A couple, in their 30’s, contacts me for a mortgage. They want to buy a new home. She is a teacher, he is a Manager at a computer firm. Incomes are good. I check their credit. Let’s stop here for a minute.. If they had good credit, an approval is simple and we would provide the clients with several mortgage options.
But let’s assume that this couple ran into some debt and credit issues 3 years ago… and they made 3 different choices about how to resolve those credit problems. Credit counselling, Consumer Proposal and Bankruptcy. And I’ll bet the results will surprise you…I want to take you through each scenario and show you how long each of these 3 options affect your ability to finance a home.. Read the rest of this entry »