Timing: Buying a house and consumer proposal
June 6th, 2009 by Questions
I am thinking of filing a consumer proposal, but I am unsure of the timing. I will be moving to the U.S. for school this fall, and a family member offered to loan me money for a downpayment on a cheap house there, which I will pay back when I sell the house down the road. I have about 30,000 of debt and will be filing a consumer proposal soon. My question is: should I file before I apply for a mortage (I will have a cosigner with a large amount of true equity but still wonder if I will qualify for a mortgage under my name with an R7 on my rating), or after I do?
Posted from: Ontario
One Response to “Timing: Buying a house and consumer proposal”
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June 08, 2009 at 8:08 am, A licensed trustee said:
I think the fact that you have no US credit history will create more of a problem for you than a proposal in Canada. Likely, the mortgage approval will be granted based on your downpayment and the strength of your co-signer (assuming they have a history of borrowing in the US).
The thing to do is contact a lener in the US where you want to borrow and ask them what they think…