Mortgage Renewals: Resources & Repercussions
Lenders will always offer mortgage renewal terms as long as you have not had a late payment on your mortgage during your term. If you have contacted your lender and requested a mortgage payment deferral, they will not consider that as a late payment and it will not show as a missed payment on your credit report – although I would recommend requesting your credit report after your mortgage deferral period has been completed. Here’s a Toronto Star article, explaining why people deferring their mortgage payments are making an unpleasant discovery: it can wreck your credit rating!
You can request your credit report free of charge at: https://www.consumer.equifax.ca/personal/.
Here is a list of Bank/Lender phone numbers:
The only time you have to qualify for your mortgage renewal is if you are refinancing, switching to another lender or moving to another home. Here is a great article that encourages mortgage holders to take a proactive approach with their next mortgage renewal: https://www.ratehub.ca/mortgage-renewal-process.
Knowledge is power!
For Everyone:
- Stay current on COVID-19 with reliable information from your Government of Canada: https://www.canada.ca/en/public-health/services/diseases/coronavirus-disease-covid-19.html?utm_campaign=not-applicable&utm_medium=vanity-url&utm_source=canada-ca_covid-19
For Business Owners:
- Business Development Bank of Canada (BDC): How to Cope with the Impacts of COVID-19 on Your Business: https://bit.ly/2wftcxg
- Canadian Mortgage Trends: How to Keep Marketing When Business Stops Moving https://www.canadianmortgagetrends.com/2020/03/how-to-keep-marketing-when-business-stops-moving/
Questions? Concerns?
These are trying times. Give me a call or send an email with any mortgage questions or concerns – I am here to help!
Pre-COVID-19 Family Album
These are the reasons we listen to and follow the recommendations of public health officials. Please protect and respect your family and friends.
