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.

Hello Buford. When you are in default the bank will in most cases not be able to access the renewal calculator on their system. Even if they could the standard policy is that they want the mortgage up to date before any changes are made. You could move the mortgage out to another lender if it is in default but getting approved could be a problem if you are in default because of a job loss etc... The best thing to do is to talk to your lender about your options going forward. Don`t expect much help unfortunately. I could discuss your options outside of your bank with you if you like. If you or any reader would like to discuss this or any topic further please do not hesitate to contact me. Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 http://www.centum.ca/abraham_niyazi/ I deal with 25 Banks/Lenders and can do mortgages across Canada except Quebec.

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My dad died in 1987 in vancouver, bc, canada. he died without a will. we thought the house was in my mom's name, she made all the payments, did all the mortgage renewals. now the bank is saying that his name is still on title. does she not inherit it automatically, or does it go to the kids? how could the bank keep renewing her mortgage on a property that wasn't even hers? how do we handle this now? do we have to probate his estate with 1987 law? who owns the house? my mom is sick and she is planning on making out her will, but we don't know if she has any assets. its so confusing. thank you for your answer. the reason it wasn't done years ago, was because my mom remembered my dad signing the house over to her, so she thought she owned it, this coupled with the fact that every years she would go and renew the mortage. but she doesn't read english, and we were minors at the time. the only paperwork filed with land titles is about spouse's right or something like that, her name is not on title, just his. looks like we've gotta get a lawyer.

It depends on how title was held. If both names were on title, then...There are two ways of sharing property: "tenancy in common" and "joint tenancy". Most married couples who buy a house opt for "joint tenancy", but occasionally for whatever reason a couple takes title as tenants in common. If the property was held in joint tenancy, then title to the house passes by right of survivorship automatically on the death of the first - i.e. the last survivor gets the whole thing. It never would have become part of your father's estate, and so the intestacy wouldn't matter. At common law, the interest transfers automatically, but now has to be documented in Provinces with Land Titles Assurance systems, which have been implemented in Canada in recent decades. Prior to Land Titles, it generally wasn't necessary to do anything with the property after death of the first joint tenant; the surviving joint tenant would just have to provide proof of death to a subsequent purchaser, and that was enough. Then the Land Registrars came along and put together their Land Titles database, taking the most recent registered document, and they end up certifying joint tenancies where the joint tenant has been dead for years. Not uncommon, and actually really easy to fix. But you'd need a lawyer to actually do it. If, on the other hand, the property was entirely in his name, or the property was shared as tenants in common, then his interest becomes part of his estate. If he's intestate, you would need to get a Court-appointed estate trustee to distribute the estate in accordance with the Provincial rules of intestacy. (I don't know BC specifically, but usually that gives the spouse a sizeable first share of the estate, and then divides the remainder between the spouse and kids.)