A guest writer over on the Million Dollar Journey blog reported that some mortgage lenders are either leaving the Canadian market (hence not renewing mortgages) or are only renewing if certain conditions can be met (based a lot on credit score, it seems).
Worst of all, it seems that borrowers are not being informed until 90 days before renewal.
If you have your mortgage at any of the following, you may want to first read the original post linked above (though it’s a bit of a roller coaster), and then call to see if you will be able to renew:
- Xceed Mortgage Corporation
- Accredited Home Lenders
- HSBC Finance
- GE Money or
No matter what, if you have good credit you won’t have a problem: you just may have to do some running around to have it renewed at a different place.