I’m sure you’re here because you’re curious about your mortgage either its coming to and end of the year and you’re not quite sure what comes next. When does it renew? Do I have to manually renew it myself? Well we’re here to let you know what to expect. As we know every lender is different when it comes to their
What happens when my term is up?
When your mortgage reaches its end date, you will need to renew the remaining balance for another term. You will probably end up doing this many times before you have your mortgage completely paid off. When your mortgage term is coming to and end your current mortgage lender will send you a renewal by mail, which will tell you what your new mortgage rate is as well as how many years you are on term for. Companies try to make it as easy as possible for you to renew your mortgages, most of the time they just want their money, not to throw you around.
What if my renewal is denied?
You may have been denied your renewal because you were late on a payment or maybe they’ve had a look at your credit score and have seen you’ve racked up too much debt to pay off both your debt and your mortgage. In this case you may be denied by another lender as well.
What happens if i forget to renew?
We could say if you were out of town during the time of your mortgage renewal and you didn’t have someone coming to your place and checking your mail for you, you would never know that your mortgage needed to be renewed. Most lenders will automatically renew your mortgage. It is really up to the discretion of your lender. If you are someone who frequently travels for long periods of time, it may be beneficial to you to ask your lender what their policy is when they don’t hear from you about a renewal.
If you have any more questions for us here at Team Jardine, we are more than happy to give you any information you are looking for. Give us a call and one of our lovely receptionists will transfer you to the best fit mortgage broker for you.