Refinance Mortgage with Bad Credit in Brampton for $750k.
Here is how Brampton Mortgage Broker – Rumy Gill, helped with a Refinance Mortgage with Bad Credit client in Brampton for $750k.
Bobby and Janet were looking to get help with a Refinance Mortgage with Bad Credit, client in Brampton. Bobby and Janet been living in their Brampton home for over 3 years and had been going through some rough times with their credit score and repayment history.
Bobby had $100k in bad investments, and had missed payments on his credit cards and car loan payments. Bobby and Janet tried to hold it together for as long as they could but ended up getting a high interest Second Mortgage for $225k to cover their bad investment and all other debts.
But now they were burdened with a high monthly payment of $2, 265 a month on the 2nd Mortgage, and $1,050 a month from the $40k in credit card debts Bobby and Janet were carrying. Along with their $450k TD Mortgage which had a $2,205 a month payment, Bobby and Janet were paying a total of $5,520 a month on total debt of $715,000. Over the course of a year Bobby and Janet were paying a total of $66, 240 a year and doing nothing to do anything to fix their credit score. Highly leveraged on all their debts and making such a high monthly payment of $5,520 a month on all their outstanding debts and Mortgages, a Refinance Mortgage with Bad Credit would help Bobby and Janet get some much need financial relief and remove the financial stress they had on their shoulders.
To get a clear picture of the financial stress Bobby and Janet were under, here is what they numbers looked like on looked on paper.
$450k TD Mortgage at monthly payments of $2, 205
$225k Second Mortgage at monthly payments of $2,265
$40k Debts (credit cards) at monthly payments of $1,050
= $715k Total Debts at a total monthly payment of $5,520
Bobby and Janet have a combined income of $160k a year. Bobby is a Truck Driver who is self employed as an Owner Operator for over 1 year and was previously working as a Company Truck Driver for 5 years. Bobby made the decision to become self employed Owner Operator so he could increase his earnings. By becoming self employed, Bobby’s income went from $60k a year to $120k a year for the same amount of he was already doing. After taxes and on paper Bobby was declaring $90k a year.
Janet is a Senior Analyst making an income of $80k a year. Janet was on Maturity leave and would be returning back to work in 6 months.
Taking everything into consideration for Bobby and Janet’s situation, I was able to get a Mortgage Refinance with Bad Credit Approved on their home valued at $1.1Million for $750k, which worked out to be a new monthly payment of just under $3,800. This allowed Bobby and Janet to pay off all their debts and save $1,720 a month. Over the year that would work out to be a savings of $20,640 a year.
Coming from monthly payments of $5,520 to $3,800 and yearly payments of $66,240 to $45,600, Bobby and Janet were able to move forward with much better situation by cutting their payments down by over 30% with a Refinance Mortgage with Bad Credit.
If you are looking for a Refinance Mortgage with Bad Credit in Brampton, and want to find the best mortgage financing option for yourself, make sure to contact Brampton Mortgage Broker – Rumy Gill, Today.
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