
RBC Mastercard $15k with payments of $450/month
RBC Visa $10k with monthly payments of $300/month
Personal Loan $15k with monthly payments of $500/month
RBC Mortgage $100k with payments of $508.16/month

Total Debts $150k with payments of $2,358.16/month

I showed Raj what he was paying, and how much I could save him by completing his Mortgage Refinance and he was in shock over the amount money he would save.

I showed Raj the monthly payments of the Mortgage Refinance of $150k would work out to be and when I showed him it was only $726.22/month, he was so thrilled.

Raj was now going to be saving $1,631.94/month from his old monthly payments he was making on the $150k Debt and RBC Mortgage he was already paying.

Over the year Raj would save $19,583.28 and over the course of 5 years Raj would save $97,916.40! These were no small savings, these were Massive savings.

And Raj had a HELOC Mortgage of $350k available to him whenever he needed; if he used all $350k of the HELOC Mortgage his payments would come up to $1,297.92/month.

The Full HELOC Mortgage used totaled together with his New Mortgage Refinance, would come up to $2,024.14/ month payments. That was still less than what he Raj was currently paying and on his RBC Mortgage and Debts a savings of $334.02/month!

The best part for Raj is that he was able to get the money he needed to purchase the Restaurant with his brother and he was able to save a lot of money by lowering his monthly payments.

Contact Brampton Mortgage Broker – Rumy Gill, Today to get the Best Mortgage Options for your Mortgage Refinance or HELOC Mortgage (Home Equity Line of Credit). Helping you find savings in your Mortgage!

HELOC Mortgage | Brampton Mortgage Broker - Rumy Gill
HELOC 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

Mortgage Debt Consolidation Refinance for $440k in Brampton

Here is how Brampton Mortgage Broker- Rumy Gill, Helped Erica a Home Owner from Brampton with a Mortgage Debt Consolidation Refinance for a $440k.

Trying to maintain payments of her First Mortgage of $332k she had with Home Trust and Second Mortgage of $62k with a Private Mortgage Lender, Erica had finally had enough. Between the Mortgage from Home Trust which she was paying $1,893/month and the Second Mortgage from a Private Mortgage Lender which she was paying $600/month (which was interest only, and never saw the balance come down); both monthly payments totaled $2,493/month.

Erica had asked me to help with a Mortgage Debt Consolidation Refinance of her Mortgage so she could make one payment instead of two. The one thing that really bothered Erica was that every year her Mortgage rate and monthly payments would be increased. Finding a solution for her Mortgage Debt Consolidation Refinance was the easy solution, but I wanted to see how I could help her really find some savings in her finances for the long term.

So I asked Erica about her other debts and the payments she was making on those. She told me not only was she was paying these two Mortgages every month, she was also  paying a RBC Line of Credit she had maxed out at $20k balance she was paying $570/month, Master Card at $6k  balance she was paying $180/month, and a RBC Visa Credit Card at $3k balance she was paying $100/month.

These debts outside her Home Trust Mortgage and her Second Mortgage from a Private Mortgage Lender totaled $29k and the monthly payments were $850/month.

So when we added what Erica was really paying each month, we got a total of $3,343/month.

I explained to Erica that it would be in her best interest to get a Mortgage Debt Consolidation Refinance done, to help her save the maximum amount of money every month and have all these debts rolled into her Mortgage.

 

Erica’s previous Situation:

*RBC Line of Credit $20k balance with monthly payments of $570
*RBC VISA $3k balance with monthly payments of $100
*Master Card Credit Card Balance $6k with monthly payments of $180
*Home Trust Mortgage $332k Balance with monthly payments of $1,893
*Second Mortgage from Private Mortgage Lender $62k Balance with monthly payments of $600

Total Debt of $420k of Monthly Payments $3,343/month

 

Erica’s new Situation after a Mortgage Debt Consolidation Refinance:
New Mortgage of $440k Balance with monthly payments of $2,126/month

*Received Cash Out of $20k for Investing in a Tax Free Savings Account (Included in Mortgage Refinance Payments)

Debts all Paid out in FULL

*RBC Line of Credit $20k balance NOW at $0 and PAID in FULL
*RBC VISA $3k balance with NOW at $0 and PAID in FULL
*Master Card Credit Card Balance $6k NOW at $0 and PAID in FULL
*Home Trust Mortgage $332k Balance NOW at $0 and PAID in FULL
*Second Mortgage from Private Mortgage Lender $62k Balance NOW at $0 and PAID in FULL

That’s that a Monthly Savings of $1,217/month and a Savings of $14,604 over the year!
Over the 5 year term that is $73,020 in Total Savings!

Erica was so happy with the results of her Mortgage Debt Consolidation Refinance, she could now make one low monthly payment and all her debts were covered.

The Best Part of Erica’s Mortgage Refinance is that she no longer has to worry about renewing her Mortgage every year and adding fees, and having her rate increased and adding more money to her Mortgage balance. Erica was finally able to get full control of all her finances.

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

Mortgage Debt Consolidation | Brampton Mortgage Broker - Rumy Gill
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

Mortgage HELOC $50k and Mortgage Refinance $270k in Brampton

Mortgage Refinance $270k and HELOC for $50k in Brampton

Here is how Brampton Mortgage Broker- Rumy Gill, Helped with a Mortgage HELOC $50k and Mortgage Refinance Refinance $270k for Harry a Truck Driver from Brampton.

Harry had become sick and tired the debt he was carrying including his Truck Loan payments of $1,200 a month he was paying and wanted to find a way to get ahead.  Harry tried to go to RBC Bank and get a Mortgage Refinance done, but he was declined due to an issue one store card payment.

