Mortgage after Bankruptcy with GoToBrokers & Alternative Lending Choices
Bankruptcy is on the rise and mortgage lenders have policies that enable them to assist you. Along with bankruptcy, the consumer proposal client has also grown.
If you have had to file for bankruptcy or enter a consumer proposal, have no stress there are multiple lenders with policies that will make your entry back into the mortgage industry less expensive and easy.
As each filing is unique, we need to have a conversation to determine who the creditors were included. Once we know this body of lenders we will know where your mortgage will be best placed.
The great news is your down payment after filing bankruptcy will only be 5%. You will qualify if there was no real estate included in your bankruptcy. Should you have had real estate included in the bankruptcy then we will have to shift over to 20% down.
Should you wish to enter back into the real estate market immediately after your discharge, you will have no difficulties with 20% down.
The standard terms used for entering the real estate market with minimum down is being discharged for 2 years and having one-year new credit established since the discharge.
Bankruptcy and consumer proposals are used at a time in one’s life when finances are under stress. Shift happens! We know this and so do the lenders. We all understand and are here to help you back into the financial aspects of real estate.
Should you own your home and wish to withdraw equity you will have no trouble proceeding as we have multiple lenders from mainstream financial institutes to alternative lenders.
Alternative Lenders for Everyone!
This type of lending is used also, with clean credit, should you just prefer not to do business with lenders and jump through the traditional paperwork requirements. For many individuals, the slight increase in cost and flexibility of mortgages will choose this route.
Some will use this form of mortgage for building homes. Again, the option of not having to meet the paperwork requirements of the lender may be more desirable.
As well as the examples above one may use this money source to access equity within the home to assist with short-term needs. This can be applied to a smaller second mortgage behind your first mortgage.
Large land developers will also use this form of borrowing as again the paperwork does not work for their structures.
In Canada, there are multiple reasons why Alternative lending is favored among many.
When using alternative lending choices there are broker fees. Please speak with us as I am sure you will find our fees far less than the industry standard.
GoToBrokers is well-connected and has an exceptionally large pool of Alternative Lenders.