Here is how Brampton Mortgage Broker – Rumy Gill, helped Roy and Jasmine, residences of Brampton contacted me for a Second Mortgage Refinance. Roy and Jasmine had an existing Second Mortgage they got so they could restructure their debts, pay off consumer proposals they both had and complete a home renovation.
Their Second Mortgage was for one year and the Second Mortgage Lender did not want to renew them on maturity, instead they wanted to be paid out in full.
Roy and Jasmine had missed 2 months of back to back payments on their first and Second Mortgage due to them quitting their jobs and deciding to run their Business they had from part time to full time. All payments were eventually made up to date, but Roy and Jasmine had a very stressful situation throughout the entire process.
The payments were scheduled to come out on the 15th of every month, but with switching from a full time job where pay was coming in bi-weekly to running your Business on all of sudden, there was a shortage of income in beginning months. Roy and Jasmine had to rely on their friends and family to come up with money to bring their first and second mortgage up to date.
Roy and Jasmine were unable to refinance with their Bank, where they had their first mortgage when they found out the Second Mortgage Lender wanted to be paid in full. Due to late mortgage payments and the damage done to their Credit Score and limited time remaining, trying to get a Second Mortgage Refinance was the best option available.
While meeting with Roy and Jasmine to discuss a Second Mortgage Refinance we agreed that we did not want the stressful missed payment situation to happen all over again, and for good reason. So we looked at options where the payments could be taken upfront and be included in the new Second Mortgage Refinance total of $200k and leave them with money in hand to any unexpected expenses. With the Prepayment option, Roy and Jasmine were able to avoid missed payments altogether and avoid all the stress of missed payments.
During our meeting, I was also able to put together a plan for Roy and Jasmine so we could Refinance their First and Second Mortgage into on simple mortgage when the Second Mortgage Refinance was coming up for renewal. Roy and Jasmine did not plan for all of this to happen to them, but they were happy with the outcome and the plan I was able to provide them to move into the better mortgage situation upon renewal.
Contact Brampton Mortgage Broker – Rumy Gill, Today to get the Best Second Mortgage Refinance Options for your Mortgage Situation.
Rumy Gill – Mortgage Broker
Office : 2260 Bovaird Dr. E. Unit 202A
Brampton, ON L6R 3J5
Mortgage Intelligence Inc. – Lic# 10428
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