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What happens when you are not a good credit risk and it is time to renew mortgage

 
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Buford


Hi,What happens when you are not a good credit risk and it is time to renew mortgage? Thanks.
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    Q. If i do a consumer proposal what happens when it comes time to renew my mortgage?


    The bank may find out that you did a consumer proposal and may cut down the renewed term from 5 years to 1 year. The rates would also be higher as your credit score has significantly changed. Before you do consumer proposal, can refinancing not going to help avoid it? Email me and we can check just to be sure. victor_catalan@centum.ca

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    Q. Will a bank not renew my mortgage loan because of bad credit?


    ON Canada, this is possible especially when your credit was higher than when you first bought the house to what you have now. You may want to get the help of a mortgage broker/agent to see other alternative lenders suited for your condition. Email me at victor_catalan@centum.ca and we can review your options.

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