What to do when your mortgage renewal is declined + MORE Aug 27th

If you have a mortgage, you probably know that you need to renew it every so often—typically every two to five years depending on the term you choose—until you pay it off. What you might not realize, however, is that your lender is under no obligation to renew that mortgage contract when your term is up. 

Of course, banks don’t go around arbitrarily declining mortgage renewals. In most cases, if you’ve been diligently making your mortgage payments in full and on time, they want to keep your business. But when lenders have reason to believe that your risk levels have changed—in a bad way. For example, you’ve missed payments, had a significant change in income, debt or credit score, or they think you won’t be able to afford your monthly carrying costs due to interest rate hikes—your mortgage renewal could be declined.

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