If you are a current homeowner and your amortization period is coming to an end you may be wondering whether or not you should renew your Hamilton home loan. You may also be wondering if your application can be denied when you apply for a renewal.
So, to help provide some clarity, your local mortgage broker in Hamilton with Mission35 Mortgages have listed why exactly your mortgage renewal may get denied and how to avoid it from happening.
What Is A Mortgage Renewal
A mortgage renewal is when you extend the term of your current mortgage. This occurs if you have not fully paid off your loan and need to extend your term in order to do so. Once your amortization period is coming close to an end, your broker should send you an offer in the mail seeing if you are interested in renewing your mortgage. Once you receive this offer, fill out this form with all of your current information.
Mortgage Renewal Qualifications
In order to qualify for a mortgage renewal, there are a few simple factors you should be aware of. Regardless if you are going to renew your mortgage with your current broker or if you are considering working with a different company, your finances are still going to be reviewed. Most all mortgage brokers in Hamilton will run a credit check on your financial history and they will consider how much debt you have accumulated over the years.
If you have a good credit score, a stable income, and you made consistent payments every month on your mortgage, then you should have no problem getting your mortgage renewal request approved.
If you are not in the best financial situation and your current broker has denied your application for a mortgage renewal, then you may want to consider applying to a trust company or a different mortgage broker that specialises in poor credit scores and low incomes.
If you would like to receive more information on what to do if your mortgage renewal request has been denied please contact your local mortgage broker in Hamilton with Mission35 Mortgages at 905-574-5255.