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Can I get a Mortgage after Consumer Proposal or Bankruptcy?

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This is a great question. As it concerns many Canadians today.

Most “A” lenders, which include major banks, and lending institutions will consider a mortgage application only two years after a bankruptcy discharge or completion of a consumer proposal with evidence of re-established credit. At most banks the same would apply unless the same bank where you applied was one of the creditors included in your previous bankruptcy or consumer proposal in the past 7 years.

The first step you should take is to re-establish your credit and it is encouraged to continue making timely payments to your credit card and create an automated savings plan to save for the down payment. It is recommended that you have 2 or more trade lines with a minimum of 2 years re-establishing your credit. If that is the case, you can purchase your new home with as little as 5% down.

It is highly recommend that you speak to a qualified and experienced mortgage broker to discuss the possibility of a mortgage pre-approval. As they will explore the circumstances surrounding the bankruptcy and consumer proposal; depending on additional factors like Loan-to-Value and your income or employment stability they will guide you on your next steps.

Call us at 1-888-882-0786 and speak to a mortgage broker right now!

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