During times of economic uncertainty, which is arguably what Calgary is dealing with right now (at least in some industries), people tend to plan for the worst. Lenders understand that life happens and things we don’t plan for or expect can take a toll on our finances sometimes. Life isn’t over after a foreclosure, in fact buying a home after you’ve suffered financial turmoil isn’t impossible either. If you start taking positive steps to improve your financial situation, financing is still an option. Here’s some simple steps to getting mortgage approval once again.
The waiting game for your credit to improve 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. But it’s also important to note that every financial institution has different guidelines for waiting periods as well.
Once you’ve gone through a foreclosure, you’ll need very clean (or perfect) credit reports in order to be approved again. Start repairing your credit by paying bills on time, budgeting, etc. You can check out some more advice for building credit here.
Don’t try to weather the storm alone; the best advice you can get is from a mortgage professional that can advise on your specific situation. Every situation is different, and there may be some options you haven’t considered yet. If you need some advice, you can contact me anytime, alternatively you can reach me via Twitter as well.
