“Am I having a problem renewing my mortgage after my consumer proposal? The answer in the vast majority of cases is no, it will not be a problem . If you have a mortgage that is coming up soon and you’re wondering if a consumer proposal will be a barrier to renewal, read on carefully.
First of all, if you are not late in your mortgage payments , chances are very good that your bank offers you to renew your mortgage without problems. If, on the contrary, you are somewhat late in your payments, it would be prudent to settle the delay before reaching the renewal.
Then, it is certain that at the time of your renewal you will not be in an advantageous position to negotiate your financial institution for a better rate. It is recommended to accept the offer on the table as it will be difficult for you to “shop” at different lenders. It is likely that other institutions do not want to assume the risk of making a loan because they have not established a relationship of trust with you.
Renewing your mortgage
If you ever have trouble renewing your mortgage, you can go to mortgage brokers specializing in bad credit. They usually have good contacts who can offer you a solution. In any case, pay attention to mortgage lenders who would charge a very high and unrealistic interest rate according to your budget. The unconfessed purpose of these lenders could be to assert their collateral as soon as you are late and thus take back your property.
Tips in mortgage renewal
In conclusion, your mortgage renewal should not be a problem following the submission of a consumer proposal.
- Avoid late payments
- Avoid making multiple credit applications at different institutions
- Pay attention to the pitfalls of some voracious lenders
Everything should be fine!