RetireJapan

I have had the misfortune to experience a series of unfortunate events - of my own foolish making.

Error 1 - I was 10 days late for a mortgage repayment in March this year (first time in 5 years) due to an admin oversight on my part.

Error 2 - when trying to refinance my mortgage this month, I provided too many payment records and the new bank saw the late payment and their underwriters declined my loan application.

I am wondering how long I need to leave it before applying for re-financing again, either with the same bank or another?

For context - I am looking to refinance a 35 year mortgage with 65M & 30 years left on it, I am 43 with PR and earn over 20M per year, spouse is Japanese.

Many thanks

Deathstar_ITHelpdesk wrote: ↑Wed Jul 24, 2024 8:27 am ..
Error 1 - I was 10 days late for a mortgage repayment in March this year (first time in 5 years) due to an admin oversight on my part.
..
I am wondering how long I need to leave it before applying for re-financing again, either with the same bank or another?
..

I think as you were under 62 days* late it's "not the end of the world", I've used quotes as I was born into a set of imperial standards for "end of the world" and "spilt milk" scenarios and soon transitioned into a European system. Meanwhile in Japan my spouse was brought up in a society that has what can be lovingly referred to as, a lower tolerance for fuck-ups. ('Don't sweat the small stuff' was not on the Japan best seller list.)

Anyway, have a read of this:
https://diamond-fudosan.jp/articles/-/1110128
It seems like one year is mentioned and has suggested steps to take before applying to transfer a loan. as you clearly have a form for late payment now..

*I assume on the 62nd day your marker is handed over to the yakuza... So you may have literally dodged a bullet! Rejoice.

[/quote]

I think as you were under 62 days* late it's "not the end of the world", I've used quotes as I was born into a set of imperial standards for "end of the world" and "spilt milk" scenarios and soon transitioned into a European system. Meanwhile in Japan my spouse was brought up in a society that has what can be lovingly referred to as, a lower tolerance for fuck-ups. ('Don't sweat the small stuff' was not on the Japan best seller list.)

Anyway, have a read of this:
https://diamond-fudosan.jp/articles/-/1110128
It seems like one year is mentioned and has suggested steps to take before applying to transfer a loan. as you clearly have a form for late payment now..

*I assume on the 62nd day your marker is handed over to the yakuza... So you may have literally dodged a bullet! Rejoice.
[/quote]

Thank you - I feel better!
I shall reapply in a year when hopefully some of the stain is out.