Hello Roma, if your mortgage term is coming to an end and you have not made a decision or signed renewal papers with your bank they will expect the mortgage to be paid out. if it is not paid out most lenders will automatically renew your mortgage to an open product (if they have such a product) and that will give you an opportunity to make a decision and change your mortgage without penalty. I wouldn`t count on an open term being issued though. Any product the lender automatically puts you into will most likely have a higher interest rate than any product you would choose for yourself so make arrangements before that renewal deadline. The good news is that this is the perfect opportunity for you to shop your mortgage around. Your lender will give you a rate and that rate will most likely be beaten by another lender who will also pay most of the costs involved in moving the mortgage over. In most cases the lender that does not have your business wants it more than the lender that already has your business so the discounts are usually higher. This is because the banks know that it can be a little bit of a pain to go from lender to lender sourcing out the best rate and there is an application process and signing to do. BUT don`t forget a mortgage is most likely to be the largest loan you will ever need so shopping your rate around can save you thousands over the next 5 years, and if you do this every 5 years those thousands add up to quite a bit of money that you never would have had otherwise. A Mortgage Agent can make your life a whole lot easier because we do the running around for you and as an intermediary strive to make every mortgage application as easy and convenient for our clients. Let us do the work for you. We can source out the best rates with all the available lenders, report back to you and you can decide if your bank is the best place to stay based on how much money will be saved over the term of your new mortgage. Loyalty should not play a part in your decision because the bank is not paying your monthly payments you are working hard for it each and every month. I would be happy to discuss mortgage rates with you or any reader. Give me a call; Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 x 115 http://www.centum.ca/abraham_niyazi/ I deal with 25 lenders and can do mortgages across Canada except Quebec.

If your mortgage is expired you don`t have to renew it and can stay on an open mortgage until you decide how you want to proceed. You should shop around to see if other lender will be able to give you a better offer then the current bank. Learn your options before committing to a new mortgage.

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I found out a couple weeks ago that i may or may not still have a position at my office by the end of september. my mortgage rate expires in february. i can't say for sure or not whether i'll be able to find a new job (my industry is very specific and local jobs are pretty scarce at the moment) quickly. so i'm a little scared that if i don't find something by february, and then it comes time to renew my mortgage, maybe my bank won't approve it? i don't want to ask my banker about this because then he'll know the situation.. i could renew it right now while i still have a job is one option. but if i don't renew it while i have a job, i'm unsure as to what my other options would be. would a bank still approve a mortgage if my credit history has been perfect? would i need a co-signer? any information would be helpful. thanks! update -- looks like steve d's information was the best for my situation. i ended up calling my bank (kept myself anonymous) and they explained to me that when it comes time to change my rate, my employment status did not matter. the mortgage is already mine and they can't end it just because of a change in employment. my guess though that if i decided to go with another lender, it'd mean i'd be getting approved for a brand new mortgage. in that case then i believe i may have a more difficult time. thanks everyone for your input!

As a rule if you currently don't have means to repay a loan, they are reluctant to alter any terms.

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My husband lost his job back in feb and our credit's taken a hard hit from 3 late mortgage payments. is this the reason when our allstate auto policy was set to renew they drastically increased our premium? it was $60.00 per month and is now over $125.00 per month! why would they do such a thing to people that have never been late in paying them and have not made a single claim or gotten a ticket? i'm considering asking my mother in law if she'll add our car to her policy and just pay her. also they increased the price without giving any reason... is this legal? where can i go to find insurance that won't eat us alive? or is the mother in law insurance option the best we can hope for?

Different state and the area within town's accident/theft statistics is what makes up the rates with their driving record. Credit Reports and late credit or mortgage payments have nothing to with automobile insurance premiums aside from your payments to insurance. Gina Hope things are getting better for you lately, honey, I'd hate to hear you are still stressing unnecessarily, with a baby on the way, as it isn't healthy for the little one inside because they feel, hear, see to a degree and sense everything you do and some around you too? Take some relaxing moments daily to help you or a nice hot bath before bed or take a little walk occasionally to help relieve the tension of the move, new surroundings and people that should be more considerate of your feelings and more caring about your uprooting the whole family in recent events.