Here is how Brampton Mortgage Broker – Rumy Gill, helped Ralph, a resident of Brampton with a Second Mortgage Debt Consolidation in Brampton for $180k.
Ralph a resident of Brampton was looking for help with Debt Consolidation to free himself from the high monthly payments of $2,300 month he was making to service his debts. His debts totaled $130k and consisted of a high interest Auto Loan for his New Pickup Truck, high interest Personal Loan, multiple Credit Card Debts at high interest that were near the limit.
Ralph was looking to lower his monthly payments and find some savings to live more comfortably. He also wanted to take out the Equity from his home for a down payment $50k on Builder home he was looking into purchase the following year.
Ralph had plans to sell his home and use the money from the sale of his home to complete the purchase of the builder home. This move would allow him to move closer to his 3 children and grandchildren who had all planned to move into this new subdivision in Brampton.
Ralph needed to arrange a Second Mortgage to make this happen, and he contact his Bank to arrange a Mortgage Refinance of $480k so he consolidate his debts and get the money he need for his down payment. Unfortunately, Ralph had the following 2 major problems.
Problem#1: His credit was not in good shape, and he had a Bad Credit Score well below the minimum Bank requirements.
Problem#2: And if he was able to overcome the bad credit score situation somehow, his income of $60k was not enough for him to qualify for the mortgage amount he was requesting under the Bank guidelines.
Although Ralph had a ton of equity in his property, he was turned away by the Bank and declined due to the above-mentioned problems.
Feeling disappointed and frustrated with the outcome from his Bank, Ralph contacted me, Brampton Mortgage Broker – Rumy Gill to help with arranging financing for his situation. After speaking with Ralph and understanding what Ralph was looking for, I was able to help arrange a Second Mortgage Debt Consolidation customized just for Ralph’s needs.
Since Ralph owned his Brampton home which had a value of $750k, it made more sense to leave the existing RBC Mortgage of $300k in place and not break this mortgage. Because if Ralph had chosen to break his RBC Mortgage of $300k he would have had a penalty of over $12k. This would not be in Ralph’s benefit as he was not able refinance with the Bank in the first place, so by keeping this existing mortgage in place and getting the financing he needed from a Second Mortgage made more sense.
By keeping the $300k RBC Mortgage in place on his Brampton home, Ralph was able to get a Second Mortgage Debt Consolidation for $180k and it only cost Ralph $1,271.05/ a month in payments.
This new low monthly payment allowed Ralph to access his homes equity and lower his monthly payments he was making on his previous High Interest Debts, which he was fighting with. His previous monthly payments amounted to $2,300/month.
With his new monthly payment now, Ralph was able to save $1,028.95/month which provided him the breathing room he was looking for. Ralph was also able to get access to his Homes Equity for the Down Payment he needed for the Builder home he was looking to purchase.
If you are dealing with a situation similar to Ralph and are looking for help with your high interest debts and finances, then contact our team today. Brampton Mortgage Broker – Rumy Gill can help get you the Best Second Mortgage Debt Consolidation Option for your Situation.
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