skip to Main Content
Have You Heard About Home Trust In The News? Mortgage Refinance

Have You Heard About Home Trust in the News?

Home Trust Mortgage in the News:

What Happens if Your Mortgage Lender Stops Lending?

Not to scare everyone and sound doom and gloom but if you have not heard, Home Trust company is having some financial issues. This can create challenges if you have a home trust mortgage. This translates into a future for them where they may or may not be sold or stop lending under their existing name. This is not the first time we have seen a mortgage lender be in this situation and exit the Canadian marketplace. In the past, mortgage lenders have merged, changed names, and closed their doors. Home Trust will not be the first and they will not be the last to be in this situation.

What happens to the clients who have a home trust mortgage or with a lender who is no longer lending?

If your mortgage lender goes bankrupt, you still have to pay your mortgage. They will likely sell your mortgage to another lender.

Will They Call My Mortgage and It’ll be Due?

If you have an insured mortgage it will most likely be assigned to another lender. This lender will offer you a mortgage renewal and you can just continue. Alternatively, you can switch lenders when the mortgage comes up for renewal as long as you can still qualify. In most cases, your mortgage terms will not change.

Will I Lose My Home if the Lender Goes out of Business?

If you have an alternative mortgage, you may be required to requalify or payout your existing mortgage to another lender. In these cases, they may want to exit the type of product you have. It is very common for lenders to offer a shorter-term renewal for those who cannot get a new mortgage and the rate could be higher. In the case of Home Trust, the bulk of their mortgage business is this type of alternative mortgage business.

It can be a scary time and we understand that. We are here to help! Don’t fear the worst. The best thing to do is to see a mortgage broker and discuss your options when your mortgage comes up for renewal. Feel free to contact us, if you have any questions!

1. The TeamClinton.ca “Holiday Cheer Giveaway” (the “Contest”) runs from 08:00:00 a.m. AST on December 1st, 2020 (the “Contest Starting Date”) to 5:00:00 p.m. AST on December 11th, 2020 (the “Contest Completion Date”). The Contest will have one (1) grand prize draw for a cash prize of $2,200.

2. Submitting this form implies consent to subscribe to our emails and mobile phone alerts. Subscribers may opt-out at any time.

3. SMS message and data rates may apply. Text HELP to 68411 for help, text STOP to 68411 to end. By opting in, I authorize the seller to deliver messages using an automatic telephone dialling system and I understand that I am not required to opt-in as a condition of entering the Contest.

4. Participants will receive one (1) contest entry for signing up for email and/or mobile phone updates. This is limited to one entry per person through the online sign-up form.

5. Participants may have the opportunity to earn additional entries and any details will be announced from time to time if available.

6. Participants must be 18 years of age at the time of contest entry and reside in Nova Scotia, Canada.

7. By entering this Contest, all entrants consent and agree to the use of their name, address, likeness and photo for any advertising, publicity and marketing purposes by the Sponsor, without compensation.

8. By entering, all eligible participants agree to abide by the rules and conditions outlined above.

Subscribe to our newsletter

Sign up here to get the latest news and updates from Clinton Wilkins Mortgage Team.



You can unsubscribe at any time.

Normally you can find this at retail stores across Halifax and Dartmouth, but we wanted to make it even easier for you to get a copy.

The entire guide is available online to view or download, and to make sure you’re staying safe at home, you can now request a print copy by mail, free of charge, anywhere in Nova Scotia!