Second Mortgage Refinance in Brampton for 200k
Roy and Jasmine, two residents of Brampton got in touch with Rumy Gill from Brampton Mortgage Broker for a second mortgage refinance policy. Here’s how Rumy helped them.
The second mortgage that Roy and Jasmine had taken was only for one year and the lender didn’t want to renew the second mortgage. The couple had taken the mortgage to pay off some consumer proposals and complete a home renovation. Now when the time for renewal was set to expire, the lender wanted the money in full.
Roy and Jasmine told me that during the time they had the second mortgage they had fallen short of making payments in the last two months. This was because they had left their full-time jobs to had dedicated their efforts to turn their part-time business into a full time one. But just like any growing business in the beginning couple of months, the income was really low.
However, to compensate, they borrowed money from their family members and friends to get by, but were short on the second mortgage payments. The payments that they had missed had damaged their credit scores, which means that they couldn’t secure a refinance from the bank.
After our in depth discussion, I told them that they were making the right choice as a second mortgage refinance plan would be the ideal option to get them out of this situation. After looking into some options, we came to the conclusion that it would be best that the second mortgage refinance loan amount should be of $200k.
This amount would allow to have the payments to be taken upfront so they would not miss any payments moving forward. It would also leave them some extra cash which they could use for their business or any emergency.
By sticking to this second mortgage refinance plan, I would be able to refinance their first and second mortgage into a simple mortgage refinance when their second mortgage was coming up for renewal. The couple was happy with the overall outcome and their financial situation now is stable.
Rumy Gill - Mortgage Broker
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If you are looking for a Second Mortgage Refinance 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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