Why Are You Getting Denied: Mortgage Renewals After Consumer Proposals
Mortgage renewals after consumer proposals are pretty straight forward. Usually, your bank will just go along with an automatic renewal as long as your mortgage payments, and consumer proposal payments are up to date. Sometimes banks will deny mortgage renewals if your credit is bad, you are not keeping up with payments.
Ways That Mortgage Renewals After Consumer Proposals can be Denied
- Late or non-payment on your mortgage
- Late or non-payment on your consumer proposal agreement
- A substantial downturn in your credit score
All of these could be reasons for denial of a mortgage renewal after a consumer proposal. If you are not paying your mortgage payments after a consumer proposal agreement has been initiated, then you are an increased risk to the lender.
Not paying on your consumer proposal agreement shows that you may not be able to afford to pay on your mortgage as well. Banks see this as a heightened credit risk for themselves. They may be willing to negotiate with you at a higher interest rate in this situation, but non-payment is going to reflect poorly on your ability to repay and your spending decisions.
A significant downturn in your credit score can be a red flag to a bank depending on why it happened. If your credit score is continuing to go down after your consumer proposal agreement has been counted, you could be making poor decisions with your money, and that is something they will be on the lookout for.
Moving from one banking institution to another is possible when you are under consumer proposal depending on your equity. Your best bet is to talk to a bad credit mortgage broker about options if your bank has denied you a mortgage renewal after a consumer proposal.
Bad Credit Mortgage Brokers can help you to better understand your mortgage renewal options under consumer proposal. Contact a mortgage broker today!Request Mortgage Info
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