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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As above, i currently have a 90% mortgage with the nor-than rock, and a loan which paid the 10%, it is due to come off its fixed rate in march and nor than rock told me today they don't do a fixed rate any more and that when i renew i will drop on to the variable rate currently 7.49%of which is a lot more than our fixed two years ago of 5.79%.what is involved in getting a new mortgage from anyone else and how early should i prepare for this to happen?is there extra cost, solicitors etc?am i looking at the same hassle as i did getting the mortgage 2 years ago or do thing run more smoothly when you re-mortgage?do i need a 100% to re mortgage? help!!

If you've built up any equity, and you possibly have if you bought 2 years ago, then you will no longer need 90% or 100% mortgage. Have your house valued (realistically) as soon as possible to find out if you have any equity. Start shopping around for a new mortgage. Northern Rock are not offering any good deals at the moment since they got bailed out by the government hence the SVR of 7.49%, so have a good look around, maybe speak to an Independent Mortgage Advisor. There are deals to be had out there.

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I am getting into 25% shared ownership property; i have 8 months remaining on my permit. basically i applied through countrywide mortgages for £50k loan to halifax, they approved it first then i did all the valuation, insurance and housing association procedures. after two weeks they came back to me that they are stopping my application. i appealed & found that condition is 27 months left on your permit (and fair credit score & rating) to get a mortgage. now woolwich, abbey, and other building societies have same rules. that means when i renew my permit after 8 months (for 3 years) i will have 9 months to find a property, gather all the monies and apply for a mortgage. so if i don’t do that i can’t own a property for another 3 years. the only reason i am writing this post today is i found a lender who is willing to take risk on me at a higher interest rate of 12.75% with 5% deposit. now what i am planning is i know the interest rate is not acceptable its way to high, but i have found the perfect place, its a 2bed apartment, i am single will rent the other room to my mates who will pay me a almost £700 as rent. now i am taking this expensive mortgage on one condition that i should be able to re-mortgage it after i renew my permit. this way i will be able to get this place which is at fantastic location 5 mins to high street, 12 mins to piccadilly line, 4 mins to br station. coz if i rent another place, i will end up paying £500/month & i won’t own it. this way i will stretch myself a bit for a year then once i re-mortgage it the payments will go down by £200/month. calculations: property value: £195,000 25% £195,000 = £48,750 minus 5% deposit i.e £2450 so the mortgage will be for = £46,300 ----------------------------------- ----------------------------------- ----------------------------------- ------ i will try & minimise my repayment to be £500/month rent on 75% is £305.00/month council tax = £100/month bills - £100/month service charge - £50/month insurances & other - £50/month total = 1105/month thank you very much for reading my calculations & problem, all i want is advise if i am doing it right, am i being getting into something i will regret later about these lenders they are very good in changing their terms & conditions. but also housing association does not allow deals with each and every lender so should i take it that it would be fine, or any suggestions where it might go wrong. i would really be very thankful for your comments all the best in what you looking for. kind regards schofield

It almost always better to buy than it is to rent. One thing you need to do immediately is to start saving for emergencies. What if you became ill or were injured? You need some back up money. Stay away from Countrywide. Even though they are revamping, they have faced a lot of trouble. Not a good option right now. Take the higher interest rate and pay all of your bills on time. Then refinance for a lower interest rate when your credit score goes up.

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My husband left me and our son on november 2007 so he can be with his girlfriend and told me that we were getting divorce. on february 2008 we had to renew our mortgage. he filled out mortgage application with no co-sign. the lady from quicken loan came to my house and told me that i had to sign some papers. both me and my ex said that i should not signed anything because i have no income and we were getting divorce, but she insisted for me to do it because i was still legally married at that times, so i signed the papers. my ex stop making mortgage payments since december last year. we got divorce on few months ago with an agreement that my ex husband will take full responsibility for the house and expenses related to the house. few days ago, i received summon from the court with my ex name and mine as defendants and it said that i am responsible for the house being foreclosure. i called the lawyer who represent the mortgage company and she simply said that i signed the document so i am responsible for it and suggested to find a lawyer. i look at the mortgage documents. the application has no co-sign and only has my ex name. but then i found out that quicken loan put my name on the deed (the original deed has only my ex name), and my name on the mortgage sheet (but not mortgage application). whenever i called the mortgage company they won't talk to me because they said my name is not on the mortgage list. is there anyway i can get away with it. my ex told me not to worry because the divorce decree mentioned that he will take full responsible for the house. i just spent 8000 for a divorce lawyer fees and i don't make a lots of money from my jobs since i just starting getting back to work. i am taking care our son by myself, working full time and going to school. please help me. thank you. on the mortgage section (b) "borrower" is my ex name and my name, husband and wife is that mean i also a borrower? or is it because my name is on the deed. i really appreciated anybody help who answering my question. thank you.

I'll be honest...I didn't read your post because 99% of it has nothing to do with the foreclosure. Your name is not on the loan...that means you are NOT legally responsible for the MORTGAGE with the bank. If your name is on the TITLE..that makes you an OWNER of the home and whenever a house is foreclosed on, ALL OWNERS must be notified. Your credit is not going to be affected because there is no mortgage account to tie the foreclosure to on your report and the fact you signed no legal contract with the bank. What you signed with Quicken Loans is called "marital interest documents"...they are required by your state anytime you are legally mmarried, the day of the closing of the loan, whenever the financial situation on the mortage changes. It is common and is NOT a mortgage note. The documents ONLY state that you are legally aware of the changes...not one thing more....that prevents one spouse from stripping the equity of the house and gambling it away without the other spouse knowing about it. It is that simple..you are making this WAY more complicated than it is. If you no longer live in the home, you do not have to get an attorney....b/c you don't have a right to the house, per your divorce decree. Nothing an attorney can do for you.

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Please help, i moved in with my boyfriend 7 months ago, and pay my way. he split up with his ex back in january, but she didn't move out til april, she stopped paying anything towards the house as soon as she moved out. we do both want to get her off the mortgage, but she wants 3 grand as a payout, ( she didnt actually put down any money at the start of her mortgage, my boyfriend paid the deposit). we can't actually afford this amount of money in one lump sum, but she isn't willing to have monthly payments which we have offered. my boyfriend has been told that if he transfers her off the interest rate will go up from 5% to 7% (or something like that) which means his payments will go up by around £200 a month. or they have said if he keeps on the mortgage with his ex then he can renew it with a new fixed term for 2 years at the lower rate. obviously this seems like the obvious answer but i don't think i am prepared to live there for another 2 years knowing that she still owns half the house. (she has agreed to this) but bearing in mind this girl is crazy, stalks me finds out my mobile number and texts me accusing my fella of cheating on me with her ( even though i know for certain this is not true) please help and advise as i'm at my wits end!!

well all i can say is unless you can come up with a better financial plan quick you will have two years of living hell -- just for kick what would happens to the payment if he replace her with you on the mortgage !!! i am assuming you have excellent credit and a great job!!! should it be a wash i can see see why the two of you could not come up with 3000 pounds!!!

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I live in oregon. they require for d.l renewal an i.d.(old d.l. is ok), a utility, or mortgage statement proving residence, and either a certified duplicate, or original birth certificate. birth certificate?! wait a fricken minute here! i can't renew my drivers liscense, yet obama can reign as president without it? huh! guess if i have anything to be proud of it's the fact that i'm an american, i can prove it, and since obama can't, i don't forsee obama ever moving to this state!

Because driving a car is more important than is being president! And if you like dealing with the DMV, you'll simply LOVE dealing with the government entity that decides whether you get medical treatment or not.