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!
Rumy Gill – Mortgage Broker
Office : 2260 Bovaird Dr. E. Unit 202A
Brampton, ON L6R 3J5
Mortgage Intelligence Inc. – Lic# 10428