How Soon After A Consumer Proposal or Bankruptcy Can I Get A Mortgage?
If you own a home and are looking to borrow against your equity there are few restrictions on how long you have to wait. While you may not qualify with a major bank, there are options. As a matter of fact, an experienced mortgage broker can help you access your home equity immediately.
Turnedaway.ca routinely works with clients who are still enrolled in consumer proposals and bankruptcies. We can even help you use your home equity loan to pay out your consumer proposal or bankruptcy early. Consumer proposal loans can save you money and speed up repairing your credit rating.
In today’s day and age there are numerous lenders that are looking to fill the void where big banks are not willing to assist. Turnedaway.ca gets lenders competing for your business. This ensures you get the lowest rates and flexible terms for your circumstances.
Can I Buy A Home While In A Consumer Proposal or Bankruptcy?
A bankruptcy or consumer proposal ranks as one of the number one reasons clients are turned away by their bank for mortgage financing. With tough economic times come tough decisions. Although we are taught that bankruptcy and consumer proposals are bad things, sometimes they are a necessity.
If you plan on buying a home there are some things you need to know about consumer proposals and bankruptcy. To get a mortgage approval from a bank you must be discharged for a minimum of two years. You must also have re-established credit. Most big banks look for two established trade lines on your credit report.
For the most part, there are few exceptions to the rules about buying a home while in a consumer proposal or bankruptcy. However, working with an experienced mortgage broker will drastically improve your chances of getting approved. While you may not get an approval from a major bank, there are alternative lenders who approve these types of purchases.
Why Choose Turnedaway.ca?
Turnedaway.ca specializes in assisting client’s with less than perfect credit. We work exclusively with lenders who are willing to overlook credit related issues. The lenders we work with underwrite approvals with a common sense approach.
We understand that life comes with hurdles and we understand your credit shouldn’t define you. No matter how big your problems may seem, we can cut them down to size. Give us a call today for a free, no obligation consultation.
A bankruptcy or consumer proposal ranks as one of the number one reasons clients are turned away by their bank for mortgage financing. With tough economic times come tough decisions and although we are taught that bankruptcy and consumer proposals are bad things, sometimes they are a necessity.
If your bank has turned you away because your credit is poor and you are considering filing for bankruptcy, have previously filed a bankruptcy/consumer proposal or you are still partaking in one, don’t despair there are options. We have been helping clients obtain mortgage financing for over 30 years no matter how poor your credit may appear.
In today’s day and age there are numerous lenders that are looking to fill the void where big banks are not willing to assist. Working with an experienced broker who can submit your application and get these lender’s competing for your business means low rates and flexible terms. If you are looking to refinance an existing home we can even arrange to pay your proposal out from the proceeds of the financing.
If you are considering filing for a bankruptcy/consumer proposal or you’ve already enrolled or completed one, we can help. There is life after a visit to the trustee’s office and we can lead you to it.
While bad credit may be an obstacle it is not one that can’t be overcome. If you have been turned away because of poor or bad credit we can help. Let our common sense approach to underwriting get you approved and let us help get you back on track. No matter how big your problems may seem, we can cut them down to size.
We’ve helped a lot of people. See what they have to say!
Marilyn & Bob T
We can’t thank you enough for all your help with our mortgage. We were skeptical about filling out an online application but we had tried several banks and due to our credit, couldn’t find anyone to help us. Getting a call within 15 minutes of submitting our application to go over the application put my mind at ease but my husband and I were both shocked to receive a call the same day with an approval. We are still amazed at everything you did considering how difficult the banks made our situation sound. Again, from the bottom of our hearts thank you so much!
Marilyn & Bob T, Whitby Ontario.
Dave & Sharon S
My wife and I felt completely lost and didn’t know where to go after being declined by our bank of 18 years. We were so relieved once you advised us there are still lenders that value a mortgage based on merits other than just your credit rating. We had never missed a payment on our mortgage for 18 years and to hear our bank say they couldn’t help us even though we owed virtually nothing on our home was heartbreaking. We couldn’t be more grateful that you helped out two complete strangers when nobody else would.
Dave & Sharon S, Ottawa Ontario
I can’t put into words how greatful I am to you regarding coordinating all of the activities in seeing my new mortgage go through. There are several reasons for the appreciation from my side but most importantly it will allow my daughter to continue to grow up in a home and neighborhood that she has identified as being very important to her.
I owned a home for almost 15 years and faithfully renewed at my bank every 5 years. About 14 years into my mortgage my job was terminated and I was forced to rely on credit cards to keep things going. Fortunately I found work after 7 long months but by then my credit had deteriorated and my bank wouldn’t help. I called turnedaway.ca after hearing one of their radio ads and I am glad I did. They bailed me out of a bad financial situation, got rid of all my credit card debt and got me down to one manageable mortgage payment.
John C, Toronto Ontario.
179 King St E, Unit 1 Oshawa ON L1H 1C2
Toronto Office (by appointment only):
1 Yonge Street, Suite 1801 Toronto, Ontario M5E 1W7,Canada
Markham Office (by appointment only):
8500 Leslie Street, Suite 101 Markham, Ontario L3T7M8, Canada
Why Choose Us?
We have been helping Canadians who have been turned away by other mortgage lenders for over 30 years. We have a common sense approach to our mortgage underwriting and the respect we have garnered over three decades allows us to get even the most complicated deal approved.
We take pride in finding solutions for our clients that are tailored to suit not just their immediate needs but also their long term goals. Our relationships in the mortgage industry allow us unparalleled leverage negotiating the lowest interest rates coupled with the most flexible terms to fit our client’s aspirations.
We help Canadians who have been turned away by their bank, trust companies, mortgage brokers and other mortgage lenders alike. If you have been turned away and need mortgage help we are just a phone call away. Let us show you how 30 years of experience can work for you.