Mortgage Refinancing Bad Credit | Toronto Mortgage Broker - Rumy Gill

Mortgage Refinancing Bad Credit in Brampton for $420k

Mortgage Refinancing Bad Credit in Brampton for $420k

Here is how Brampton Mortgage Broker- Rumy Gill, helped Marie and Dan residences of Brampton with Mortgage Refinancing Bad Credit in Brampton for $420k.

Marie and Dan have had hit a rough time personally and financially and had racked up over $200,000 worth of debt; maxing out Credit Cards, Lines of Credits, two HELOCs, getting a two Pay Day Loans, and a Personal Loan. They had lost control of their financial situation and had seen their Excellent Credit Score turn into a Mortgage Refinancing Bad Credit Situation.

But what caused all of this activity of Debt to be piled on?

Well, Marie had just lost her mother, who was living overseas back home in Guyana. Marie got the news all of a sudden and had to drop everything and go back home to Guyana.

Through this rough time, Marie and Dan had missed payments on multiple accounts as they were juggling paying these Debts and their Mortgage.

The long hard truth Marie and Dan had come to realize was that most of the Payments being made were largely paying down the interest on their Debts and doing very little to bring down the outstanding balances.

Here is the breakdown of the monthly expenses Marie and Dan were paying;

Car Loan Balance of $34,000 and payments of $676/month
TD Bank Mortgage Balance of $213,434 payments of $1, 178.67/month
TD Bank HELOC Balance of $147,000 and payments of $442/month
TD Bank HELOC Balance of $21,000 and payments of $126/month
TD Bank Personal Line of Credit Balance of $20,000 and payments of $200/month
Credit Card, Balance $4,300 and payments of $147.09/month
Credit Card, Balance of $4,903 and payments of $167.71/month
Credit Card, Balance of $1,480 and payments of $50.61/month
Credit Card Balance of $986 and payments of $125/month
Pay Day Loan Balance of $2,500 and payments of $250/month
Pay Day Loan Balance of $1,500 and payments of $150/month
Fairstone Personal Loan Balance of $23,000 and payments of $808/month

If you were to add that all up, the monthly debt they were both paying was $4, 321.08/month!

Luckily for Marie and Dan their monthly income is $5,978/month but still, that’s a lot of money to be paying and the balances on most of these  Debts are not going down, just the interest is being paid.

Marie and Dan tried to get a Mortgage Refinance done with TD Bank but were told they would not qualify due to their high amounts of Debts and Bad Credit.

Brampton Mortgage Broker – Rumy Gill was able to arrange financing and provide a simple and easy Mortgage Refinancing Bad Credit for $420k, and bring down Marie’s and Dan’s monthly expenses from $4, 321.08/month to $3,431.32/month. That’s a Savings of $889.76/month! And $10,677.12 over the Year!

Here is the New  Monthly expenses broken down for their Mortgage Refinancing Bad Credit in Brampton for $420k
Mortgage Balance of $420,000 and payments of $1,937
Car Loan Balance of $34,000 and payments of $676/month
TD Bank Personal Line of Credit  Balance of $20,000 and payments $200/month
Credit Card , Balance of $4,903 and payments of $167.71/month
Credit Card, Balance of $1,480 and payments of $50.61/month
Pay Day Loan Balance of $2,500 and payments of $250/month
Pay Day Loan Balance of $1,500 and Payments of $150/month

The New total Monthly Debt adds up to $3,431.32/month. Most of the Debts were paid off in full, allowing Marie and Dan to help increase their Credit Score and saving them $889.76/month. This monthly savings has allowed them to start tackling other Debts and increase their savings in a short few months to over $1,200/month!

Contact Brampton Mortgage Broker – Rumy Gill, Today to get the Best Mortgage Options for your Mortgage Refinancing Bad Credit Situation. Helping you find savings in your Mortgage!

Mortgage Refinancing Bad Credit | Toronto Mortgage Broker - Rumy Gill
Mortgage Refinancing Bad Credit | Toronto Mortgage Broker – Rumy Gill

Rumy Gill – Mortgage Broker

Direct: 416-855-0545 Ext 101
Email: Rumy@BramptonMortgageBroker.com

Office : 2260 Bovaird Dr. E. Unit 202A
Brampton, ON L6R 3J5

Mortgage Intelligence Inc. – Lic# 10428

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