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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.

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