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2525 blv Daniel-Johnson, Laval, QC, H7T 1S9
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Fax: 514-533-0143
Homeowners with a term coming due — Quebec
Has your lender declined to renew your mortgage?
Bank, B lender or private lender: a declined renewal puts a date on your calendar, not a sign on your lawn. Depending on your equity, your income and how much time is left, other refinancing options may exist.
- Your bank will not renew your mortgage
- Your B lender has declined the renewal
- Your private lender wants to be repaid at maturity
- Your term is ending and you have no solution yet
Nectarios Petropoulos, mortgage broker (licence 237338), Dominion Lending Centres National. Free, confidential review with no obligation.
Request a free review
Fill out the form and we will call you back to go over your file. No obligation on your side.
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We will contact you shortly to discuss your situation. If your request is urgent, you can also reach us at 514-999-9946.
Who this is for
Does any of this sound like you?
A declined renewal almost never has the same cause twice. What changes is how much time you have left to react.
Declined by your bank
Your bank no longer wants to renew, usually because the file no longer fits its current income, credit or ratio criteria.
Declined by a B lender
Your alternative lender is not extending the term and you need new financing before the maturity date.
Private lender wants repayment
A private loan is built to be short. At maturity the balance comes due and the lender is under no obligation to renew.
Letter in hand, no plan
You have received the non-renewal notice and you are not sure where to start or who to call.
The basics
A non-renewal is not a foreclosure
A lender is never obliged to renew at the end of a term. It can decide not to extend the loan even if you have never missed a payment. What that creates is a date on which the balance becomes due — and therefore a window to use well.
So the question is not "why was I declined" but "which lender can take over before the date". The more time is left, the longer the list and the cheaper the solution. Here are the routes that can be reviewed, depending on your file.
Options that can be reviewed
Transfer to another bank
If your file meets another prime lender's criteria, a straight transfer is usually the least expensive route.
Alternative (B) lender
Lenders whose income, credit and ratio criteria differ from the banks'. Often used as a transition step.
Private financing
A short-term option when the deadline is close and the equity is sufficient. Costs are higher: it only makes sense with an exit plan set from the start.
Refinance with consolidation
If high-rate debt is dragging your ratios down, folding it into the refinance can, subject to eligibility, improve the picture presented to the new lender.
In some files the conclusion is that selling is the sounder route. That is a valid answer too, and it is far better to know it early than three weeks before maturity.
The process
How the review works
A simple three-step process, at no cost and with no obligation.
We build the picture
Maturity date, balance, property value, income, credit and the reason given by your current lender.
We compare the options
We look at which lenders the file can go to, on what terms, and what should be ruled out right away.
We coordinate
If you move ahead, we work with the new lender and the notary so the payout happens on time.
What changes
What the review can give you
Every file is different and no outcome can be guaranteed in advance. Here is what the review usually gives you.
- A clear read on how much time you actually have and what that changes.
- The lenders most likely to accept the file, subject to eligibility.
- The real cost of each route, including the fees people usually forget.
- A way to avoid reaching maturity with no solution and no leverage.
Who you will be talking to
A mortgage broker specializing in non-standard files
Nectarios Petropoulos is a mortgage broker with Dominion Lending Centres National and has been working with Quebec homeowners since 2016, many of whom arrive with a non-renewal letter in hand.
A broker works with several lenders: banks, alternative lenders and private lenders. The job is to compare what exists for your situation and explain the consequences of each option, including when doing nothing is the better call.
- Broker
- Nectarios Petropoulos
- Licence number
- 237338
- Brokerage
- Dominion Lending Centres National
- Office
- 2525 Daniel-Johnson Blvd, Laval, Quebec H7T 1S9
- Phone
- 514-999-9946
Frequently asked questions
Declined renewals: your questions
Why can a lender refuse to renew my mortgage?
A lender has no obligation to renew at the end of a term. The decision can come from missed payments, a drop in income, a change in your credit, the nature of the property, or simply a change in the lender's internal policy. In some files nothing has changed at all — the criteria have.
Am I at risk of losing my home?
A non-renewal is not a repossession proceeding. It means the balance becomes due at maturity. The risk comes from doing nothing: if no solution is in place and the balance is not repaid, the lender can start proceedings. Acting early is exactly what prevents that.
What happens if my private lender will not renew?
You generally have to plan for full repayment on the date set in the contract. We check whether refinancing with another lender is possible given your equity, your income and the time available.
Should I wait until maturity before looking for a solution?
No, and that is the most useful line on this page. A file prepared three months out has access to more lenders and better terms than one put together three weeks out. Time is the variable that costs the most.
My credit has taken a hit. Does that rule everything out?
Not necessarily. Alternative and private lenders weigh the equity in the property and your ability to pay more heavily than the credit score alone. Eligibility and terms still depend on the whole file, and nothing can be guaranteed before a review.
What does the review cost?
Nothing. Reviewing your situation and comparing the options is free and carries no obligation. If a specific solution involves costs (lender fees, appraisal, notary, brokerage fees where applicable), they are laid out before you decide anything.
Term coming due? Let's look at your options now
A few minutes is enough to know how much time you have and which routes are still open.
The information on this page is provided for general guidance only and is not an offer of credit or a guarantee of approval. Available solutions, amounts, rates and conditions vary with your situation, the property, the lender and your eligibility, and are subject to review.