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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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time frame to apply for a mortage

how long do you need to wait after a bankruptcy to get a mortage.

Posted from: Ontario

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One Response to “time frame to apply for a mortage”

A licensed trustee said...

Legally you are not required to wait at all – you may apply for a mortgage even while you remain bankrupt (as long as you tell the lender that you are bankrupt). Of course, the odds of getting approved are somewhat limited…

From a practical standpoint, most lenders will tell you to wait for a least 2 years after your discharge to apply for a mortgage. Further, you should expect to pay a premium (ie higher interest) on the first mortgage you are approved for so make sure you agree to the shortest term possible. The lender will suggest 5 years – you want to agree to 1. Once the mortgage is up for renewal you should qualify for a better rate…