Will My Mortgage Automatically Renew in Winnipeg?

March 7, 2024 | Posted by: Ron Chan

Will My Mortgage Automatically Renew Winnipeg

The months and years have passed swiftly and it dawned upon you that your mortgage renewal for a property in the Winnipeg area is coming up. Given that your home is your first home, you are not certain about how this part of the process work, and are asking “Will my mortgage automatically renew?”. You can call 204.290.9950 right away to find out where you stand, or read ahead first for more information.

What Determines Automatic Mortgage Renewal in Winnipeg Manitoba and What to Do Immediately Before the End of the Term


Automatic Renewal Varies By Bank / Lender

Every bank, credit union, or other financial institution that provides home loans has different rules regarding automatic renewals. Logically, they may be offered to real estate investors who have purchased more than one property and have been in good standing from inception. For first time homebuyers, automatic renewals are less common. These details will be covered in your mortgage contract. Although, given that you’re inquiring about whether or not your mortgage qualifies for automatic renewal, you may have already gone through the paperwork and not found the answer you’re looking for. Whatever the case may be, simply call Ron Chan at 204.290.9950 to find out what your renewal terms look like.

What Can Cause Your Mortgage Renewal to Be Denied

Wondering about automatic renewal is one thing, but if there is a risk that your mortgage renewal could be denied, you have an entirely new concern to contend with. There are a number of things that could result in denial. These include (but are not exclusive to) the following:

- Delinquent Payments

- Drop in Credit Score

- Change in Employment Status

- Loss of Income

- Significant Downward Trend in Real Estate Market

- Economy is Headed for Recession

- A civil or criminal lawsuit has been made against you

The reasons for potential denial are nuanced, within none of it written in stone. For more information, please read Can My Mortgage Renewal Be Denied in Winnipeg.

What if Automatic Renewal Doesn’t Work in Your Favor?

Winnipeg mortgage broker Ron Chan has developed relationships with Manitoba’s banks and lenders. He will go to bat for you if you want to renew your mortgage on the same terms that they are at now. However, you may not want to do that. You see, you may qualify for a better interest rates and/or other concessions! Ron will examine options and negotiate with your bank AND other institutions, including alternative or private lenders.The odds of getting a mortgage renewal that benefits YOU more than your existing one are better with Ron Chan.


GET YOUR MORTGAGE RENEWAL APPROVED OR IMPROVED

Winnipeg Homeowners

CALL: 204.290.9950

Back to Main Blog Page