A Mortgage Refinance in Brampton can provide a lot financial freedom and relief of any financial pressure you may be under.
Your home is more powerful than you think, not only does it provide you shelter and place where you can create memories, it is also an asset which can be used as a Debt Consolidation Super Tool through a Mortgage Refinance in Brampton.
As a Home Owner, you have the option to take the smart approach to pay downing High Interest Debt. By utilizing low Mortgage rates you’ll be cash positive at the end of the month instead of in the hole. This can really give your finances a much needed upgrade. If you’re worried about penalties or if you don’t think it can make much difference by taking advantage of a Mortgage Refinance in Brampton, think again.
Carrying around your high-interest credit card debt, and loans, it is not doing you any good. You’re Monthly Payments that you are making are just paying down the interest and hardly make enough of an impact to see a significant change in the outstanding balance.
It’s time you took a Smarter and Faster Approach paying off that debt and rolled it into your mortgage so you can start generating some real monthly savings you can put back you’re your pocket, hundreds a month and over thousands of dollars over the years.
You’re already making your monthly mortgage payments anyways, so why not just pay that debt at the same time in one easy payment and a much lower monthly payment to you?
Don’t believe me? Let me show you just how so,
Here are two situations where Brampton Mortgage Broker – Rumy Gill was able to Help Clients with lowering their monthly payments by making one easy payment at a much lower monthly payment with a Mortgage Refinance in Brampton.
A Truck Driver (Owner Operator) from Brampton, was able to pay off his Truck Loan of $55k in full and save him over $900/month by rolling it into his Mortgage and over $11,000 per year! That’s a Saving of Over 40% a Month!
|Before Refinance||After Refinance|
|Truck Loan ($55k) $1,200/month||Truck Loan ($55k) Paid|
|Mortgage Penalty $0||Mortgage Penalty $3, 000.00|
|Mortgage $200k at 3.65% with 25 year Amortization||Mortgage $258k at 3.19% with 25 year Amortization|
|Mortgage Payments $1,017.40/month||New Mortgage Payments $1,249.11/month|
|Total Monthly Payments $2, 217.40/month||Total Monthly Payments $1,249.11/month|
|Monthly Savings $0||Monthly Savings $968.29 Yearly Savings $0||Yearly Savings $11,619.48|
|Saving Percentage 0%||Saving Percentage 43.66%|
The Best Part for our Truck Driver Client is that even with paying the Penalty to break the existing Mortgage of $3,000, he was able to net a monthly savings of over $900/month and Over $11,000/year. Now he can use that $968.29 a month or $11,619.48 a year towards another Truck where he can earn more income or invest that $968.29 a month or the $11, 619.48 a year by setting up an investment portfolio. The Options are wide open for our Client, moving forward.
A Department Store Manager from Brampton, was able to Pay off her Credit Card Debt of $16k where she was paying $400/month ($4,800 a year), and get $7k in cash she needed to purchase a used Car for her son.
Our Client was able to save over $485.81 a month or $5,052.24 a year by rolling her credit card debt into her Mortgage. That’s a Savings of Over 20% a Month.
|Before Refinance||After Refinance|
|Credit Card Debt ($16k) $400/month||Credit Card Debt ($16k) Paid|
|Cash Needed $7,000 Still Need||Cash Needed $7,000 Received|
|Mortgage Penalty $0||Mortgage Penalty $2, 000.00|
|Mortgage $325k at 2.95% with 25 year Amortization||Mortgage $350k at 3.19% with 30 year Amortization|
|Mortgage Payments $1,532.74/month||New Mortgage Payments $1,511.72/month|
|Total Monthly Payments $1,932.74/month||Total Monthly Payments $1,511.72/month|
|Monthly Savings $0||Monthly Savings $421.02|
|Yearly Savings $0||Yearly Savings $5, 052.24|
|Saving Percentage 0%||Saving Percentage 21.78%|
The Best Part for our Department Store Manager client is that she was looking at getting a Used Car Loan where the monthly payments would have costed her $600/month or $7,200 over a year . We were able to save her that monthly or yearly expense.
But even with paying the Penalty of $2,000 to break the existing Mortgage, she was able to net a monthly savings of $421.02/month or $5,052.24 a year. Not only were her credit card debt paid off in full, she was able to get $7,000 in cash she needed to purchase a used Car for her son instead of getting a High Interest Car Loan. So if we were to really look at what we saved our client it would be just over $1,000/month or $12,000 a year if she had gotten the Used Car Loan and not move forward with a Mortgage Refinance in Brampton.
How is possible save all that Money with Just rolling your debt into your Mortgage?
Well it is really easy, your Mortgage is able to provide you a lower rate of interest than the debts you already have, like credit cards, personal loans, truck loans, car loans, pay day loans, etc.
You get the flexibility of low monthly payments because your Debt gets rolled into your Mortgage and spread over the course of your Mortgage, which can be stretched to 30 years to help you save the most amount of money.
Something all Home Owners should consider…..
You’re already paying your Mortgage, so why not make it easier on your Finances and roll everything into one payment……You Should, It’s a really Good Idea!
So if you have any High Interest Debts like:
Car Loan Payments
Credit Card Payments
Pay Day Loans
And you are are making Monthly Payments of $400/month or $800/month or $1,200/month or More, then it make senses to roll these payments into your Mortgage so you can start saving money every month.
By cutting down on the High Interest Debt you pay will allow you to have money you can Bank on, and will allow you to have more money for the things that matter the most to you.
Contact Brampton Mortgage Broker – Rumy Gill, today find out how much you can save by utilizing a Mortgage Refinance in Brampton option to eliminate your monthly High Interest Debt payments.
Rumy Gill – Mortgage Broker
Office : 2260 Bovaird Dr. E. Unit 202A
Brampton, ON L6R 3J5
Mortgage Intelligence Inc. – Lic# 10428