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