Quote:
Originally Posted by Ducay
Random mortgage renewal question: when you renew your mortgage (I have like 3 years left on a 10 year), do you have to go through all those same income tests/ratios under the newest guidance? Or do they just allow you to renew at the latest rates (if you stay with same lender).
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Typically lenders will offer you fairly competitive renewal options and you wouldn't need to re-qualify. However, since the stress tests have been implemented, some lenders are offering less than competitive rates if they don't think you could qualify if you were to switch lenders, knowing you're "stuck" with them. For example, if they looked at your credit and saw you had built up a ton of debt, or if income had changed, etc.
Chances are, you'll just be able to "sign here" on your desired renewal option, provided that's what you want to do.