Buying a home after you’ve gone through financial turmoil isn’t impossible. In fact, if you’re taking positive steps to improve your financial situation, there’s definitely a light at the end of the tunnel. If you’ve gone through a foreclosure in Calgary, Edmonton, or anywhere in Canada, here are some tips on getting approved for a home again.
Wait: time will be your ally in this process. The waiting period can be anywhere from 1 to 7 years sometimes, but the more time you have to clean up your finances and get back on track, the better. Plus, every financial institution will have different guidelines for waiting periods after foreclosures as well.
Clean up your credit: buyers after a foreclosure must have very clean or perfect credit reports in order to be approved again for a loan. Ensure you get working on repairing your credit: pay bills on time and start budgeting.
Consult a professional: the best advice you can get is from a professional who can advise you on your specific financial situation. Speak to a Westcor mortgage professional in Calgary or Edmonton if you have questions on this topic.