GETTING A MORTGAGE AFTER A CONSUMER PROPOSAL OR BANKRUPTCY
- johnathanmcquoid
- Jan 17
- 2 min read
Life happens — and sometimes finances take a hit. Whether it’s a consumer proposal or bankruptcy, it doesn’t mean homeownership is off the table forever.
With the right strategy, you can rebuild, re-qualify, and get approved again. Here’s how 👇
💡 You’re not alone
Many Canadians go through financial hardship. What matters is how you rebuild — and the good news is that lenders do work with clients who have had proposals or bankruptcies.
As mortgage professionals, we:
✔️ protect your credit
✔️ negotiate with multiple lenders
✔️ match you with institutions that specialize in recovery mortgages
✔️ help rebuild your profile strategically
📌 If you’ve had a consumer proposal
Here’s the upside:
You’ve already developed the discipline of making consistent monthly payments — which is the same skill needed for mortgage responsibility.
After a proposal, you can:
✔️ continue saving to build a down payment
✔️ begin re-establishing credit
✔️ use secured credit cards to rebuild
✔️ qualify again once enough credit history is restored
If you already own a home, some lenders will even allow you to refinance to:
✔️ pay out your consumer proposal early
✔️ reduce monthly obligations
✔️ accelerate your path back to traditional lending
📌 If you’ve gone through bankruptcy
Approval depends on:
✔️ how long it has been since discharge
✔️ how much down payment you have
✔️ how much equity you have (if you already own a home)
Some lenders will approve you sooner with a larger down payment, while others require a longer waiting period.
Rates will vary based on risk, but you can move back to prime lenders over time with consistent credit rebuilding.
💬 Final Thought
Bankruptcy or a consumer proposal isn’t the end of the road — it’s just a reset.
With proper planning, credit rebuilding, and guidance, you can qualify for home financing again.
If you want help mapping out your next steps, message The Frontline Mortgage Group anytime. We’ll guide you through the process and protect your credit along the way. 💬