Guidance For Getting A Mortgage Following Bankruptcy

1
Guidance For Getting A Mortgage Following
Bankruptcy
2

• If youve been unfortunate enough to go through a
  bankruptcy or consumer proposal, and need to
  apply for a mortgage loan to purchase a property,
  youll find that it might be a lot tougher than
  you anticipated.
• Around 100,000 Canadians apply for bankruptcy or
  a consumer proposal every year, and this can be
  for any number of reasons, from the closure of a
  business to a divorce. The situation can be
  stressful and depressing enough, without then
  learning that applying for a mortgage is going to
  be problematic.
• Fortunately, while the application process is
  more difficult and your eligibility will be
  scrutinized, there are some options available to
  you if youve been declared bankrupt and want to
  apply for a mortgage.

3

• Can you apply for a traditional mortgage
  following bankruptcy?
• If youre in a position to purchase a new home
  and have a bankruptcy on your record, its still
  possible to find a good rate, and while a
  traditional mortgage may give you the best rate,
  you must be able to meet the following
  requirements
• Have been discharged from bankruptcy for at least
  two years and one day
• Have established credit for 2 years of that
  duration
• Have the ability to put a 5 down payment on the
  property you wish to buy

4

• While it may still be possible to obtain a
  mortgage if youre within the two year discharge
  window, you will likely need a bigger down
  payment and might also be forced to pay a much
  higher rate of interest.
• Working with a mortgage broker
• The entire mortgage process following bankruptcy
  can be made so much simpler if you work with an
  experienced mortgage broker from the outset, as
  they can help you establish what you can truly
  afford, and help you find the best possible rates
  for that purchase.

5

• Other tools to help you
• Aside from seeking help from a local mortgage
  broker, there are a few other tools that you can
  take advantage of to help you, such as an online
  mortgage calculator, which can help you
  understand what you can afford. Seeking a
  mortgage pre-approval can also help you
  understand what you can realistically expect to
  be approved for, and your mortgage broker can
  help you with this.
• Many reputable mortgage brokers offer free
  consultations, so if youve been declared
  bankrupt and are seeking to purchase a new home
  or any other property, youve got nothing to lose
  by getting professional advice and guidance from
  a mortgage broker.

6

• Mortgage-broker-Calgary is your best resource for
  finding a mortgage for your property. Luke Wile,
  is the best Calgary mortgage broker and is proud
  to serve clients from across Canada, while being
  centered in Calgary, Alberta. Luke is proud to
  serve his clients with a personalized approach to
  finding his clients the best and lowest Canadian
  interest rates and terms offered by the major
  banks and private lending institutions. If you
  are looking for mortgage brokers in Calgary AB,
  with Luke Wile you can get fast and personal
  expertise for your mortgage. Contact us today!