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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Very knowledgeable, helpful and fast service
Anthony Mcfeat
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I am so delighted to have found this company. They are the best. Everyone in the office is very nice never to busy to assist you. Thank you David Sklar and Shirley and associates for being you. 😊🌺😊
Deborah
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Trina was amazing and quick. No judgement was made and they all made me feel I made the right decision. Would highly recommend them
Crystal Minaker
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Trina was very easy to work with. Any questions I had were answered promptly. What seemed like a complicated process was explained in a clear manner that wasn't at all intimidating. It made for a more comfortable experience during a turbulent time.
Eldon Aubie
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Jackie is very professional...I would recommend David Sklar to anybody especially knowing how understanding they are.
Kimberley Lyder-Niles
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I had Shirley and Kim take care of my finances. From the very first moment I spoke with Shirley I could sense how caring, professional and patient she was. She was also very understanding with my lack of financial knowledge and never made me feel dumb as some other companies have.Her and Kim were always very quick to respond to emails, always available if I called and answered my abundance of questions in such detail that I now believe I have a thorough understanding of how finances work. I am hopeful about my fresh financial start and very grateful I had the privilege of meeting and working with these two beautiful women.I also spoke briefly with Richard over zoom and he to was extremely friendly, patient and made sure I was well taken care of.I could not recommend David Sklar and Associates more. Thank you again.
Shayleen Muzi
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Good professional team! Jennifer is the best, helped me through everything and answered all my questions. Made the process easy! Would recommend Jennifer and the team at David Skylar.
gary round
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Christine and her team are amazing and professionals. I called for help and she responded right away to help me.thank you and I really appreciated for everything you do.
Marcelina Sunas
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Thank you so much for the helpYou took away the most stressful things in our lives which was our dept you guys are amazing and would recommend you to everyone
Kaitlyne Sunas
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The staff here are fantastic (Cori handled my visit) and are willing to go above and beyond to help people who need help, I recommend them 100% for people who are looking to move on in good standing.
Vito De
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