Tag: Bad Credit

Refinance Mortgage with Bad Credit in Brampton for $750k

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.

 

Refinance Mortgage with Bad Credit | Brampton Mortgage Broker - Rumy Gill
Refinance Mortgage with Bad Credit | Brampton Mortgage Broker – Rumy Gill

Rumy Gill – Mortgage Broker

Direct: 416-855-0545 Ext 101
Email: Rumy@BramptonMortgageBroker.com

Office : 2260 Bovaird Dr. E. Unit 202A
Brampton, ON L6R 3J5

Mortgage Intelligence Inc. – Lic# 10428

Second Mortgage Bad Credit in Brampton for $100k

Here is how Brampton Mortgage Broker- Rumy Gill, Helped Janet a Home Owner from Brampton with a Second Mortgage Bad Credit Debt Consolidation for $100k.

Janet had contacted me, a Brampton Mortgage Broker – Rumy Gill for a new Second Mortgage on her Home in Brampton to pay off her High Interest Debts, Collections and Late Payments.

Janet had tried to a Mortgage Refinance with her Bank (CIBC) but was decline due to her Bad Credit.  Her monthly Payments were becoming too much to handle, and she had no Money available to pay off her Collections and late payments which were stress her out and resulted in Bad Credit. Janet needed help and fast.

With the help of a Brampton Mortgage Broker- Rumy Gill, Janet, was able to Refinance her current Second Mortgage and pay off her debts with a new Second Mortgage Bad Credit Debt Consolidation. By Leveraging the Equity in her home, Janet was able to take care of all the high interest debts, collections and late payments and put a stop to all the stress. She could now start over.

Janet’s Old Bad Credit and Debt Situation:

*CIBC Mortgage for $442,000 monthly payments of $2,016.44
*Second Mortgage for $46,000 monthly payments of $460
*RBC Visa Credit Card $417 monthly payments of $15   (in Collections)
*RBC Visa Credit Card $3,031 monthly payments of $95 (in Collections)
*RBC Mastercard Credit Card $1,223 monthly payments of $39 (in Collections)
*CIBC Visa Credit Card $2,147 monthly payments of $65 (late payments)
*Car Loan $21, 500 monthly payments of $612 ( 3 Late Payments)
*Money Mart Pay day Loan $2, 591 monthly payments of  $226 (in Collections)
*Cash Money $5,391 monthly payments of $351 (in Collections)

Total Debts $524,300
Total Monthly Debts $3,879.44

Janet’s New $100k Second Mortgage Bad Credit Debt Consolidation Situation:

*CIBC Mortgage for $442,000 monthly payments of $2,016.44
*New Second Mortgage Bad Credit Debt Consolidation for $100,000 with monthly payments of $832.50
*All Collections paid and cleared
*All Late payments paid and cleared
*$10k Cash in Hand for Client

Total Debts $542,000
Total Monthly Debts $2,848.9

Janet was able to save $1, 030.50/month and Over a year that’s $12,366.

The real benefit was that Janet was able to pay off all her Debts in full, which helped with increasing her Credit Score from a Bad Credit rating to a much better one. Because of the Second Mortgage Bad Credit Debt Consolidation done by Brampton Mortgage Broker – Rumy Gill, Janet is now able get a Mortgage Refinance done in the upcoming year, which will allow her to save even more money.

Contact Brampton Mortgage Broker – Rumy Gill, Today to get the Best Mortgage Options for your Second Mortgage Bad Credit Debt Consolidation. Helping you find savings in your Mortgage!

Second Mortgage Bad Credit Debt Consolidation | Brampton Mortgage Broker -Rumy Gill
Second Mortgage Bad Credit Debt Consolidation | Brampton Mortgage Broker -Rumy Gill

Rumy Gill – Mortgage Broker

Direct: 416-855-0545 Ext 101
Email: Rumy@BramptonMortgageBroker.com

Office : 2260 Bovaird Dr. E. Unit 202A
Brampton, ON L6R 3J5

Mortgage Intelligence Inc. – Lic# 10428

Mortgage Refinancing Bad Credit in Brampton for $420k

Mortgage Refinancing Bad Credit in Brampton for $420k

Here is how Brampton Mortgage Broker- Rumy Gill, helped Marie and Dan residences of Brampton with Mortgage Refinancing Bad Credit in Brampton for $420k.

