Leah Zlatkin interviewed by The Canadian Press: ‘Mortgage brokers share options for homeowners facing a mortgage non-renewal’

Leah Zlatkin, licensed mortgage broker, said lenders often reach out months ahead of the renewal date.

“If you are somebody who has had trouble making your payments on time … and they see that there’s a pattern of missed payments on credit cards or negative balances in chequing accounts or negative balances in savings accounts, they may second-guess that renewal, and they may call you to say they’re not renewing your mortgage,” Zlatkin said.

Non-renewals are mostly underpinned by financial challenges, but another reason for non-renewal could be if the lender views the homeowner as what they call a serious character risk. For example, she said a bank may have reservations about renewing a client whose name is in the news regarding a criminal trial for fraud.