Mortgage after consumer proposal

House Mortgage

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Tips on Getting a Mortgage after consumer proposal

Home ownership is often a concern for anyone that is dealing with financial hardship. If you have just finished completing your consumer proposal, then working towards owning your own property may be on your to do list. There is a recommended path to attaining this.

Many people unfortunately end up in a situation where financially, they are unable to make ends meet with excessive debt. There are often hardships in life that we have to deal with. With regards to life after a consumer proposal, there is hope for you!

Repairing your Future with a Consumer Proposal

Taking the move to proceed with a consumer proposal is a good step in the right direction. This can be the beginning to repairing your financial future. During this path, it is a good time to help prepare for the future. Work on repairing your credit and helping to regain financial stability.

You may need to be discharged from your Consumer Proposal ( or your bankruptcy) for at least two years if you want to qualify for a “normal” mortgage from any of the major banks.  Needless to say, your credit rating will need to be worked on and improved during the whole process with your consumer proposal and afterwards as well.

The majority of bank lenders will require a proposal be paid in full. You will want to have savings, and this is above your mortgage down payment. You will want to make sure that you have some money set aside in case of any financial emergency. Being properly financially prepared can help with avoiding possible hardships in the future.

Showing that you have been working on reestablishing your credit over the past few years can help to show your improved reliability with banks/lenders.

After 3 Years of Completion

One last thing is to make sure that once three years have passed since fully completing your consumer proposal, that it is fully removed from the credit bureaus in Canada. After 3 years, your consumer proposal should be removed from your credit history.

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt, call us at 1-844-962-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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the service was excellent, Grace Cuffaro and Serena Sklar was very helpful and knowledgeable.
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Trina was Very pleasant and professional to deal with made the process absolutely easy no stress at all explained everything simplified it down so I could understand it would definitely recommend it
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This place is great! Grace answered all my questions, very welcoming and I never felt judged! So far everyone I have dealt with was super polite, thorough and treated me with respect! 10/10 recommend!
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They are very accommodating and very respectful. They do very professional and make sure your worries are being addressed. Excellent job Samycha thanks for the help.
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Very helpful with all the inquiries and satisfied with their service!. Great company to work work with.
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Treated very well. They showed me a great deal of respect. Felt a load had been taken off my shoulders. Would highly recommend.
Ken Burgess
Your staff was all very helpful and kind. They did not make you feel like a lesser person. We are so happy we went to see you to get us out of debt.
Lawrence Wolfe
My experience working with Trina and then the rest of the team was great. They listened to all my concerns and addressed them.
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Great company with amazing experience. Satisfaction guaranteed. All information provided from experts help understand whole processes.
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5 Star Trustees with alot experience. Answer all my questions needed.
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