Mortgage HELOC $50k and Mortgage Refinance $270k in Brampton
A trucker from Brampton wanted to get out of his bad debt situation and so he reached out to Rumy Gill from Brampton Mortgage Broker for help. Here’s what happened next.
Harry, a hard-working trucker from Brampton wanted to get ahead of his debt payments of $1,200 a month. He had a good income of $73k per year but the banks still declined his application for Mortgage Refinance due to credit card repayment issues.
So when I was going through his documents, I asked him what had happened. He said that some time back he bought a large ticket item from a store and the store employee said that if he had a store credit card he would get an extra 10% off. Thinking that it would save him some money, Harry agreed. However, a couple of days later, Harry had change of mind on the purchase and returned the item to the store. This is where the fault happened; while processing the refund to the store forgot to apply for the return to the card. It was after 2 months that Harry was being asked for payments on the credit card. Harry then went back to the store and the refund was finally processed properly by the head office, but the damage was already done to his credit.
Now that I knew the whole situation, I was able to process the $270k mortgage refinance that he was looking for without any hassle. I also helped him with getting a Mortgage HELOC of $50K and the combined amount of $320k helped him with debt consolidation. Here’s how his current situation looks like now.
|Previous situation||Present situation||Saving|
|RBC Mortgage HELOC of $13k||$60/month||Monthly payment of $1,155.38.||$1,413.37/month|
|RBC Mortgage of $172k||$841.75/month||$16, 960.44/ year|
|Truck loan of $55k||1,200/month||$84, 802 in 5 years.|
|Car Loan of $18k||$467/month|
Rumy Gill - Mortgage Broker
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If you are looking for a Debt Consolidation 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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