🔍 Understanding Mortgage Renewals: Take Control of Your Future Homeownership 🏠✨
Did you know that a lender is never obligated to renew your mortgage? When your mortgage term comes to an end, the lender has the right to call the loan. However, several factors can influence this decision, and it's essential to be prepared. Here are some key considerations:
❌ Missed Payments, Bankruptcy, and Life Changes:
Missed mortgage payments, recent bankruptcy claims, separation or divorce, job loss, or the passing of someone on the mortgage contract can impact the lender's decision. Additionally, changes in economic climate or property location can also be factors.
𝗟𝗲𝘁'𝘀 𝘁𝗮𝗸𝗲 𝗰𝗼𝗻𝘁𝗿𝗼𝗹 𝗼𝗳 𝘆𝗼𝘂𝗿 𝗳𝘂𝘁𝘂𝗿𝗲:
To proactively manage your mortgage renewal, take the following steps:
1️⃣ Plan Ahead:
At least 120 days before your mortgage term expires, reach out to an independent mortgage professional. They will help you explore all your options and guide you towards the best decisions for your situation.
2️⃣ Seek Expert Advice:
Working with an independent mortgage professional ensures you have someone working for you, not someone with the lender's best interests in mind. Gain valuable insights and personalized guidance to make informed choices.
Have questions? Connect with me directly. Let's navigate the mortgage renewal process together and secure your homeownership future. 🤝
https://www.dianebuchanan.ca/
