Getting a mortgage after bankruptcy can be challenging, but it's not impossible. Here are a few steps you can consider:
Rebuild Your Credit:
- Focus on rebuilding your credit score by making timely payments on any remaining debts.
- Obtain a secured credit card and use it responsibly to demonstrate your creditworthiness.
Save for a Larger Down Payment:
- A larger down payment may help mitigate the risks for lenders and increase your chances of approval.
Work with a Mortgage Professional:
- Mortgage brokers, like Dave Oliver TMG Mortgage Professional, may have access to a variety of lenders and mortgage products.
- They can help assess your specific situation and guide you on the best approach to secure a mortgage.
Provide a Strong Explanation:
- Be prepared to explain the circumstances that led to your bankruptcy and demonstrate how you've taken steps to improve your financial situation.
Consider Alternative Lenders:
- Traditional banks may have strict lending criteria, but alternative lenders or private lenders may be more flexible.
Be Patient:
- It may take time for your credit score to improve and for lenders to be more willing to work with you. Be patient and persistent.
It's crucial to consult with a mortgage professional who can assess your unique situation and guide you through the process. Keep in mind that the specifics of mortgage lending can vary among different lenders and regions. Always ensure that any professional you work with is reputable and licensed.
Typically with Insurers CMHC/Sagen and some lenders to qualify for an insured Mortgage with as little as 5 % down ,you need 2 new trade lines (Credit Card Car loan etc) for 24 months after discharge.
Call Dave Oliver 306 227 7367 TMG for details