Getting a new mortgage

Hi. I have paid into my mortgage for almost 4 years, which is in excellent standing, and had to file a consumer proposal just over a year ago. My spouse and I are expecting our first child together and have his youngest daughter living with us. We are looking at getting a bigger home for our expanding family but my mortgage carrier says I would have to be pre-approved for a new mortgage. Is that still possible while under a consumer proposal or will that stop me from from being able to change into another home

Posted from: Ontario

One Response to “Getting a new mortgage”

A licensed trustee said...

It is unlikely you will be approved for a new mortgage during your consumer proposal. Your existing mortgage company may be willing to “port” your mortgage to a different home – that is a discussion you should have with them BEFORE you go looking at houses…