Toronto Mortgage Refinance Approved for $515k.
Here is how I was able to arrange a Toronto Mortgage Refinance for$515k for a client with bad credit.
Jim and Tina, had contacted me regarding a Toronto Mortgage Refinance of their home for $515k. Jim and Tina were financially in tight situation with their mortgage and personal finances. Both Jim and Tina had bad credit due to a consumer proposal they had 3 years back and they had a late payments from a year ago.
Jim and Tina were looking to fix out there bad credit situation with the help of a Toronto Mortgage Refinance, and lower their monthly expenses. Currently Jim and Tina were paying $5,300 a month for their mortgage payments, car loan payments, and credit card debts. The amount Jim and Tina were paying were such a high amount for anyone to be paying, $5,300 a month equals to total yearly payments of $63,600.
Here is the breakdown of the debt and monthly
payments Jim and Tina were paying:
Private first mortgage of $350k and monthly payments of $2,400 a month
Private second mortgage of $100k and monthly payments of $1,000 a month
credit cards debts $50k and monthly payments of $1,200 a month
Car Loan $35k paying and monthly payments of $700 a month
In addition to these debts, Jim and Tina had told me that they needed to get $15k cash to help her sister with her down payment of her home.
Jim is a plumber and has been working as plumber on his own for just over 1 year. Although he was working as a plumber under a company he decided to go on his own so he could be in control of his own work schedule and income. Over the 1 year period Jim was making over $80k. Tina on the other hand, is employed as Human Resource manager and has been for over 6 years, earning an income of $60k a year.
As I got their Toronto Mortgage Refinance approved, I was excited to let Jim and Tina know that I was able to bring their month expenses down to $2800 a month from $5,300. That is a savings of $2,500 a month. Jim and Tina were lost for words, they no longer had to worry about making payments for their two private mortgages, car loan payments, and credit card debts, Jim and Tina can now focus on single payment at nearly half the cost.
If you are looking for a Toronto Mortgage Refinance and looking to find the best mortgage financing option for you, make sure to contact me today.
Toronto Mortgage Broker
Tel: (647) 464-3939
Mortgage Intelligence Inc.
Brokerage License # 10428
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