CTV Morning Live: Mortgage Minute - June 28
Have you gone through a consumer proposal or bankruptcy and are concerned about not being able to obtain financing for a new home? Frank Napolitano discusses how to gain a lender's trust on this segment of CTV's Mortgage Minute.
Frank Napolitano from Mortgage Brokers Ottawa discusses potential homebuyer's concerns with their credit on today's segment of CTV's Mortgage Minute.
Frank explains that if you have gone through a consumer proposal or bankruptcy, you're not in an ideal position to obtain the best rates and mortgage products available; however there still are opportunities for you to obtain financing. Having at least 2 years worth of new and established credit is an important factor in gaining a lender’s trust.
Obtaining a new credit card is one of the recommended methods of re-establishing your credit card. However, you have to be mindful not to over-extend on it. Lenders will be looking at whether you've used the credit card responsibly.