Bruised Credit

What happens when life happens?

Life happens to all of us. In these current economic times it’s important to choose a mortgage professional that understands this. There are lenders and products available to help individuals who have gone through bankruptcy, OPD, and consumer proposals or simply a financial rough patch. Even if I can’t qualify you today, I’ll give you helpful tips and walk you through the necessary steps and stages to get you well on your way to home ownership.

Have you been discharged from Bankruptcy, consumer proposal or orderly payment of debt?

With most lenders it is a requirement that you’ve been discharged from bankruptcy, orderly payment of debt or a consumer proposal. In the case of OPD (orderly payment of debt) and consumer proposal, I have mortgage options that will still allow you to realize your dreams of home ownership today!

How long have you been discharged from bankruptcy?

Bankruptcy is the one situation that you must be discharged in order to secure a mortgage. Generally you should be discharged for 1 year, with re-established credit of at least 1-2 years. Secured credit cards and loans are the most effective way to begin re-establishing your credit.

Have you re-established?

Re-establishing your credit after a bankruptcy or consumer proposal can be accomplished in a couple of ways. Generally speaking, lenders are looking for 2-3 credit type of accounts. Secured credit cards, personal loans and vehicle loans are the most effective way to begin the re-establishing process. Here is a link to a secured credit card application that makes the process simple and easy to secure an approval.

http://www.hometrust.ca/securedvisa.aspx