Personal Finance

What affects ability to RENEW mortage?

  • Last Updated:
  • May 25th, 2012 12:00 pm
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Deal Fanatic
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Jul 14, 2008
8312 posts
1901 upvotes
Ontario

What affects ability to RENEW mortage?

Hello,
I'm yet 1 year away from my mortgage renewal, and I'm curious what affects my ability to renew, if anything?

There is no income change, payments have been on time. It was a variable rate mortage with fixed payments, so I have been technically overpaying what I am expected of for most of the duration.

There is now a HELOC attached to the house, with a small balance. If a larger balance, would that affect?
If I open my own business prior to next year, would that affect my renewal? Would that affect my rate only, or with whom I can shop around with?

Credit is good, so no issues there.

Your help is appreciated.
Thanks
2 replies
Newbie
Nov 9, 2010
60 posts
10 upvotes
Richmond
depending on the amount of your HELOC, from what I know you might be forced into CMHC (if you're tapping greater than 80% of the value of the house)

clarification: greater than 80% is HELOX + remaining principle of mortgage

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