Here is how Brampton Mortgage Broker – Rumy Gill, helped Kim, resident of Brampton had contacted me for a Spousal Buyout Second Mortgage.
Kim was in the process of filling for a divorce from her husband and she was trying to a way to give him his share of the equity in the property he had requested. Kim’s main concern was since the home was a matrimonial home and she wanted to make sure he got his share of equity so it would not carry over into a nasty divorce process. Kim wanted the divorce to be as clean as possible. Through the lawyers there was a mutual understanding and agreement as long as Kim was able to get her ex-husband the money, they both agreed upon, he would move on and not drag Kim through a nasty divorce process.
Kim had tried to go to her bank at RBC and get the financing arranged but she was unable to qualify for the full mortgage amount on her own income. Kim had requested a mortgage refinance of $800k from her Bank at RBC but was declined as her income would not support the Mortgage Refinance amount. Under the Bank guidelines and if she did end up Refinancing Kim had a Mortgage penalty of approximately $14k she would need to pay for breaking her current Mortgage. Kim was looking to find a way to get the financing she needed as quick as possible without paying this large penalty. This is when Kim contacted me asking if I could help. I told her Yes, I could help, and she would need to get a Spousal Buyout Second Mortgage.
After going into more details with Kim about her financial situation, I learned that the value of Kim’s home was $1.2M and the current mortgage was in Kim’s name only. Although her ex-husband did contribute with the down payment, Kim was the one making the payments on the mortgage. Her current mortgage balance was just under $400k and she wanted to add on $400k to her mortgage and refinance for a new total amount of $800k. Kim had told me that she needed the money right away to resolve the matter with her ex-husband.
Brampton Mortgage Broker – Rumy Gill |$400k Spousal Buyout Second Mortgage in Brampton | Second Mortgage | Mortgage Broker Near Me
While explaining her financing options around a Spousal Buyout Second Mortgage, I asked her what her plans moving forward with the property were going to be. Was she going to be selling or keeping the property? She had told me she was open to both options, but her main concern was getting her ex-husband the amount of money they both agreed upon. After he was bough out Kim could take some time to make a clear decision on if she wanted to keep the property or sell it and move but she needed the Spousal Buyout to be taken care of first.
Understanding her position, I explained to her that she needed to at least think about this and have some type of plan in place if she were to keep the property before I would arrange financing for her. I did not want to arrange financing for her if she did not have some type of plan in place. Because from my point of view for Kim, it would not financially make sense to keep the property if her financial situation was to remain the same, as she would not be able to maintain the payments of both mortgages for the long term.
Kim told me if she had decided to keep the property, that she was thinking of adding her brother and sister on to the mortgage if she needed to help with getting qualified for a Mortgage Refinance. She also mentioned to be that she would start renting out the basement and that would further help with managing her mortgage payments.
After hearing this I felt very confident in Kim’s plan, and I started to finalize her financing for her Spousal Buyout Second Mortgage of $400k. I was able to arrange monthly payments of $2,824.56 for Kim and she was very happy with the monthly payments and told me that she would be able manage these payments along with her current RBC Mortgage payments of $1,886.45. Kim was able to get the money she needed in a matter of a few days and this allowed both Kim and her ex-husband to be able to move on from the divorce, as clean as possible giving both of them a fresh new start in the next chapters in each of their lives.
Although her monthly payments were totaling $4,711. 01 a month during her Spousal Buyout Second Mortgage, I was later able to provide Kim with a Mortgage Refinance for $800k and brought her payments down to $2,997.12 a month. This allowed Kim to save $1,713.89 a month when her Divorce was finalized.
After the entire process I spoke with Kim on how she felt about her finances and my services I was able to provide her with. Here is what she had to say,
“I was happy that you were able to get me the money I need in such a short period of time. It really took a lot of stress off my shoulders and has allowed me to move forward with a clear peace of mind. I didn’t think I would have been to keep my home and I would have had to sell, if you were not able to find me a Second Mortgage as quick as you did.” Not only were you able me get the money I needed to get out the stressful situation I was in with my Divorce. You also helped with Refinancing my Mortgage so I could bring down my payments to a much more affordable monthly payment amount. Thank you for all your help, you really did go above and beyond and truly showed that you cared about providing me the right financing options for my mortgage.”
If you are dealing with a situation similar to Kim and are looking for help with your financing options or a Second Mortgage, then contact our team today. Brampton Mortgage Broker – Rumy Gill can help get you the Best Mortgage option for your situation, whether it be a Second Mortgage, Mortgage Refinance or Debt Consolidation.
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