April 1, 2025
When your mortgage is up for renewal, it might seem like a simple process — but for many homeowners, especially those with bruised credit or recent life changes like job loss, divorce, or reduced income, it can be anything but. Traditional lenders aren’t required to renew your mortgage, and if your financial situation has changed since you first qualified, you could find yourself scrambling. That’s where alternative solutions like B lenders and private lenders come in.
These lenders offer flexible approval guidelines that focus more on your home equity and overall situation rather than just your credit score or income type. If you’ve missed payments, recently filed a consumer proposal, or your bank simply won’t renew — there are still options available. The key is planning ahead. Ideally, you should be reviewing your renewal options 6 to 12 months before your term ends so you can position yourself for the best possible solution — and avoid getting stuck with a costly private loan last minute.
If your mortgage is coming up for renewal and you’re unsure where you stand, let’s chat. I can walk you through your options and help you build a short-term or long-term plan that protects your home and financial future.
Source: Absolute Mortgage Team