Marie and Dan have had hit a rough time personally and financially and had racked up over $200,000 worth of debt; maxing out Credit Cards, Lines of Credits, two HELOCs, getting a two Pay Day Loans, and a Personal Loan. They had lost control of their financial situation and had seen their Excellent Credit Score turn into a Mortgage Refinancing Bad Credit Situation.

But what caused all of this activity of Debt to be piled on?

Well, Marie had just lost her mother, who was living overseas back home in Guyana. Marie got the news all of a sudden and had to drop everything and go back home to Guyana.

Through this rough time, Marie and Dan had missed payments on multiple accounts as they were juggling paying these Debts and their Mortgage.

The long hard truth Marie and Dan had come to realize was that most of the Payments being made were largely paying down the interest on their Debts and doing very little to bring down the outstanding balances.

Here is the breakdown of the monthly expenses Marie and Dan were paying;

Car Loan Balance of $34,000 and payments of $676/month
TD Bank Mortgage Balance of $213,434 payments of $1, 178.67/month
TD Bank HELOC Balance of $147,000 and payments of $442/month
TD Bank HELOC Balance of $21,000 and payments of $126/month
TD Bank Personal Line of Credit Balance of $20,000 and payments of $200/month
Credit Card, Balance $4,300 and payments of $147.09/month
Credit Card, Balance of $4,903 and payments of $167.71/month
Credit Card, Balance of $1,480 and payments of $50.61/month
Credit Card Balance of $986 and payments of $125/month
Pay Day Loan Balance of $2,500 and payments of $250/month
Pay Day Loan Balance of $1,500 and payments of $150/month
Fairstone Personal Loan Balance of $23,000 and payments of $808/month

If you were to add that all up, the monthly debt they were both paying was $4, 321.08/month!

Luckily for Marie and Dan their monthly income is $5,978/month but still, that’s a lot of money to be paying and the balances on most of these  Debts are not going down, just the interest is being paid.

Marie and Dan tried to get a Mortgage Refinance done with TD Bank but were told they would not qualify due to their high amounts of Debts and Bad Credit.

Brampton Mortgage Broker – Rumy Gill was able to arrange financing and provide a simple and easy Mortgage Refinancing Bad Credit for $420k, and bring down Marie’s and Dan’s monthly expenses from $4, 321.08/month to $3,431.32/month. That’s a Savings of $889.76/month! And $10,677.12 over the Year!

Here is the New  Monthly expenses broken down for their Mortgage Refinancing Bad Credit in Brampton for $420k
Mortgage Balance of $420,000 and payments of $1,937
Car Loan Balance of $34,000 and payments of $676/month
TD Bank Personal Line of Credit  Balance of $20,000 and payments $200/month
Credit Card , Balance of $4,903 and payments of $167.71/month
Credit Card, Balance of $1,480 and payments of $50.61/month
Pay Day Loan Balance of $2,500 and payments of $250/month
Pay Day Loan Balance of $1,500 and Payments of $150/month

The New total Monthly Debt adds up to $3,431.32/month. Most of the Debts were paid off in full, allowing Marie and Dan to help increase their Credit Score and saving them $889.76/month. This monthly savings has allowed them to start tackling other Debts and increase their savings in a short few months to over $1,200/month!

Contact Brampton Mortgage Broker – Rumy Gill, Today to get the Best Mortgage Options for your Mortgage Refinancing Bad Credit Situation. Helping you find savings in your Mortgage!

Mortgage Refinancing Bad Credit | Toronto Mortgage Broker - Rumy Gill
Mortgage Refinancing Bad Credit | Toronto Mortgage Broker – Rumy Gill

Rumy Gill – Mortgage Broker

Direct: 416-855-0545 Ext 101
Email: Rumy@BramptonMortgageBroker.com

Office : 2260 Bovaird Dr. E. Unit 202A
Brampton, ON L6R 3J5

Mortgage Intelligence Inc. – Lic# 10428