In many cases the answer is yes. It is a matter of credit repair and the amount of down payment you have available. First things first: ensure you are prepared to take on major new debt. It is wise to pay off your consumer proposal completely before considering a new mortgage. Next up: down payment. If you have at least a 20% down payment, you may be able to buy again as soon as the day after you complete your proposal. Note: You will almost always be working with a B-lender or a private lender, talk to us about your options. Tip: Make sure you are also working to rebuild your personal credit history while you are working your way through your consumer proposal. If you have less than 20% down payment, you will be looking for a high-ratio mortgage - which has default insurance - provided through either CMHC, Sagen or Canada Guaranty. In this case, you will need at least two years (from the date you complete your proposal) of clean, re-established (new) credit. Tip: it’s best if you have at least two tradelines (credit card, loan, line of credit, etc.) with limits greater than $2,000 and balances under the 50% threshold. Contact us for more information. We’re here to help! #ConsumerProposal #MortgageAgentsHelp #MortgageAgentsSaveYouMoney #MortgageAgents #MortgageAgentOntario #MortgageAgent #TheAxiomAdvantage #Mortgages #MortgageQualifying #MortgageRules Reposted from @masteryourmortgage https://www.instagram.com/p/CVxpwF7l1qZ/?utm_medium=tumblr
