Mortgage Renewal Questions after a job or income loss with Kyle and Sorin on House it Going Ottawa Podcast!
Losing your job is stressful enough. Losing your income when your mortgage renewal is coming up can feel even worse.
In our newest conversation with Kyle Miller Mortgages, we talk about something a lot of homeowners may not realize:
If your mortgage is simply renewing with your existing lender, you may be able to renew without going through the same income qualification process as a new mortgage or refinance.
But what happens if you’ve lost your income and actually NEED to refinance, access equity or lower your monthly pressure?
That’s where things can get difficult.
Kyle breaks down some of the alternatives that may exist, including alternative and private lending, but we also talk honestly about the risks. These options can be expensive and should only be considered with a real plan to get back out and I always say these should be your last resort
Sometimes the goal isn’t finding the “perfect” mortgage.
Sometimes it’s buying yourself enough time to find another job, stabilize your income and hopefully keep the asset you worked so hard for.
Times are tough for a lot of people right now. If you’re struggling, don’t hide from the problem and don’t wait until you’ve missed payments to start asking questions.
Know your numbers. Know your options. Get advice early.
And most importantly, things do change. Economies move in cycles. Tough periods don’t last forever and you are not alone.
Watch our full conversation with Kyle Miller Mortgages.
If you know someone dealing with job loss or worried about an upcoming mortgage renewal, send this one to them.
p.s. Below is some helpful links for anyone going through it
Mortgage relief options.
Financial Consumer Agency of Canada: explains options for homeowners experiencing financial difficulty and says federally regulated banks are expected to work with borrowers on appropriate relief measures.
https://www.canada.ca/en/financial-consumer-agency/services/mortgages/relief-options.html?utm_source=chatgpt.com
Mortgage renewal information: useful for anyone coming up for renewal, including negotiating, shopping around and understanding automatic renewals.
Renewing your mortgage breakdown:
https://www.canada.ca/en/financial-consumer-agency/services/mortgages/renew-mortgage.html?utm_source=chatgpt.com
EI Regular Benefits: if someone has lost their job through no fault of their own, they may qualify. The government recommends applying as soon as possible after stopping work.
https://www.canada.ca/en/services/benefits/ei/ei-regular-benefit.html?utm_source=chatgpt.com
Employment Insurance benefits
Government of Canada Benefits Finder: useful for finding additional federal and provincial support after job loss or loss of income.
Canada Benefits Finder
https://www.canada.ca/en/services/benefits/finder.html?utm_source=chatgpt.com
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