Qualify For A Mortgage After Your Consumer Proposal

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Getting through a Consumer Proposal is no small achievement – insolvency is a humbling experience, but paying down your debts with a Consumer Proposal is a moment you should be proud of. You’ve probably been told that a bankruptcy or a Consumer Proposal gives you a second chance – in only a few years, it will even be off your credit rating. But if you want to take out a major loan after going through a Consumer Proposal, there’s still more to do, but there is a path to rebuilding your credit so that you can qualify for a bank loan, a better car loan, or a mortgage.

Homeownership is one of the biggest financial goals that can be jeopardized by insolvency. It’s a major financial commitment, and banks and mortgage brokers may not be willing to take on too much risk to offer you a mortgage.

A bad credit rating is a red flag for potential new creditors that says you’re a higher risk borrower, because you’ve run into insolvency in the past. The cost of taking on more risk, if you qualify at all, is a higher interest rate. In a city like Toronto where the average home price is still nearly $750,000, you simply can’t afford higher interest rates on your mortgage.

But your credit rating doesn’t have to stay that way forever; you can rebuild and with time, qualify for a mortgage at a better interest rate. Part of the Consumer Proposal process with David Sklar & Associates is going through credit counselling, where we teach you about using credit wisely to re-establish your credit rating and move on from these difficulties. These are some of the things you can do to rebuild your credit and qualify for a better mortgage:

Pay Your Consumer Proposal – The first step is finishing your Consumer Proposal, as it takes three years after completion for it to slide off your record – and that’s a big difference between bankruptcy and a Consumer Proposal to keep in mind. If you have any more questions about the difference between bankruptcy and a Consumer Proposal, feel free to ask us at David Sklar & Associates.

Get a Secured Credit CardSecured credit cards were made with rebuilding credit in mind; it’s backed by a savings account where you deposit money as a collateral. With a low limit, it gives you the chance to rebuild your credit at a low risk to the lender, rehabilitating your credit history.

Save a Down Payment – In Canada, down payment rules have changed. A five percent down payment is only the beginning; homebuyers must now provide a ten percent down payment on the cost over $500,000, which means most Toronto homes.

If you’re still not sure how you can rebuild your credit rating and get back on the path to saving for a mortgage, credit counselling at David Sklar & Associates can help. If you’re ready to start reaching for your financial goals again, contact us today to discover your path to successful savings. Your new home is waiting!

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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Great experience i was in financial trouble and someone of my friends recommended this company. Cori is a wonderful and welcoming person she did a very good job and came up with a smooth and flexible monthly payment after the reduction. i highly recommend this company. Thank you David sklar and special thanks to Cori.❤️🙏🏻
Jasmine Joseph
22:08 13 Jan 23
Met up with Mr. Jason Sklar to discuss more in person, very thorough and clear. He is very kind and thoughtful, I will be referring anyone with the same situation to David Sklar & Associates.
Ariel Domingo
02:33 29 Dec 22
I was a reck talking yo Jason Sklar was easy comfortable he explained everything and put my mind at ease I would recommend the team od sklar to everyone. I have already talked to my ci workers about them
kevin mcweeney
01:13 22 Dec 22
The team at David Sklar & Associates is fantastic.I worked with Jerry whom not only made - what seemed like intimidating process to initiate at first - comfortable.He made everything transparent and took the time to explain the process every step of the way.He was kind, attentive, and professional. Everything was made straightforward and stress free and we found a solution together that worked.Thanks to Jerry and the team.
Jordie Angiolillo
18:22 21 Dec 22
From day one till the end which is today😁 DavidSklar gave me a 5star service and treatment. And I will 100% recommend him and his Associates. This is the best Christmas present ever! Thank you David! More business to come! Merry Christmas and a Happy New Year!!!
barbee diaz
16:37 16 Dec 22
I FOUND DAVID SKLAR & ASSOCIATES BY GOOGLING "BANKRUPTCY" (EARLY NOV. 2021). ON NOV.4, 2021 I HAD A MEETING WITH CORI NARON AT HER OFFICE AT ST CLAIR ANDBATHURST. HER POSITIVE APPROACH TURNED ASTRESSFUL SITUATION INTO A STEP BY STEP UNDERSTANDABLE PROCESSON SEPT. 23, 2022 I OBTAINED MY AUTOMATICDISCHARGE FROM BANKRUPTCY AND MY CERTIFICATE OFDISCHARGE.THANK YOU CORIBRUCE BURGESS
bruce burg
21:35 02 Dec 22
Jerry was wonderful and provided superb service. He is very knowledgeable, trustworthy, and made an intimidating and shame filled time in my life stress free. I hesitated for a long time to take the next step, but Jerry answered all questions, was patient and made the process effortless. I am eternally grateful, and highly recommend Jerry’s services.
M J
18:41 01 Dec 22
Jerry was professional and was easy to deal with
Debbie Asquith
00:09 29 Nov 22
I was quite nervous and a little embarrassed that I needed financial advice. I met with Jerry Janiec and he was very helpful. He made me feel comfortable and explained everything in easy to understand terms so that I understood what my options were. I would recommend David Sklar & Associates for anyone in my position.
Melissa Blackburn
19:53 17 Nov 22
I was fortunate enough to be referred to David Sklar & Associates Inc. by a family member. Now in the10th month of a Consumer Proposal process, I am very impressed with the organization, professionalism and impeccable customer representation that I have experienced. To this effect, I amparticularly thankful to Jerry Janiec and Rhoda Lewis for their excellent work.
Suzanna Vaclavik
12:21 16 Nov 22
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