Richmond BC, Canada- Prospective borrowers and homebuyers who have had or likely to go through credit problems are often faced by a question on the impact of public record such as debt consolidation/counselling or bankruptcy when applying for a mortgage.
Generally, record such as bankruptcy as well as debt consolidation/consumer proposal will likely stay in the credit report for a long period of time. In Canada for example, record appears up to 7 years for bankcruptcy. Lenders or banks look at the borrower's profile based on re-established credit (after the bankruptcy or after one had concluded a consumer proposal).
A mortgage broker can look at an application and give advice on client's particular situation prior to sending it to lender or bank.
Down payment certainly can help. How much downpayment you are able and willing to put up also counts (let's say 5% , 10% or 20%) and depending on the type and value of property you are buying, the amount may be substantial.
In addition, credit scores of applicant will have to satisfy lending requirement.
Applicants who have may have some credit problems ideally try to come up with at least 20% down in addition to acceptable credit scores.
To learn more information about getting a mortgage in Canada, please visit: http://sheila.iclickmortgage.com or http://imambo.com/clnt/dominion/sheila/plyr/
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