Is it possible to refinance my mortgage on a 6 month contract ?
Hello,
I would like to know if I made a mistake taking a 6 month contract months before my mortgage renewal. The renewal is on September 1st.
We would like to refinance to do important renovations on my house. Not esthetic renovations but things that are essential. Our basement is just cement so we need flooring. We have a non-functional balcony, some non-functional windows and a problem with the roof that's leaking.. So we just want the house to be full function.
We don't want to take a huge amount probably max 35k.
We had 5 years fixed at 2 percent interest and the balance will be about 300k at renewal.
My husband makes 75k annually. In my situation I was on 2 back to back maternity leaves that is permitted in Quebec and I had to leave my job in between because I couldn't find a daycare for my first child. So I left in March 2025 right after my first mat leave ended and started my second one in April 2025 and I haven't worked since. This job was a 2 year contract that was going to end May 2025. So I was going to be out of work regardless.
My second mat leave just ended and I needed to find a job as soon as possible to not go into debt. The thing I found was a 6 month contract for a sick leave replacement that I started last week. It's 70k annually. I would have ideally like to find a permanent role that logistically works with daycare but waiting to get a job could have taken months in this market and I needed something now. But now I'm very worried it'll affect our possibility to refinance.
Other debts are our car loans that both total to about 60k and 2k on a credit card.
We have great credit scores and never missed any payments in 5 years.
How possible is a refinance ? Should I do my best to keep looking for work ? Are there any other options ?