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mortgage

my mortgage is due in about 4 years will a consumer proposal affect my renewal at that time? staying with the same mortgage lender.(assuming the proposal is approx. 4 years.)

Posted from: Ontario

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One Response to “mortgage”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

This is a question you are better off asking of the mortgage lender as each lender has different internal checks and balances. As a result of the proposal you will definately have a blemish on your credit, but at the same time a proposal will have cleared up a great deal of unsecured debt so any of the financial ratios the banks rely on will look very positive (i.e. debt to income etc.).

As a general rule I find if you are staying with the same bank your credit rating is less of an issue, but again each bank is slightly different