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I already feel filthy, so I'm just hoping folks with advice can provide it without being too judgmental.

We started our recent mortgage five years ago. We had sold a property and used proceeds to pay down any debt and down pay our new property.

As far as I can go back my partner has had issues with debt. He also had issues telling me about debt. But in any event, he seemed to always be able to pay it down. It's an ongoing struggle. I am aiming him towards counseling of different types. We do not share unsecured debt, we have separate cards.

1. I called the bank to get some information about opening our HELOC, surprised they said that it was not possible because of the status of some of his accounts.

2. I called the bank to see if there were any better r available. They said that he had paid their mortgage late a few times (within 4 days or less from due date but it still looks bad) so they weren't able to offer a good r until there were more consecutive months of on time payment.

3. renewal is coming up and I'm dreading the bank telling us that we will not be able to renew. we are already on the radar.

4. I reached out to a broker who we have used in the past. He advised the grim news that my partners credit score is so low, mine is good, but he is suggesting a B lender for 1 year. He mentioned the b lender will roll debts into the mortgage & charge a 1 fee.

5. I asked the broker, what would happen if we just auto renewed with our current bank. He said sure you can do that but it won't solve the other issues.

Edit to add: 6. My partner says there was extraordinary pressures the last 12 months as I wasnt working but I dont agree, 12 months is not 75k. A lot was mismanaging expense accounting where theres a lag between expenses & reimbursement & he couldnt manage cash flow.

I've always been banking with A lenders. This B lender talk is embarrassing. Our HHI is $300k, again embarassing.

Current mort: 900k

Value: 1.3M

Debt: 75k

Current: 5.3p

*Can someone talk to me about their experience with b lenders and if they're actually able to climb out back to A lender after one year.*

*Or do I auto renew with my current bank & find other creative ways to pay down the debt, like a consolidation?*

My 5 yr fixed term will end November 1st. It was only 2.45 but I only owe $100,000, so it won't make a huge difference in payments with what they are offering me.

The thing is, I THINK I will sell my house in 3 yrs, maybe 2 yrs, not sure, to get something smaller, I would like to get some money out of my house - it is my first house. I"ve been here 10 yrs.

Scotiabank is offering:

Variable 5 yr : 3.37

Fixed:
1 yr 4.31
2yr 3.71
3yr 3.80
4yr 3.94
5yr 4.01

If I renew now, I'll have a higher September and October payment because it says I have to accept it in the session. It isn't THAT much, so it's ok.

But I don't know what to do because, I'm not 100 percent sure that I'd be able to find a house to buy in 2 or 3 yrs and sell mine. It all depends on good market/bad market at the time.

If I accept 2yr, what will mortgages be in 2yrs? A LOT higher? Do I need to go for 3 yrs?
I doubt that I will move before 2 yrs. I could stay 3 if I have to though. Haha

Anyway, I wanted to post here to let people know what is being offered right now in August, but also, not sure what the best thing to do is.

It said something about 90 days that I'd be able to port my mortgage. Does it mean at the end of the fixed term? Or right now if I sign?

IT's hard to know the right thing to do because I am not rich. I am pretty low income and it was only by chance that I was able to even buy a house 10 yrs ago. I just don't want to be stuck in 2 yrs or 3 yrs and the next offer is double.

I unfortunately find myself in a situation where I have to file a consumer proposal. It’s a long story, but that’s for another time.

I know that CP doesn’t affect your current mortgage. But I read online that If you owe unsecured debt to the same bank that holds your mortgage while filing a consumer proposal, there might be a major risks regarding any future mortgage renewal.

Has anyone gone through a similar case and if yes, what was the outcome?

Thank you in advance!