ON Canada - the banks have just called in your mortgage as due and you need to pay it. Normally, they give you a grace period to secure another mortgage with another lender to pay off the original mortgage. Why would they not renew your mortgage? email me at victor_catalan@centum.ca and we can see what we can do for you.

Hello Buford, if your lender has told you that they are not renewing your mortgage at the end of the term they must give you a good reason for this. Renewals are processed without credit checks and do not usually require approval from the credit granting departments. Do you recall any problems with repayment of the mortgage? If so they may decide that a renewal is not in their best interests. If the mortgage is not currently past due I don`t see why they wouldn`t allow you to renew but then again they do hold the purse strings. It may be time Buford to examine your options with other lenders. Depending on your current financial situation you should be able to qualify for a mortgage and even see a better rate than what your lender would offer you. Banks are hungry for new business and any missed mortgage payment will not show up on your credit bureau. I would love to discuss with you your options, be honest and let me know what you think happened with your lender. There are programs out there for many different financial situations and if you are not getting a renewal on your existing mortgage that means you have to pay the remaining balance back which in most cases means selling the house. I hope that is not the case. Give me a call anytime and I will give you my thoughts on your situation. 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.

ON Canada - it could be as easy as a phone call from your bank or coming to your bank to sign documents. You need to bring your 2 latest pay stubs, letter of employment.

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I have just had a bad credit mark put against my name - from an old student overdraft i had. i was wondering will this affect my taking out a new fixed term offer with the same company or a different lender?? the bad debt was paid off within a month of me being notified that a debt collection agency had been put in charge of it. also, i was told that they were sending my debt to a collection agency before it happened...... should i contact the fsa?? thanks for any help that you give to me. john.

I would contact them and ask them to remove it off your credit rating because it is paid in full.

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I have 3 days to take advantage of locked in 5 year mortgage at 5.46% from my current lender. my current term of 4.5% comes due in one year. would you advise locking in or gambling that they might go down in the next 12 months. what should i do?

lock it in as that is good at this point and you can always redo it later if rates drop to 3% lol

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I purchased my house just over a year ago and was forced to go through a mortgage broker located in bc because i am self employed and didnt have the greatest credit rating it was around 630. the house was purchased for $390k and i my downpayment was $130k, after fees etc were deducted my mortgage was for $300k so essentially i paid $40k in fees.... steep i know but i did this only because the broker told me that the only way to get my credit back on track was to pay the fee now and renew the mortgage at a normal lending rate after the 1 year term was up. fasttrack to renewal day... no such thing as getting this new low rate mortgage only an offer to renew at the current rate of 10.5% so basically the broker lied to me and got away with a $40k commission for a 1 year mortgage. so i was forced to shop around and i got a new mortgage 2 year term at 8.5% with a $10000 fee, now my mortgage is for $310k. i have a cosigner on this mortgage and i forgot to mention that i told the first lender i had a cosiner and she said it wouldn't help me and the process was too far along for it to have any effect on the rates... basically i got screwed and i want to know if i should bother hiring a lawyer here in bc canada and sue the pants off of this lady???? i would love to sue this woman for ripping me off, this has now cost me $50k my $130k equity is now $80k and i feel sick about it!!!

I'd feel the same way. The answer to your question is best handled by an attorney in Canada, though. Get a good one who specializes in real estate

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I purchased my house just over a year ago and was forced to go through a mortgage broker located in bc because i am self employed and didnt have the greatest credit rating it was around 630. the house was purchased for $390k and i my downpayment was $130k, after fees etc were deducted my mortgage was for $300k so essentially i paid $40k in fees.... steep i know but i did this only because the broker told me that the only way to get my credit back on track was to pay the fee now and renew the mortgage at a normal lending rate after the 1 year term was up. fasttrack to renewal day... no such thing as getting this new low rate mortgage only an offer to renew at the current rate of 10.5% so basically the broker lied to me and got away with a $40k commission for a 1 year mortgage. so i was forced to shop around and i got a new mortgage 2 year term at 8.5% with a $10000 fee, now my mortgage is for $310k. i have a cosigner on this mortgage and i forgot to mention that i told the first lender i had a cosiner and she said it wouldn't help me and the process was too far along for it to have any effect on the rates... basically i got screwed and i want to know if i should bother hiring a lawyer here in bc canada and sue the pants off of this lady???? i would love to sue this woman for ripping me off, this has now cost me $50k my $130k equity is now $80k and i feel sick about it!!!

The hardest lesson to learn in real estate is buyer beware. I completely sympathize with you, but you will get no where suing. You will throw more good money away. The lesson to be learned is "buyer beware". I suggest any time you are getting involved in purchasing that you do a lot more investigating and seek your own information for options for the mortgages. Remember, mortgage brokers are making a living of loaning money, and will try like hell to get your business---even if it is offering bad information.

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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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Please only want professional advice or advice from people who know about the topic... i have $25,000 saved (i already know this could help fix my credit....that is not question). i have someone who would co-sign for the house (i know if i have bad credit a co-signer doesn't do any good...that is not my question). i am looking at properties for under $50,000 dollars. currently my fico score ranges from 530-620 depending on which one you look at (the loan lender looked at the lower one). i have read in several places that paying off your debt in collections does no good because the mark will remain on your credit report. i read the way to go about fixing your debt is to mail a letter in to whatever collection agencies (supposely this is the best way to deal with them because they might try to slip you up by phone which can renew an old debt to most recent debt) and request they remove the item if you state you will pay in full if they do this (i have tried this and no reply back). how can i raise my score if this is the case...it doesn't erase and even when i attempt to pay via mail i get nothing...suggestions? i have done alot of reading on how to fix credit and all i get is how to fix credit in credit card terms. i have never owned a credit card. so it erks me when i want to know how to fix my credit. also, if paying you debt on collections does nothing to improve you fico score doesn't it aleast pay down your overall debt on your credit report....and doesn't that help in terms of debt to income/asset ratio. i believe payment history is 30% or so and wouldn't paying debt help in this aspect to help improve my fico score??? additionally, i only need to raise my credit by about 50-70 pts to reach 600(says the loan officer). which is about 2 or 3 items on my own credit report. please i need good advice thanks

There are no shortcuts to fix your credit. Your score is a measure of how you have managed your credit for the past 7-1/2 years. It takes years to establish good credit and only a few months to destroy. Pay all your bills on time every time, never missing a payment. Avoid carrying a balance month-to-month that exceeds 20% of your credit limit on any one card. With time, your score will improve.