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Rejection of Your Mortgage Renewal? Here’s What You Can Do

Posted onMay 14/2018By

It’s possible that you can be denied a renewal at the end of your mortgage period. It is sure a tough situation to maneuver – knowing that you will not have a home after the period expires. If you find yourself in this situation, there are alternatives that you can explore to get another mortgage renewal. Why Was Your Mortgage Renewal Denied? If you have never missed a mortgage payment, then your mortgage provider doesn’t have a valid reason not to approve another mortgage. If you stick with the same lending institution and don’t consider moving to another, then you might be paying higher monthly installments. Although the mortgage payments will be higher, your requalification and renewal are not going to be challenged, and the process is going to be smooth. The most important reason that most people get a rejection of mortgage renewal request is missed payments. Sometimes, in…

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How To Save Money While Renewing Your Mortgage

Posted onNovember 06/2015By

When it comes to mortgage renewals, we’re often at a loss. Do we stay with the same lender? Do we switch from a variable to a fixed rate? Most importantly, how do we save money? It is possible to save money while renewing your mortgage if you follow our three simple rules: Don’t let your renewal date creep up on you: If you remain passive with your mortgage, it will be automatically renewed and you won’t save any money. Stay up-to-date with your mortgage so that your renewal date doesn’t seem to come out of nowhere. You can start looking into renewing your mortgage a couple months before your renewal date. You don’t have to wait until the last minute. The longer you wait, the less chance you have of saving money. Your lender will send you a notice right before your renewal date but don’t wait until you get…

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How to Renew a Mortgage

Posted onMay 11/2015By

It’s fast approaching, that time that every homeowner is faced with: Mortgage renewal. Without the right broker, the renewal process can be far scarier than it sounds. However with one of our mortgage professionals at Northwood, you’ll be able to renew your mortgage in a simple and smooth process. But how does a mortgage renewal work, and when should you start the process? A good broker will contact you at least four months prior to your renewal date. There are many reasons that you are given a head’s up. You may have forgotten that your mortgage needs to be renewed or your broker has already started looking around for you. Either way, advanced notice should be welcome. When you sit down with your broker, you can lay it on the table. Maybe your needs have shifted and the terms of your current mortgage don’t apply to your financial situation anymore.…

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