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Applying for a Mortgage After Declaring Bankruptcy
Can I Qualify for a Mortgage After Declaring Bankruptcy?
In short, the answer is yes. You can qualify for a mortgage even after declaring bankruptcy. After being discharged from bankruptcy, one has the opportunity to start over. All debts have been cleared and the opportunity to reestablish credit rating and accumulate financially beneficial assets presents.
When you are in a position to purchase a new home, be sure to find the best mortgage rates possible. Contact an independent mortgage broker to help you establish what you can truly afford and the best mortgage rates available on that purchase. You may even qualify for today's best mortgage rates if you meet the following three criteria:
- You have been discharged from bankruptcy for at least two (2) years
- You have established credit for two (2) years of that duration
- You can contribute a five per cent down payment on the property on which you wish to buy
If you have been discharged from bankruptcy for less than two years, or have not yet established one year of credit after a bankruptcy discharge, it is still possibile to apply for a mortgage but you will most likely need a larger down payment. You may also need to pay a higher interest rate.
Home budgeting starts with the use of an online mortgage calculator and a mortgage pre-approval. These tools will let you know your true financial parameters, and keep you on track as you search for your next property. Contact a mortgage broker for a free consultation to discuss your options.