It’s a commonly held belief that if you’ve made your mortgage payments on time throughout the entirety of your mortgage term, that the lender is somehow obligated to renew your mortgage. The truth is, a lender is never under any obligation to renew your mortgage. When you sign a mortgage contract, the lender draws it up for a defined time, so when that term comes to an end, the lender has every right to call the loan. Now, granted, most lenders are happy to renew you

Chances are if the title of this article piqued your interest enough to get you here, your family is probably growing. Congratulations! If you’ve thought now is the time to find a new property to accommodate your growing family, but you’re unsure how your parental leave will impact your ability to get a mortgage, you’ve come to the right place! Here’s how it works. When you work with an independent mortgage professional, it won’t be a problem to qualify your income on a mor

When it comes time to renew your mortgage, most lenders will send you a renewal letter when there is 3 to 6 months remaining on your term. While nearly 60% of borrowers simply sign and send back their renewal without ever shopping around for a more favourable interest rate, I would urge you to take a moment to check out your options. Most standard mortgages are on a 5-year-term, meaning the market rates could be very different from the time you initially began your term to to

With the latest stats claiming that about half of marriages end in divorce and with around three-quarters of Canadians being homeowners, it’s important to know how to handle your mortgage if you decide to separate. Here’s a quick list of things to consider. Keep making your payments. A mortgage is a legally binding contract between you and the lender. It doesn’t take marriage into account. If your name appears on the mortgage, you're responsible for making sure the regular

Source: www.mortgagearchitects.ca If you’re in a mortgage that’s coming up for renewal in the coming months and you’re considering just staying with your current lender, you wouldn’t be alone. According to the Canadian Mortgage and Housing Corporation’s (CMHC) Residential Mortgage Industry Report released in the summer, in 2018, the number of mortgage renewals with the same lender increased by 16 per cent over the previous year. The report suggested one of the factors that

Want to know how to save money at mortgage renewal time? Get your mortgage renewal letter and offer from your lender. Send this letter to us and ask if this is the best deal. As your mortgage brokers we will look at what you have been offered and let you know what other options are available in the marketplace. After an assessment of the market we will let you know if you should sign at your current lender or if you can save money by moving somewhere else. Sometimes the

I was working with some clients recently who asked me to outline the 3 best choices for them. They were refinancing their mortgage and...

When people buy a home they pay more attention to their mortgage. It is going to be a new monthly payment and there is lots of options to consider.... 5 years later you typically get a letter in the mail saying here is what we are going to offer you to continue with your existing mortgage for the next 5 years. It usually has a check box that you select and send back to say you are compliant with this idea. Is this what is best for your pocket book? Sometimes yes & someti