ON Canada, Hello Narendra - I am just wondering why the bank would not allow you to renew. Unless you have had a lot of issues with them in the past and that they do not want to deal with you again. Email me the whole story and maybe I can help you get another reputable lender fitted to your current conditions. Victor Catalan - victor_catalan@centum.ca

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And the lender no longer writes mortgages in canada. we have applied and while another lender approved it, cmhc has said no.. we qualify have credit scores 620. why would they say no. we.ve had mortages for more than ten years now what do we do. we are in ontario

A credit score of 620 is considered very marginal for mortgage loan purposes. If I were in your shoes I would approach a mortgage loan broker. They deal with many different lenders and probably know which lender would grant a loan based on your credit score. The fact that you had mortgages for over 10 years (and always paid on time I hope) would clearly weigh in your favor. However, get your own credit report from all major credit rating agencies, because there may be errors on it that weigh down your score. About 35-40% of credit reports contain errors that can be corrected. I don't know about Ontario or Canada in general, but down here in the States we can get these reports once a year for free. Good luck.

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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.