Mortgage after a bankruptcy or consumer proposal

A bankruptcy or a consumer proposal does not close the door to financing. It changes the path: the lender looks at the discharge date, the credit rebuilt since, and the down payment.

Depending on where you are, the right lender is ordinary, alternative, or private, and the plan is to climb one tier at each step. We price when your file becomes financeable, not only whether it is.

Find out where I stand

I place your file and plan the climb

I read your credit file with you, spot the accounts still carrying the bankruptcy note and those correcting it, and calculate the time left before insurers and ordinary lenders accept you. Then I target the tier of lender that takes you today, with the rate and down payment it implies.

A bank will say no as long as its criteria are not met, without telling you when they will be or who would accept in the meantime. I know the alternative lenders that finance after a recent discharge, their conditions, and the short term that allows switching to an ordinary lender afterwards without a heavy penalty.

How it works

We establish the dates
Discharge, end of the proposal, opening of the new accounts. That calendar decides which lender is possible.
I read the credit file
Errors to correct, accounts to close or reopen, what remains to be shown before the application.
I target the lender tier
Ordinary if the waiting period has passed, alternative otherwise, private as a last resort and on a short term.
We write the exit
The date and the conditions for switching to cheaper financing, tracked during the term.

Two things people learn too late

The clock starts at discharge, not at filing

Two years since discharge, or since the last payment on a proposal: that is what insurers look at. A proposal signed three years ago but paid off six months ago counts for six months.

Rebuilt credit is proven with accounts kept in good standing

No account opened since discharge is an empty file, not a clean one. Lenders want to see two accounts used and paid without delinquency for two years.

What it costs you

With an ordinary or alternative lender, the lender pays me. Private financing often carries fees, announced in writing before we start. What it costs, in detail

Two readings to prepare the climb

Credit and the down payment decide the lender tier.

Reading your credit fileWhat to check and correct on the report before an application goes in.Private mortgageThe last resort when nothing else passes, and how to leave it with a date.

Frequently asked questions

How long after a bankruptcy can you buy?

For an insured loan, insurers generally ask for two years since discharge and rebuilt credit with at least two accounts kept without delinquency. Alternative lenders finance earlier, with a higher down payment and a higher rate.

Is a consumer proposal treated like a bankruptcy?

By lenders, in roughly the same way: the clock starts from the date the proposal is fully paid, not its signing. A proposal still in progress blocks most ordinary lenders.

What down payment is needed?

Five percent can be enough with an insurer once the waiting period is met. With an alternative lender, count on 20% or more, and more still with a private lender.

How do I rebuild credit effectively?

Two accounts, a secured or ordinary card and a small loan, used each month and paid in full, without delinquency, for at least two years. Not five accounts opened at once.

Can I return to an ordinary rate later?

Yes, that is the goal. An alternative loan is taken on a short term, with a dated plan to switch to an ordinary lender once the credit and the waiting period allow it.

Compare mortgage terms from different lenders.

Major banks, credit unions, and specialized lenders each apply their own criteria, products, and terms. A logo does not mean that a mortgage will be offered or approved.