Tag: Debt Consolidation

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

Debt Consolidation Loan Canada | Brampton Mortgage Broker – Rumy Gill

 

Apply for a Debt Consolidation Loan Canada at www.BramptonMortgageBroker.com

A Debt Consolidation Loan Canada can help home owners fight off high interest debt by accessing their home’s equity!

A Debt Consolidation Loan Canada (also know as a Home Equity Loan) can Leverage the Equity in your Home to pay off your Debts, free up Cash Flow and Repair your Credit Score!

Why get a Debt Consolidation Loan Canada?

 

A Debt Consolidation Loan Canada is a great option and here are 3 Great reasons why!

  • Great Rates!
  • Low Affordable Monthly Payments!
  • Fast Approvals!
Debt Consolidation Loan Canada | Brampton Mortgage Broker - Rumy Gill
Debt Consolidation Loan Canada | Brampton Mortgage Broker – Rumy Gill

Contact Me to get started with a Debt Consolidation Loan Canada Today!

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

“Helping You Find Saving In Your Mortgage!”
Mortgage Intelligence Inc. – Lic# 10428
O.A.C. Some Conditions May Apply.

Transcript from the Video:

If you’re a home owner and you have high interest debt, like credit cards, pay day loans, whatever, whatever debts you have. You’re going to want to listen to what I have to say.

What I am going to tell you is going to help you with your finances and help you cash flow every month. Meaning you’ll have money back in your pocket.

So there are a lot of clients that come to me saying Rumy, I Need My Mortgage Refinance. Well when we look at the situation they cannot Mortgage Refinance, because the income doesn’t qualify. So what we do for them is we do for them is we help them with leveraging the equity in their home.

By doing so, we are able to pay off all the debts they are already paying at a high interest rate, and pay it off in full, and give them low affordable monthly payments, which allows them to save money every month.

And then at a later date, in a year or so, we’re able to Mortgage Refinance them. So we’re able to take a step and bridge them to next step after. So is a fantastic option for a lot of my clients I helped out with. It really does help you cash flow every month, and it gets rid of those debts. It also helps your credit score.

Believe it or not if you don’t know this already, if you’re over using your credit and you have a lot of debt, you could be harming your credit score. That means that if you need to Mortgage Refinance and you have tons of debt, you may not even qualify with Banks. Even though you never missed a payment and you’ve been on time, but just because you have so much debt you may not qualify.

So get in touch with me, if you click my link below here. Its right there, www dot Brampton Mortgage Broker dot com. You can click the link, and on the top right hand corner, I believe it is, my Application form is there. There is a quick Application form doesn’t require any credit information, it just requires your details, basic stuff.  3 steps, fill it in, I’ll get it, I’ll review it. I’ll get in touch with you and we’ll get you the best options.

We can offer you Great Rates, We can offer you Low Affordable Monthly Payments, and Fast Approvals.

The Best Part is, the payments are customized to you to help you make these payments. So we can help you out. So please, click the link below. Brampton Mortgage Broker dot com and take action now. Alright. Look forward to helping you out.

 

Brampton Mortgage Broker- Rumy Gill is here to help clients with a Debt Consolidation Loan Canada.

Mortgage Debt Consolidation Refinance for $440k in Brampton

Here is how Brampton Mortgage Broker- Rumy Gill, Helped Erica a Home Owner from Brampton with a Mortgage Debt Consolidation Refinance for a $440k.

Trying to maintain payments of her First Mortgage of $332k she had with Home Trust and Second Mortgage of $62k with a Private Mortgage Lender, Erica had finally had enough. Between the Mortgage from Home Trust which she was paying $1,893/month and the Second Mortgage from a Private Mortgage Lender which she was paying $600/month (which was interest only, and never saw the balance come down); both monthly payments totaled $2,493/month.

Erica had asked me to help with a Mortgage Debt Consolidation Refinance of her Mortgage so she could make one payment instead of two. The one thing that really bothered Erica was that every year her Mortgage rate and monthly payments would be increased. Finding a solution for her Mortgage Debt Consolidation Refinance was the easy solution, but I wanted to see how I could help her really find some savings in her finances for the long term.

So I asked Erica about her other debts and the payments she was making on those. She told me not only was she was paying these two Mortgages every month, she was also  paying a RBC Line of Credit she had maxed out at $20k balance she was paying $570/month, Master Card at $6k  balance she was paying $180/month, and a RBC Visa Credit Card at $3k balance she was paying $100/month.

