Renewing Your Mortgage When You are Unemployed
There is never a good or convenient time to lose your job. But becoming unemployed shortly before your mortgage renewal time can be particularly stressful. You may wonder whether you lender will even be willing to renew your mortgage. So what are your options? First of all, don’t panic. Losing your job doesn’t automatically disqualify you for a mortgage renewal.
At Matrix Mortgage Global, we have experience working with all types of clients in all types of financial situations. And in this blog we will take you through your three main options when it is time to renew your mortgage and you are unemployed.
Stay with your current lender.
In most cases if you have been making your regular mortgage payments in full and on time, you should not have trouble with your mortgage renewal with your current lender even if you are unemployed. Your current lender is unlikely to reconfirm the details of your employment when your mortgage comes up for renewal. Be careful however not to trigger any such checks by applying for refinancing.
Seek out a new lender.
If your current lender does request your employment details, you need to be truthful. Anything else is fraud. If upon learning that you are unemployed, your current lender denies your mortgage renewal, you will need to contact your mortgage broker for help in finding a new lender. Mortgage brokers have access to many different types of lenders and your broker can help you find a lender who is willing to look at the bigger picture – not just the fact that you recently lost your job.
An alternative lender may be a good short term solution until you can find a new job and get your finances on track.
Consider selling your home.
Selling your home is a drastic measure but if you are unemployed for a longer timeframe than expected, or if you think you will be unable to go back to work due to an injury, illness, etc., then it may become your best option.
In most cases however, if you contact your mortgage broker right away, you will have other options available to you.
If you have lost your job and are concerned that your mortgage renewal may be denied, then contact Matrix Mortgage global today. One of our professional brokers will be happy to assist you.