Mortgage after consumer proposal

House Mortgage

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 and live in the Toronto area, call us at 416-498-9200 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. 

Share This!

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on pinterest

Ready to live debt free?

The best decision I've made was to contact David Sklar & Associates, they are experts in this matters and also have dedicated Licensed Counsellors that provide the best customer support, like Rhoda Lewis, who I highly recommend. She worked tirelessly on my case, explaining ever detail to me willingly. She demonstrates a true interest in her clients. I appreciate how she patiently walked me through what to do, step by step. I now have control over my finances, as a result my life is much more peaceful and I can focus on what matters. Thank you!
Nilda H.
20:18 16 Jun 22
Very helpful and friendly! I am more than satisfied with my experience here. And more than happy with the outcome! Would definitely recommend .
Peggy Bulger
15:10 14 Jun 22
Jerry at David SKLAR helped me thoroughly understand my options and made me feel at ease. If you are looking at this type of service/help, I 100% recommend you give them a call.
Colleen H
12:50 14 Jun 22
Rhoda is a wonderful person, She help me and guided me throughout the process. I couldn’t do it without her support and expertise. Now I can start fresh and full of hope of a better life ahead of me.
ariezel erandio
21:33 06 Jun 22
The service I recieved from David Sklar and Associates was great. I was able to meet with Christin Sylver. She is kind, understanding and, professional. She was able to answer all the quesions that I had regarding my debt. At the end of our meetings, I felt that there is a heavy burden lifted from my shoulders. I recommend Chistine to anyone who is looking into debt relief.
Aliya H
12:11 04 Jun 22
Jerry is a very patient person, he answered all my questions and made this experience so smooth and easy for me. I was not sure what to expect but dealing with him made me feel so much better. He sure knows what he is doing and how to put people at ease for sure (should have done this long ago). I recommend him to anyone I am so glad I had him on my side and now to do my part. Thanks Jerry ur greatPattie
Patty Murphy
21:34 18 May 22
Rhoda Lewis helped me achieve a fresh start two and half years ago! She was very professional with a very warm, caring personality! I emailed her today with a question and she responded quickly. She's great at her chosen profession!!
Debbie Livingston
01:24 11 May 22
Nothing but good things to say about Jackie. She was so nice and so understand and everything was so quick and easy. In a matter of a week, there was the solution that I never thought was possible. Thank you so very much for everything that you have done. ❤️❤️❤️
Cassandra Keenan
21:05 10 May 22
I was in a lot of debt and stress, Jackie Stanley with David Sklar & Associates was very professional, and extremely helpful with getting out of debt. I should of did this sooner, they take the all the weight and stress of a persons shoulders, amazing team at David Sklar & Associates!!
Hubert Z
03:08 10 May 22
Jackie helped me out during a really tough time and she made the entire process very easy and painless. I highly recommend reaching out to her if you find yourself in any financial trouble. You won’t be disappointed!
prettylush 13
02:42 10 May 22
js_loader