How Rumy Gill Help to Heloc Mortgage for 350k with a mortgage refinance for 500k in brampton
Rumy Gill - Mortgage Broker
Heloc Mortgage for 350k with a mortgage refinance for 500k in brampton
Read on to find out how Rumy Gill from Brampton Mortgage Broker helped an aspiring restaurant owner achieve his dream.
Although he was a supervisor in a distribution factory in Brampton, Raj wanted to start his own restaurant business. He had been working in the factory for 20 years, with his kids now going off to the university, he thought it was the right time to start his own business.
Raj already knew what kind of restaurant we wanted to buy and it would cost him around $500k. Raj had been hard at work over the years saving money to one day to have his dreams come true, through the years he managed to save around $350K. But it was not enough, he needed a partner to start the venture. So he got in touch with his brother and after crunching the some numbers, he was on board.
Raj calculated that he would need around $350k extra to set up the restaurant properly and that’s when he got in touch with me. Raj told me that homes in his area had prices soaring as high as $850K and over the years he worked had to bring down his mortgage balance, resulting in a significant amount of equity in his home and he was looking forward to take leverage of that equity. So I suggested to him that taking up a HELOC mortgage for $350k would be ideal for what he wanted to accomplish and then we got started with the approval process. While doing so, Raj told me that he had a $100k balance on his RBC mortgage and another 50k in debts which included a car loan, a Master card loan, an RBC visa loan and a personal loan.
Altogether he was paying a total of $2,358.18/ month. I told him, that if he consolidated all these debts, then he would be able to bring his payments down to $726.22/month and when he fully utilized the full HELOC mortgage, he would only pay $1,297.92/month on the full $350k, which would bring his total monthly payments to $2,024.14/month which is less than the previous amount and a saving of $334.02/month! Raj was satisfied with the having this flexibility and new monthly payments. To give you a visual, below is both of Raj`s options he had below with HELOC Mortgage.
HELOC Portion not used, allowing for maximum monthly savings.
| Previous situation | Present situation | Saving | ||
| RBC mortgage of $100k | $508.16/month | Mortgage refinance of $150k | $726.22/month | Monthly saving of $1,631.94 |
| Car loan of $10K | $600/month | HELOC mortgage of $350K (not used) |
$0/month | Yearly savings of $19,583.28 |
| RBC Mastercard $15k | $300/month | Total amount $500k | $726.22/month | Over 5 years, it would be $97,916.40 |
| RBC Visa $10k | $300/month | |||
| Personal Loan $15k | $500/month | |||
| Total debts $150k | $2,358.16/month | |||
With the HELOC fully used for maximum flexibility.
| Previous situation | Present situation | Saving | ||
| RBC mortgage of $100k | $508.16/month | Mortgage refinance of $150k | $726.22/month | Monthly saving of $334.02 |
| Car loan of $10K | $600/month | HELOC mortgage of $350K (fully used) |
$1,297.92/month | Yearly savings of $4,008.24 |
| RBC Mastercard $15k | $300/month | Total amount $500k | $2,024.14/month | Over 5 years, it would be $20,041.20 |
| RBC Visa $10k | $300/month | |||
| Personal Loan $15k | $500/month | |||
| Total debts $150k | $2,358.16/month | |||
Rumy Gill - Mortgage Broker
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If you are looking for a Heloc Mortgage for 350k with a mortgage refinance for 500k in brampton, and want to find the best mortgage financing option for yourself, make sure to contact Brampton Mortgage Broker – Rumy Gill, Today.
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