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Hugging it Out
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Your Lender Does Not Have to Renew Your Mortgage
*Written by another mortgage broker (not sure who)
When your mortgage comes up for renewal, your current lender is not obligated to renew your mortgage. The reasons could range from something you have done, like not having made your payments on time, to the lender has decided they want their money back.
I have seen home owners in precarious positions because they no longer qualify for the mortgage and the lender has decided that they don't want to renew because they are pulling out of the market.
In cases like this, we have had to take the mortgage to a private lender until the borrower qualifies again, this has been in situations where the home owner has lost their job around mortgage renewal time.
For reasons like this, I like to talk with home owners starting about 6 months before their mortgage comes up for renewal and we can review whether there is a reason that the mortgage might not be renewed. It also gives us the option of playing one lender off against another lender when there are no "non-renewal" issues.
Feel free to give me a call to talk about any renewal related questions.
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