What to do about Mortgage Renewal

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JMax

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What to do about Mortgage Renewal
« on: April 27, 2017, 05:59:26 PM »
Hello! It's finally time for me to renew my mortgage which is up next month.

These forums have been really helpful to me when my car loan was up for balloon payment. (Thanks to Stewart from these forums!)

I have received the mortgage renewal documents from the bank and they mention "special" rates that I can sign up for if I call or visit the branch. Do I mention I am on a proposal when I ask for their special rates? Or do I just not say anything about my consumer proposal?

It's the not knowing what to say or do that is making me anxious.

I did call my trustee who advised me to just say outright that I'm on a proposal and just take whatever rate I'm offered. And that they can provide a letter of reference for 40 bucks.
I have about a year left on my proposal and I'm up to date on all my payments.

Thank you!


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Wetcoaster

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Re: What to do about Mortgage Renewal
« Reply #1 on: April 27, 2017, 06:24:13 PM »
I was told it did not matter if I was on a proposal or not as long as you are not switching your mortgage to a new bank.

 Just phone and accept any special rate they offer but under no circumstance try to get a better rate.

Maybe others here can chime in.

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TreeFrog

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Re: What to do about Mortgage Renewal
« Reply #2 on: April 27, 2017, 09:48:43 PM »
Hi!

There's no legal requirement that I know of to state that you are in a proposal, if you are not asked about it. If asked if you have been insolvent or sought an insolvency solution, the answer would be of course be yes. But if they don't ask, I would assume they are not worried about it! You are already their customer, so they know your payment habits with them are good. I agree with Wetcoaster above - if it were me, I would just take the offer.

~Wendy

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happycamper

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Re: What to do about Mortgage Renewal
« Reply #3 on: April 28, 2017, 05:46:05 PM »
We had to renew  our mortgage 8 months into our proposal and actually got the same rate were paying before.  We renewed with the same bank.  Ironically they were included in our proposal for the line of credit and a credit card and we still had no issues renewing.

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Wetcoaster

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Re: What to do about Mortgage Renewal
« Reply #4 on: April 30, 2017, 03:12:49 PM »
We had to renew  our mortgage 8 months into our proposal and actually got the same rate were paying before.  We renewed with the same bank.  Ironically they were included in our proposal for the line of credit and a credit card and we still had no issues renewing.

That is basically what I was told also.

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JMax

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Re: What to do about Mortgage Renewal
« Reply #5 on: May 02, 2017, 10:18:45 PM »
So I called in the branch to schedule an appointment but the person I spoke to told me I can just renew over the phone and transferred me to their call center.
Rates they offered was just the standard posted rate. When I gently asked if there's any special rates I was told there wasn't anything else so I chose my term and renewed.

Whole thing took 15 minutes and there wasn't any mention of me being on a proposal so it was pretty painless.

Thanks for all the replies!

 

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