Mortgage Renewal while in a Consumer Proposal

Normally a renewal of a mortgage, as long as it is done through your same institution, is quite simply. The bank often will be willing to roll the original mortgage over without much investigation of financial position or anything like that. The logic they typically relay on is that houses are normally appreciating assets, you likely have more equity than when you originally qualified for the mortgage, and their own internal payment history. Now this can change significantly if you try to shop the mortgage to a new institution as they will have to do all the due diligence that your current bank has performed as they don’t have the existing relationship and history that your current bank does.