Despite all your planning, your renewal might decline. Although figuring out the next steps can feel unsettling, it’s not the end of the road. Here’s what to do next:
Stay calm & reassess
Explore other lenders
Improve your financial profile
Seek an exception or negotiation
Consider alternative mortgage options
[…]
Read More… from What Happens If Your Mortgage Renewal Is Denied?
Being late for a mortgage payment is different than missing it entirely.
Many institutions offer up to a 15-day grace period (aim within 10 days for extra security) if you’re late with your payment. But don’t become reliant on this leniency.
Missing a mortgage payment completely means you’ve missed one payment in your cycle. So, when you owe 12 monthly payments a year but only make 11, you’ve missed one payment.
The consequences for missing a mortgage payment vary but might include penalties such as:
Lowering your credit score
Higher fees
Possibility of losing your home […]
Read More… from What Happens if You Miss a Mortgage Payment?
If you’re wondering whether homeownership is still within reach with less-than-perfect credit, the good news is that it’s possible! While challenges exist, there are ways to overcome them with the right support, preparation, and information. […]
Locking in a Variable Rate Mortgage Variable-rate mortgages can be appealing when interest rates are low because they can allow you to pay off your mortgage faster. You may choose a variable rate when renewing your mortgage or as a first-time buyer finding the right mortgage for you. Variable rates offer more flexibility but also […]
While owning your own home is freeing and exciting, a mortgage is a massive responsibility. However, it’s a responsibility that shouldn’t leave you stressed or financially unstable. Simply by understanding what you can afford, paying off your mortgage is just as routine as any other bill you may have. But what if you’re looking for […]
Hear what our clients are saying about Mortgage Connection and see how we’re helping people just like you find personalized solutions for your mortgage needs.
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