These debts outside her Home Trust Mortgage and her Second Mortgage from a Private Mortgage Lender totaled $29k and the monthly payments were $850/month.

So when we added what Erica was really paying each month, we got a total of $3,343/month.

I explained to Erica that it would be in her best interest to get a Mortgage Debt Consolidation Refinance done, to help her save the maximum amount of money every month and have all these debts rolled into her Mortgage.

 

Erica’s previous Situation:

*RBC Line of Credit $20k balance with monthly payments of $570
*RBC VISA $3k balance with monthly payments of $100
*Master Card Credit Card Balance $6k with monthly payments of $180
*Home Trust Mortgage $332k Balance with monthly payments of $1,893
*Second Mortgage from Private Mortgage Lender $62k Balance with monthly payments of $600

Total Debt of $420k of Monthly Payments $3,343/month

 

Erica’s new Situation after a Mortgage Debt Consolidation Refinance:
New Mortgage of $440k Balance with monthly payments of $2,126/month

*Received Cash Out of $20k for Investing in a Tax Free Savings Account (Included in Mortgage Refinance Payments)

Debts all Paid out in FULL

*RBC Line of Credit $20k balance NOW at $0 and PAID in FULL
*RBC VISA $3k balance with NOW at $0 and PAID in FULL
*Master Card Credit Card Balance $6k NOW at $0 and PAID in FULL
*Home Trust Mortgage $332k Balance NOW at $0 and PAID in FULL
*Second Mortgage from Private Mortgage Lender $62k Balance NOW at $0 and PAID in FULL

That’s that a Monthly Savings of $1,217/month and a Savings of $14,604 over the year!
Over the 5 year term that is $73,020 in Total Savings!

Erica was so happy with the results of her Mortgage Debt Consolidation Refinance, she could now make one low monthly payment and all her debts were covered.

The Best Part of Erica’s Mortgage Refinance is that she no longer has to worry about renewing her Mortgage every year and adding fees, and having her rate increased and adding more money to her Mortgage balance. Erica was finally able to get full control of all her finances.

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

Mortgage Debt Consolidation | Brampton Mortgage Broker - Rumy Gill
Mortgage 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

Second Mortgage Debt Consolidation in Brampton for $180k

Here is how Brampton Mortgage Broker – Rumy Gill, helped Ralph, a resident of Brampton with a Second Mortgage Debt Consolidation in Brampton for $180k.

 

Ralph a resident of Brampton was looking for help with Debt Consolidation to free himself from the high monthly payments of $2,300 month he was making to service his debts. His debts totaled $130k and consisted of a high interest Auto Loan for his New Pickup Truck, high interest Personal Loan, multiple Credit Card Debts at high interest that were near the limit.

 

Ralph was looking to lower his monthly payments and find some savings to live more comfortably. He also wanted to take out the Equity from his home for a down payment $50k on Builder home he was looking into purchase the following year.

 

Ralph had plans to sell his home and use the money from the sale of his home to complete the purchase of the builder home. This move would allow him to move closer to his 3 children and grandchildren who had all planned to move into this new subdivision in Brampton.

 

Ralph needed to arrange a Second Mortgage to make this happen, and he contact his Bank to arrange a Mortgage Refinance of $480k so he consolidate his debts and get the money he need for his down payment. Unfortunately, Ralph had the following 2 major problems.

 

Problem#1: His credit was not in good shape, and he had a Bad Credit Score well below the minimum Bank requirements.

 

Problem#2: And if he was able to overcome the bad credit score situation somehow, his income of $60k was not enough for him to qualify for the mortgage amount he was requesting under the Bank guidelines.

 

Although Ralph had a ton of equity in his property, he was turned away by the Bank and declined due to the above-mentioned problems.

 

Feeling disappointed and frustrated with the outcome from his Bank, Ralph contacted me, Brampton Mortgage Broker – Rumy Gill to help with arranging financing for his situation. After speaking with Ralph and understanding what Ralph was looking for, I was able to help arrange a Second Mortgage Debt Consolidation customized just for Ralph’s needs.

