Is it Still Possible to Obtain Mortgage Renewals After Consumer Proposals?
Obtaining mortgage renewals after consumer proposals can be difficult, but it's not impossible. In fact, there are several simple strategies you can employ to get the financing you need. Here are a few ways homeowners can maximize their chances of being approved for mortgage renewals after consumer proposals.
Pay Off Your Proposal as Quickly as Possible
Consumer proposals remain on your credit bureau report for 6-7 years after completion. If, for example, it takes you 5 years to pay off your consumer proposal, the proposal won't fall off your credit report for 12 years in total. For this reason, it's essential that you pay off your consumer proposal as quickly as possible.
Avoid NSF Charges
To obtain mortgage renewals after consumer proposals, homeowners must prove to lenders that they can repay the loan. If a lender sees any NSF charges on your bank accounts, you could be denied renewal. If possible, get an overdraft on your checking accounts to avoid NSFs.
Pay Your Bills on Time
Late bill payments on car loans, cell phone bills, credit cards, and student loans show up on your credit report and lower your credit score, which lenders use as a benchmark to assess your ability to pay your home loan. Many applications for mortgage renewals after consumer proposals are denied because of these late payments.
Don't Max Out Your Credit
When applying for mortgage renewals after consumer proposal, homeowners must be able to demonstrate to lenders that they can handle credit responsibly. A good rule of thumb is to use no more than 50 percent of your available credit.
Above are just a few of the ways you can improve your chances of being approved for a mortgage refinance at renewal time. Sometimes your bank will not renew for you, in which case a Bad Credit Mortgage Broker can find you a new lender. Contact us for more information about mortgage renewals after consumer proposals and to discuss your financing options.Request Mortgage Info
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