• About Us
    • What’s New at BNA
  • Debt Solutions
    • Debt Repayment Calculator
  • The Financial Facts
    • BNA Breaks Down Debt
    • Questions About Consumer Proposals
    • Personal Information Forms
  • Contact Us
  • (403) 232-6220
Menu
  • About Us
    • What’s New at BNA
  • Debt Solutions
    • Debt Repayment Calculator
  • The Financial Facts
    • BNA Breaks Down Debt
    • Questions About Consumer Proposals
    • Personal Information Forms
  • Contact Us
  • (403) 232-6220

How Long After a Consumer Proposal Can I Get a Mortgage?

  • BNA
  • October 17, 2019
  • Blog, Consumer Proposals, Questions About Consumer Proposals
how long after a consumer proposal can i get a mortgage

How Long After a Consumer Proposal Can I Get a Mortgage?

Short Answer

A lender can issue a loan any time, at their own discretion, however, in Alberta, a consumer proposal stays on your credit report for 3 years after the proposal is completed, and in general lenders will not issue a mortgage to someone until they have started to rebuild their credit rating.

Longer Answer

Most creditors in Alberta will not approve you for a mortgage while you are in a proposal. You can renew a mortgage though, while in a proposal, but your interest rate may be affected. We often advise clients to renew their mortgages first before filing one.

During the proposal, you can save towards the down payment and then apply for mortgage approval afterward. If you have included a mortgage shortfall in a proposal or bankruptcy you may not qualify for further CMHC insurance in which case you will need a bigger deposit.

The ability to borrow money is based on your credit score, as well as your income, other debts, and your past financial history. The quicker you pay off your proposal, the sooner it will be purged from your credit report, which means paying off your proposal as fast as you can is the best way to rebuild your credit quickly.

Related Questions About Consumer Proposals

How Long After a Consumer Proposal Can I Get a Credit Card?

BNA October 17, 2019

Short Answer Generally during the process you can apply for a secured credit card, and will work your way back to an unsecured card after

Learn More »

Do Consumer Proposals Include Vehicles in Alberta?

BNA October 17, 2019

Short Answer If you have a shortfall on a vehicle, then yes, this can be included. (If your vehicle has been repossessed or you wish

Learn More »

What debt can I include in a consumer proposal?

BNA June 27, 2019

Short Answer Essentially all your unsecured debts can and should be included but some will survive and not be written off in the process. A

Learn More »

Recent Posts

Can you renew a mortgage while in a Consumer Proposal?

Canadian Emergency Debt Relief?

Episode 18 – Is mortgage a good debt?

Categories

  • Questions About Consumer Proposals
  • Consumer Proposals
  • Customer Stories
  • Podcast
  • Education
  • Debt Consolidation Loan

Archives

  • 2022
  • May 2022
  • April 2022
  • 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • 2019
  • December 2019
  • November 2019
  • October 2019
  • August 2019
  • June 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • 2018
  • December 2018
  • November 2018
  • October 2018
  • February 2018
  • January 2018
  • 2017
  • October 2017
  • August 2017
  • May 2017
  • 2016
  • June 2016
  • May 2016
  • March 2016
  • February 2016
  • January 2016
  • 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • March 2015
  • February 2015
  • January 2015
  • 2014
  • December 2014
  • November 2014
  • September 2014
  • July 2014
  • June 2014
  • May 2014
  • March 2014
  • February 2014
  • 2013
  • November 2013
  • October 2013
© All rights reserved. BNA 2021
  • About Us
  • Debt Solutions
  • The Financial Facts
  • BNA Breaks Down Debt
  • Contact Us
  • Privacy Policy
Menu
  • About Us
  • Debt Solutions
  • The Financial Facts
  • BNA Breaks Down Debt
  • Contact Us
  • Privacy Policy

CALGARY

  • 150 – 703 64th Ave SE
  • Calgary, AB T2H 2C3
  • Call us: (403) 232-6220
  • Toll Free: (888) 232-6220
  • Fax us: (403) 232-6262

EDMONTON

  • #200, 6005 Gateway
  • Boulevard Edmonton,
  • AB T6H 2H3
  • Call us: (587) 400-4627
  • Fax us: (403) 232-6262