Here is how Brampton Mortgage Broker- Rumy Gill, Helped Jason a Home Owner from Brampton with a Refinance Mortgage for $570k Debt Consolidation.
Jason had a Mortgage with Equitable Bank for $420k at a High Interest Rate and was up for a Mortgage Renewal. Jason had fallen into a routine of signing back on the Mortgage Renewal every year with his Mortgage and paying a Fee of 1% every year, but not this year. Jason could not just sign back this year, over the years Jason had took on a lot of debt and now was looking for a Refinance Mortgage to find some financial relief.
Jason had tried a Mortgage Refinance with Equitable Bank but they were still charging a Fee of 1% which came up to $5,700 on the amount of $570,000 Mortgage Jason was looking for.
The worse part was that the rate he was getting was still high and his High Interest Debt was not being paid off, Jason just had enough and decided to look into his options.
When I spoke with Jason, he told me he had about $95k worth of Debts and needed a Refinance Mortgage for a Debt Consolidation and Jason also needed $55k to help with a Purchase of a new Car for his daughter as a graduation gift who is about to graduate from University.
Jason was originally thinking of getting a Car Loan but he was only qualifying for monthly payments of $800/month. I explained to Jason I could add in the Car purchase into his Refinance Mortgage and he would pay less than $265/month, saving Jason $535/month. Jason was excited, after hearing I could save him over $500/month on the Car Loan payments alone.
When I started digging into the rest of Jason’s outstanding debts, I discovered the following;
Equitable Bank Mortgage $420k monthly payments of $2, 214.59
Personal Loan $35k Monthly Payments of $800
Credit Card Debt $30k Monthly Payments of $900
Personal Line of Credit $30k Monthly Payments of $300
Total amount of Debt $515,000 and Total Monthly Payments of $4,214.59
This was without adding the Car Purchase of $55k and the Car Loan payments of $800/month.
Grand Total amount of Debt $570,000 and Total Monthly Payments of $5,014.59
Monthly Payments of $5, 014.59 is way too much for anyone to be paying, especially when these Debts can be rolled into a Refinance Mortgage at payments for much less.
I explained to Jason the new Mortgage Refinance situation for $570,000 which include all the debts; Equitable Bank Mortgage, Personal Loan, Credit Card Debt, Personal Line of Credit, Car Loan, Now all at $2, 744.69 /month!
That’s a difference of $2, 269.90 /month ($5,014.59 – $2,744.69) that’s cutting the payments in more than half!
Jason was extremely happy with the outcome and the amount of money he was able to save on an ongoing monthly basis. But the best part for Jason was receiving that feeling of being able to give his daughter the Car for her graduation gift and know he can afford it without having to break the bank.
Contact Brampton Mortgage Broker – Rumy Gill, Today to get the Best Mortgage Options for your Refinance Mortgage Debt Consolidation. Helping you find savings in your Mortgage!
Rumy Gill – Mortgage Broker
Direct: 416-855-0545 Ext 101
Office : 2260 Bovaird Dr. E. Unit 202A
Brampton, ON L6R 3J5
Mortgage Intelligence Inc. – Lic# 10428