After bankruptcy
Once discharged, options open up quickly. Some lenders will look at you the day the discharge is issued, with the right down payment and story.
05 — Recovery
A score isa snapshot.Not a sentence.
Bankruptcy, a consumer proposal, a rough year — none of it makes you unfinanceable. It changes which lender you belong to, and what the road back looks like.
- 24 hTypical turnaround on a complete file
- EquityWeighs more heavily than the score
- 12 moA realistic path back to conventional lending
- 1Payment, if we consolidate what is dragging you down
Credit scores tell part of the story
A credit score is a number generated from your past. It does not know that the missed payments were during a divorce, or that the collection was a disputed phone bill, or that the business recovered eighteen months ago. A bank decision engine does not know either, which is why it says no.
We look at the whole picture — what happened, when, whether it is resolved, what the property is worth, and what your income looks like now. Then we place the file with a lender whose rules were written for exactly that situation. Alternative and private lenders price on equity and on the story, and they are used to files that have been through something.
The point is not just to get you financed today. It is to get you back to an A lender. A mortgage that is paid on time every month is one of the fastest ways to rebuild a credit profile, and twelve months of that changes what is available to you.
What we can do here
During or after a consumer proposal
A proposal can often be paid out through a refinance, which both clears it and removes the ongoing drag on your file.
Collections and judgments
These usually have to be paid out on closing. That is arrangeable — the mortgage itself frequently funds the payout.
Late payments and thin credit
A handful of missed payments, or almost no credit history at all, is a placement problem rather than a refusal.
Debt consolidation
If high-interest debt is what is drowning you, rolling it into the mortgage cuts the monthly cost substantially and stops the damage compounding.
A written road back
Every file comes with the plan: what to pay, what to keep open, what not to touch, and when to come back and refinance to a better rate.
How it runs
From first call to funded.
What to have ready
- Discharge papers if you have been bankrupt, or your proposal documents
- A list of any collections, judgments or arrears with amounts
- Proof of income — pay stubs or tax filings
- Mortgage statement and property tax bill if you already own
- An honest account of what caused the damage and what changed since
- Photo ID
- 01
Tell us what actually happened
Bluntly. We have heard it and it does not change how we treat you — but it does change which lender we approach.
- 02
Pull the picture
Credit report, property value, current income. We look for the reasons a lender would decline before anyone submits anything.
- 03
Place it
Alternative or private, depending on the file. Terms and all fees disclosed in writing before you commit.
- 04
Rebuild
A twelve-month plan with specific actions, then we refinance you into better pricing once the file supports it.
Questions
Bad credit — the common questions.
More in the full FAQ, or call 416 230 2920.
What credit score do I need to buy a home?
Conventional lenders will look at scores from around 550 with the right file. Below that, alternative and private lenders price on equity instead of score. There is no score at which nothing is possible — there is a score at which the price changes.
Can I get a mortgage during a consumer proposal?
Often, yes — and frequently the better move is to pay the proposal out through the mortgage, which both clears it and stops it dragging on your file. It depends on equity and on how much of the proposal remains.
How soon after bankruptcy can I get a mortgage?
Once discharged, some lenders will consider you immediately with sufficient down payment. Two years of re-established credit after discharge generally puts conventional lending back on the table.
Will this cost more than a normal mortgage?
Yes, while your credit is impaired. That is the trade — access now at a higher rate, with a plan to refinance into better pricing once the file supports it. We tell you the total cost in writing before you commit.
Talk to a broker