Mortgage In Principal running out

[hairup]

Hi all,

I am unsure how MIP's work. If you don't find a house you want in time and the MIP runs out?

Do you have to apply all over again?

Does repeatedly applying again affect credit rating?

I had to that recently as I have not found a house yet.

Got my first MIP in December, it ran out end towards the end of Feb.

My mortgage broker just got me a new one with the same lender.

The lender will run another credit check but it just shows as a ''soft search'' on your credit file with agencies like Experian and Equifax and it won't affect your credit rating.

Mortgage rates are a bit better now as well so mine came back with a higher potential borrowing amount.

Yeah just go through the same person to renew - you can renew it a couple of times before you need to start from scratch :)

Oh thank you guys- that's a relief and also good new about high lending potential!