Help to know about Mortgage renewal!
I am a self-employed person. I need your help in making plans to renew my mortgage.
Ten years back, I took a mortgage to build my home. Most of my well-wishers, including my friends and family, suggested me to take an existing home mortgage. But, I had some other plans about my home and to fulfill my dreams, I tried to get a construction mortgage.
It was not an easy task to get approved for a construction mortgage and after a long series of rules, finally, I acquired what I wanted. And now, I am happy to see my home as it is a result of my hard work and vision.
Later, in 2012, I resigned from my job to start a business. Again I was in need of a financial support. I couldn't save more money, as I had to make the monthly payments on the first mortgage. So, I took a mortgage to buy a nearby building. And successfully started the business.
Then, I felt it a little hard to make the monthly payments on the two mortgages. But, by God's grace, I could manage everything smoothly. My first mortgage term will be ending in February 2018. And as I couldn't make the total payment(including the interest) within the term, I am planning for a mortgage renewal.
So, I want to know the formalities for a renewal. Hope you understood my situation. And if you have any previous experience in renewing a mortgage, please let me know the formalities for the same.
Can I approach another broker for the service? Or should I consult the same broker from whom I took the mortgage? I came to know about some www(dot)mortgagesmortgages(dot)ca/mortgage-options/renewal brokers offering mortgage renewal process in Canada. But, before making a final decision, I want to hear from you.
Reply awaited. Thank you!