The Impact of Credit History on Mortgage Renewal

Mortgage Renewal: No usual impact… unless there are hiccups.

If you renew your mortgage with your current lender, your credit history typically does not affect the renewal. However, past payment delays could result in a less favorable interest rate or even a demand for early repayment by your institution.

In rare cases, your bank may request a new credit check to ensure your financial stability. If significant changes have occurred, a refusal of renewal is not impossible.

Purchase or Refinancing: The Crux of the Matter

When purchasing a property or refinancing your mortgage, your credit history plays a crucial role. A good credit history results in lower interest rates and faster approval of your application.

Conversely, a poor credit history can result in higher rates or even a loan refusal.

Why use a mortgage broker?

An experienced mortgage broker can guide you through this maze. They will analyze your financial situation, understand your goals, and present you with the best mortgage loan options based on your profile

Surround yourself with good experts!

Obtaining a mortgage is an important process. Don’t hesitate to seek out competent professionals to guide you.

You have questions? Need personalized advice? Contact me today at 514.884.1907.

Your trusted mortgage broker.