 

 

 

Second Mortgage Debt Consolidation | Brampton Mortgage Broker - Rumy Gill
Second Mortgage Debt Consolidation | Brampton Mortgage Broker – Rumy Gill

 

 

Since Ralph owned his Brampton home which had a value of $750k, it made more sense to leave the existing RBC Mortgage of $300k in place and not break this mortgage. Because if Ralph had chosen to break his RBC Mortgage of $300k he would have had a penalty of over $12k. This would not be in Ralph’s benefit as he was not able refinance with the Bank in the first place, so by keeping this existing mortgage in place and getting the financing he needed from a Second Mortgage made more sense.

 

By keeping the $300k RBC Mortgage in place on his Brampton home, Ralph was able to get a Second Mortgage Debt Consolidation for $180k and it only cost Ralph $1,271.05/ a month in payments.

 

This new low monthly payment allowed Ralph to access his homes equity and lower his monthly payments he was making on his previous High Interest Debts, which he was fighting with. His previous monthly payments amounted to $2,300/month.

 

With his new monthly payment now, Ralph was able to save $1,028.95/month which provided him the breathing room he was looking for. Ralph was also able to get access to his Homes Equity for the Down Payment he needed for the Builder home he was looking to purchase.

If you are dealing with a situation similar to Ralph and are looking for help with your high interest debts and finances, then contact our team today. Brampton Mortgage Broker – Rumy Gill can help get you the Best Second Mortgage Debt Consolidation Option for your Situation.

 

 

Rumy Gill – Mortgage Broker
Direct: 416-855-0545 Ext 101
Email: Rumy@BramptonMortgageBroker.com

Mortgage Intelligence Inc. – Lic# 10428

 

 

 

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Debt Consolidation Second Mortgage in Brampton for $175k

Here is how Brampton Mortgage Broker – Rumy Gill,  helped Ben and Tina, both residences of Brampton had contacted Me in for a Debt Consolidation Second Mortgage. Ben and Tina were going through a rough financial time in their lives, although they had a household income of over $130k a year it was not enough to cover all their expenses.

Ben and Tina had fallen behind on their Credit Card Debt, Pay Day Loans which were in collections, and were struggling to keep up with their Line of Credit which was maxed out, Car Payments and Mortgage Payments.

Ben and Tina had never been in a situation like this before; they had always paid their Debts in full and never missed any payments. The stress that came with Dealing with the unpaid Debts was a new and stressful experience; they didn’t know how to deal with Collections.

When I asked Ben and Tina what happened; they told me that Ben’s Mother in Guyana has passed away unexpectedly;

“We had just pick up and go. We didn’t have any savings so we had to get Money from our Credit Cards, Line of Credit, anywhere we could. It’s not until we got back and realized how much Debt we racked up. But we had to do what we had to do, Ben’s family is not well off financially and we had to cover all the expense. We just need help, to get this taken care of. We don’t know what to do, it feels like we are just paying what we can and digging ourselves more into debt.”

After getting the full picture of the situation, I was able to talk to Ben and Tina about getting a Debt Consolidation Second Mortgage to help them get out of the messy situation that was created.

Ben’s and Tina’s Credit Cards  $50k maxed out and could not make the  $1,800 month
Line of Credit $25k maxed out where they were paying $200/month
High Interest Car Loan of $45k where they was paying $800/month
Pay Day Loans paying $5k where they were paying $300/month

Ben’s and Tina’s Total Debt was totaling to $125k, this did not include their Mortgage.

Ben’s and Tina’s Mortgage had an outstanding balance of $525k on their $850k Home, and they had renewed it 1 year prior for a 5 year fixed of 2.85%. The penalty was very expensive and their credit score had taken a big hit, they would not qualify with a Bank right now. They would need to pay off their Debts and allow some time to let their Credit Score heal.

The best possible option for Ben and Tina was to get a Debt Consolidation Second Mortgage of $175k. This allowed for all Ben’s and Tina’s Debts to be paid in full, and allow them to have some extra cash in hand for an unexpected Emergency or use it to make extra lump sum payments to their existing Mortgage.

Ben and Tina are feeling like life is back on track, and they are now able to manage their finances without any more stress. We also created a plan refinance their Debt Consolidation Second Mortgage of $175k in their Mortgage sooner than planned.

Contact Brampton Mortgage Broker – Rumy Gill, Today to get the Best Mortgage Options for your Mortgage Situation.

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

 

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