That’s when Harry contacted me. Harry had good income of $73k a year and his credit was good overall. He just had this one bad credit situation happen to him, and it looked out of character for his credit history. So I asked Harry what happened and why he had a few missed payments on the one store credit card.

Harry told me, he had gotten a store card while making a large ticket item. The store sales person had told Harry if he got the store card he would save an additional 10% off his purchase. Harry agreed as this would save him some money on his purchase. But after a few days Harry, had a change of mind and returned the item to the store, while processing his return the store had forgotten to apply the return to the card. It was not until 2 months later that Harry got asking for payments on the credit card. That’s when Harry went back to the store and the store manager processed the refund properly and apologized to Harry, but the damage was already done.

Now that I knew the full situation, I was able to help Harry secure a Mortgage Refinance for $320k and get a $50k portion for a Mortgage HELOC for a total Mortgage of $320k, which helped with a Debt Consolidation.

Harry was able to Pay off;

His Car Loan of $18k at payments of $467/month
His $55k Truck Loan at payments of $1,200/month
His maxed out RBC Mortgage HELOC of $13k at payments of $60/month
His RBC Mortgage of $172k at payments of $841.75/month

Total Monthly Payments Harry was making was $2,568.75/month.

But now Harry is able to pay all those Debts just like before but at One Low Monthly Payment of $1,155.38! That’s more than Half of what he was paying before!

Harry was able to save $1, 413.37/month and $16, 960.44 every year! With a Simple Mortgage Refinance!

Over the course of 5 years of his Mortgage, Harry will benefit from $84, 802 in savings!

Contact Brampton Mortgage Broker – Rumy Gill, Today to get the Best Mortgage Options for your Mortgage HELOC and Mortgage Refinance Situation. Helping you find savings in your Mortgage!

Mortgage HELOC | Brampton Mortgage Broker - Rumy Gill
Mortgage HELOC | 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

 

Mortgage Refinancing Bad Credit in Brampton for $420k

Mortgage Refinancing Bad Credit in Brampton for $420k

Here is how Brampton Mortgage Broker- Rumy Gill, helped Marie and Dan residences of Brampton with Mortgage Refinancing Bad Credit in Brampton for $420k.

Marie and Dan have had hit a rough time personally and financially and had racked up over $200,000 worth of debt; maxing out Credit Cards, Lines of Credits, two HELOCs, getting a two Pay Day Loans, and a Personal Loan. They had lost control of their financial situation and had seen their Excellent Credit Score turn into a Mortgage Refinancing Bad Credit Situation.

But what caused all of this activity of Debt to be piled on?

Well, Marie had just lost her mother, who was living overseas back home in Guyana. Marie got the news all of a sudden and had to drop everything and go back home to Guyana.

Through this rough time, Marie and Dan had missed payments on multiple accounts as they were juggling paying these Debts and their Mortgage.

The long hard truth Marie and Dan had come to realize was that most of the Payments being made were largely paying down the interest on their Debts and doing very little to bring down the outstanding balances.

Here is the breakdown of the monthly expenses Marie and Dan were paying;

Car Loan Balance of $34,000 and payments of $676/month
TD Bank Mortgage Balance of $213,434 payments of $1, 178.67/month
TD Bank HELOC Balance of $147,000 and payments of $442/month
TD Bank HELOC Balance of $21,000 and payments of $126/month
TD Bank Personal Line of Credit Balance of $20,000 and payments of $200/month
Credit Card, Balance $4,300 and payments of $147.09/month
Credit Card, Balance of $4,903 and payments of $167.71/month
Credit Card, Balance of $1,480 and payments of $50.61/month
Credit Card Balance of $986 and payments of $125/month
Pay Day Loan Balance of $2,500 and payments of $250/month
Pay Day Loan Balance of $1,500 and payments of $150/month
Fairstone Personal Loan Balance of $23,000 and payments of $808/month

If you were to add that all up, the monthly debt they were both paying was $4, 321.08/month!

Luckily for Marie and Dan their monthly income is $5,978/month but still, that’s a lot of money to be paying and the balances on most of these  Debts are not going down, just the interest is being paid.

Marie and Dan tried to get a Mortgage Refinance done with TD Bank but were told they would not qualify due to their high amounts of Debts and Bad Credit.

Brampton Mortgage Broker – Rumy Gill was able to arrange financing and provide a simple and easy Mortgage Refinancing Bad Credit for $420k, and bring down Marie’s and Dan’s monthly expenses from $4, 321.08/month to $3,431.32/month. That’s a Savings of $889.76/month! And $10,677.12 over the Year!

Here is the New  Monthly expenses broken down for their Mortgage Refinancing Bad Credit in Brampton for $420k
Mortgage Balance of $420,000 and payments of $1,937
Car Loan Balance of $34,000 and payments of $676/month
TD Bank Personal Line of Credit  Balance of $20,000 and payments $200/month
Credit Card , Balance of $4,903 and payments of $167.71/month
Credit Card, Balance of $1,480 and payments of $50.61/month
Pay Day Loan Balance of $2,500 and payments of $250/month
Pay Day Loan Balance of $1,500 and Payments of $150/month

The New total Monthly Debt adds up to $3,431.32/month. Most of the Debts were paid off in full, allowing Marie and Dan to help increase their Credit Score and saving them $889.76/month. This monthly savings has allowed them to start tackling other Debts and increase their savings in a short few months to over $1,200/month!

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

Mortgage Refinancing Bad Credit | Toronto Mortgage Broker - Rumy Gill
Mortgage Refinancing Bad Credit | Toronto 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