A concept showing a stressed person due to bankruptcy

Personal bankruptcies are as daunting as they are common. However, Canada’s bankruptcy rate is declining.

When it comes to filing for bankruptcy, know that you might have to give up many financial benefits and perks. Another question that may haunt you is, “will I be able to get a mortgage after bankruptcy?”

Luckily, we come bearing good news! Yes, you can get a mortgage if you’ve filed for bankruptcy; if you want to know how, continue reading this blog!

Once you’re discharged from bankruptcy, it’s time to turn over a new leaf. You get to start over and establish yourself as a credible borrower by improving your credit score.

What are the Criteria to Qualify For a Mortgage Loan?

Private mortgage lender companies are very flexible and swift when it comes to providing excellent solutions for people who’ve had financial troubles in the past.

You may qualify for a mortgage loan at today’s best rates if you:

  • Have been discharged from bankruptcy at least two or more years ago
  • Have utilized these years to rebuild your credit
  • Have the money to pay a 5% down payment on the property you wish to buy

A person showing her empty pockets due to bankruptcy

How Do I Quickly Repair My Damaged Credit?

We’ve come up with an effective yet quick strategy that’ll help you improve your score after your bankruptcy discharge. Here are some things you must do ASAP:

  • Start a saving account and limit your expenditure. Lenders are inclined toward applicants who’ve been watching how they spend.
  • Get a stable income. Although we offer unique and excellent mortgage plans for small business owners and immigrants, it’s recommended to streamline your monthly income if you’ve filed for bankruptcy.
  • From the copy of the application form to the official discharge statement, keep your bankruptcy documents safe and secure.
  • Apply for an RRSP loan—it’s a great opportunity for you to rebuild your credit in a short time.
  • Examine your credit report after bankruptcy and ensure that it’s up-to-date, correct, and paid off on the credit bureau.

Post-Bankruptcy Mortgages

The main thing to remember is not to get into financial trouble. A bankruptcy shows that you have been insolvent in the past, and to obtain a mortgage, you must stay on top of your payables. Credit lenders like us have experience in dealing with clients with low scores, but overall, you must try to become solvent as possible.

Looking for an Expert Bad Credit Lender in Alberta, CA?

Although it takes up to six years to get bankruptcy out of your credit report, private lenders like us can help you obtain new mortgages without your bad credit getting in the way.

We are among the leading private mortgage lenders in Edmonton, Canada. If you require alternative mortgage financing options, give us a call at 1(780)756-1119 to get in touch with our experts or apply for the right mortgage here!