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sw ontario | My nephews gf is layed off from her auto plant job (6 yrs. senority) as they have no computer chips to assemble vehicles.
Her home mortgage is coming up for renewal and mortgage company wants to increase her interest rate from 2.9% to 7% as 'she is high risk unemployed'.....IDK all the facts other than she has way over 50% equity . She used a broker to get current mortgage so I have no idea what institution is mortgage holder.
I never heard about this happening on renewals as I always just got a letter asking to check of term wanted.
Now I know some farmers in the '80's farm crisis had renewal issues when there farm value was under water even though they made all there payments. | |
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Mortgage renewal when layed off?
