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A mortgage non-renewal is when a bank refuses to renew your mortgage at the end of your term. In other words, they no longer want you as a customer and require full reimbursement of their loan. Several factors cause the bank to refuse to renew the mortgage. For instance, if you have:
Being denied for your mortgage renewal is always a stressful situation. If your credit rating is low, this will affect your ability to borrow and get a mortgage. This happens often and clients get turned down by multiple banks. What you really do not want to do when your bank refuses to renew your mortgage is go see all the banks you deal with one after the other! Every time you get turned down, your credit rating goes down and so on and so forth until your credit is too low for financing!
What you do want to do when your bank refuses to renew your mortgage is to contact a mortgage broker who specializes in private and alternative financing before it gets worse. As mortgage brokers, we know which lenders are more flexible than banks and which financial institutions will work with you even if you have low credit scores. These lenders can help you renew your mortgage so that you can get back on your feet and keep your home!
If this is your situation or you know someone who could benefit from our help, take a few minutes to complete our online form and it will be our pleasure to put our more than 10 years of experience to work for you!