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Get a mortgage after bankruptcy

Suffering through a bankruptcy is never an enjoyable process.  But the good news is that you can still qualify for a bankruptcy mortgage.  It generally depends on how much of a downpayment you have, whether you have re-established enough new credit, and how long it's been since you have been discharged from your bankruptcy.

We'll discuss all of your options below.  If you wish to apply immediately, please fill in our quick application form.

Let's talk about re-establishing credit first.  I know that when you have suffered a bankruptcy, the last thing you want to do is get involved with credit cards. 

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Many of my clients say that credit cards are what caused the problem in the first place, and they want to stay far away from them.  In many respects, that is a good thing.  But if you are trying to re-establish new, good credit, unfortunately it is necessary.

And the reason is this.  Credit cards are not a bad thing.  It is the misuse of them which is bad.  Uncontrolled spending, with the inability to pay them off shows an inability to handle credit.  Creditors want to see that you can control your finances.

Mortgage lenders understand that bad things happen sometimes.  But they wish to see that you have recovered from the bankruptcy and can show that you can incur debt and pay it off or down responsibly every month.  If they see that you can do this, they will be more willing to lend you a large amount of money.

Even though it may be difficult to obtain credit immediately after a bankruptcy, we suggest that you apply for a secured credit card, as a starter.  Secured credit cards require that you put money on the card in advance of you using it.  For example, if the card has a $300 limit, you would be required to pay the $300 to the credit card company, and then use the card like a debit card.  Capital One offers this type of card.

Over time, the mortgage lender is hoping to see 3 lines of credit ie 2 credit cards and a car lease.  The credit cards should be of the unsecured nature, and you should try to increase the credit limit.  A higher credit limit indicates to the mortgage lender that the credit card company has faith in you and that you pay your account on time.

How long do you have to wait before getting a mortgage again?  With a conventional Canadian mortgage lender, you will need to have been discharged for at least 2 years from bankruptcy, and have re-established credit for at least one year.  You will need at least a 5% downpayment, though many lenders will want you to have a larger downpayment.

With Subprime lenders and private lenders, they may only require you to be discharged from your bankruptcy, without a waiting period.  Their interest rates are higher and they may require a downpayment of between 15% - 25%.

Please check with us to learn what options are available for you.  Thanks.

All Applications are FREE and there is NO OBLIGATION to borrow

 

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