June 3rd, 2008 by Questions
Will a bank lend me the money to buy a house while I am on a Consumer Proposal?. The terms of the Proposal have been maintained.
Posted from: Ontario
June 03, 2008 at 9:24 am, Barton Goth - Goth & Company Inc. - Bankruptcy Trustees said:
I have seen a number of people in your same situation that have been able to obtain a mortgage, but it took a little work. When approving a mortgage the bank looks at your credit rating, your earnings, your expenses, the stability of your job, the size of your downpayment, the types of assets you own and the amount of debt you have. As long as you have a number of these in this list that are quite positive you have a good shot, but remember the negative comments on your credit history and the presence of a proposal are going to provide challenges you will need to overcome. From what I have seen the best way to do this is with a larger down payment, often the size of the down payment goes a long way.
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