Posted onJanuary 28/2019
Learning that your mortgage renewal in Ontario has been denied will make you feel frustrated or outright angry.
But once you’re over the initial surprise or shock, the good news is that there are steps you can take to solve this problem. It’s not uncommon for a homeowner’s mortgage renewal in Ontario to be denied, and that means there are financial companies out there to meet your needs and help you renew your mortgage.
Why has My Mortgage Renewal Been Denied?
That’s probably the first question you’re asking yourself. There are many reasons for this and they are based on, for example, payment history, employment status, and your financial situation, including debt levels. Now, though, the best step forward is to explore how you can get your mortgage renewed quickly.
Mortgage Renewal in Ontario
If your current lender will not renew your mortgage, you have no choice than to look around and find another lender. This may not be a bad thing because you could potentially get better terms on your mortgage with a different financial institution.
Why a New Lender Might Deny Your Mortgage Application
Maybe you have looked for a better offer and want to renew your mortgage with a new lender. This can be attractive if you are seeking better rates. But getting a mortgage approved by a new lender is difficult: you need to submit a new mortgage application and meet the new financial institution’s criteria.
A new lender has no information about you or your finances, apart from the balance of your existing mortgage. You will need to verify your income and other information to meet their credit requirements. An inconsistent employment history, a damaged credit score, or missed mortgage payments may all hurt your mortgage application and the new lender may deny your mortgage renewal.
Reach Out to a Mortgage Brokerage
Mortgage renewal in Ontario is not as difficult if you are using a brokerage. Brokerages can access hundreds of lenders beyond the main Canadian banks to get you a mortgage. Even if your mortgage has been denied because of some missed payments, the chances are good that there is a lender out there who will renew your mortgage.
Increase your chances of approval by contacting Northwood Mortgage brokers. We will work hard on your behalf to get you the best possible mortgage on terms that work for you. Northwood Mortgage has access to more than 50 lending institutions, including major banks, credit unions, trusts, and other national and regional lenders, which means we can put significant negotiating power behind finding the best mortgage to fit your specific situation.