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Mortgage Renewal??

If my husband and I file a consumer proposal through a trustee, what happens when we go to renew our mortgage next year? Will the bank refuse us? Or will we have a much higher interest rate?

Posted from: Ontario

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One Response to “Mortgage Renewal??”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

Usually a mortgage renewal is very simple as the banks and other lenders don’t go through much of an approval process as they do when it is a new mortgage. Usually a renewal doesn’t involve a credit check or even copies of the other information that was originally required. So as a result the filing of a consumer proposal doesn’t change things much. I would assume you would be able to renew very easily with limited changes to the existing interest, assuming the interest rates are in line with the current market conditions.