Applying for a Mortgage After Declaring Bankruptcy

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Can I Qualify for a Mortgage After Declaring Bankruptcy?

In short, the answer is yes. You can qualify for a mortgage even after declaring bankruptcy. After being discharged from bankruptcy, one has the opportunity to start over. All debts have been cleared and the opportunity to reestablish credit rating and accumulate financially beneficial assets presents.

When you are in a position to purchase a new home, be sure to find the best mortgage rates possible. Contact an independent mortgage broker to help you establish what you can truly afford and the best mortgage rates available on that purchase. You may even qualify for today's best mortgage rates if you meet the following three criteria:

  • You have been discharged from bankruptcy for at least two (2) years
  • You have established credit for two (2) years of that duration
  • You can contribute a five per cent down payment on the property on which you wish to buy

If you have been discharged from bankruptcy for less than two years, or have not yet established one year of credit after a bankruptcy discharge, it is still possibile to apply for a mortgage but you will most likely need a larger down payment. You may also need to pay a higher interest rate.

Home budgeting starts with the use of an online mortgage calculator and a mortgage pre-approval. These tools will let you know your true financial parameters, and keep you on track as you search for your next property. Contact a mortgage broker for a free consultation to discuss your options.

Our Disclaimer: Although we make every attempt to ensure the accuracy of our website, we recommend you use the above mortgage information as a guideline only. Mortgage interest rates and product availability are subject to change without notice at any time. Certain rates or mortgage products require a minimum credit score, loan amount, or down payment amount and may only be available in specific lending areas. A quick closing loan condition may be required (does not apply to mortgage pre-approvals). For more information, contact Super Brokers by using our online mortgage application.
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Mortgage Amortization Calculator
An amortization is the amount of time scheduled to completely pay off a loan, and the amortization length you choose is important in shaping how much you'll end up paying for your home. While the Government of Canada's national housing agency caps the amortization period for high-ratio mortgages at 25 years, and that is the most popular amortization length in Canada, amortizations can range anywhere from 5 to 30 years for uninsured mortgages. Try our easy to use mortgage calculator to see how changing the amortization length affects your loan payments.
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