Banking On the B-Word: How You Can Get a Mortgage in Vancouver After Bankruptcy

Marci • April 19, 2014

Getting approved for a mortgage loan after going through a bankruptcy might feel like an impossible feat to many. Though bankruptcy is certainly harsh on one’s credit, it isn’t actually the end of the world. If you’re banking on the B word being overlooked, you should know that there are several ways to achieve a mortgage after bankruptcy in Vancouver. Here are some ways you can up your chances of having that dreadful B word overlooked.

Avoid Discouragement and Shop Around for Lenders

One of the great things about getting a mortgage in Vancouver, whether after bankruptcy or not, is that every borrower has the opportunity to shop around for the right lender. Just because one lender says no, for example, doesn’t mean that another will have the same response. Going through a mortgage broker, rather than a bank, can be especially beneficial when looking for a lender after you’ve gone through bankruptcy. Since each private lender has their own rules when it comes to approving mortgage loans for borrowers with a past bankruptcy, you should not become too discouraged, even if several lenders say no.

Raise Funds and Trust for Your Down Payment

Another factor that is always taken into consideration, whether bankruptcy is in the mix or not, is the size of the down payment. The higher the down payment, the more trust the lender will typically have for the borrower, and the more likely they are to be approved. A high-ratio mortgage requires mortgage insurance by CMHC, and includes any mortgage with less than a 20% down payment. If you have a bankruptcy in your credit history, raising funds to get yourself above the threshold of a 20% down payment may be the key to getting yourself approved.

Work Hard to Re-Establish Credit

Re-established credit post-bankruptcy becomes important when shopping around for a mortgage and a lender who will consider approving your application. Even if it’s only been two years since the date of your bankruptcy, the lender may take into consideration the measures you’ve taken to re-establish your credit. This re-established credit should reflect a record of payments made on time with no missed or late payments. Setting up alerts for your payments and speaking with your bank regarding overdraft protection on your accounts can help to ensure you don’t miss a payment after you get through your bankruptcy.

Getting a mortgage in Vancouver, though the rules have been tightening up in the most recent years, is still something that is available to most who are willing to put in the work. With Vancouver real estate prices being relatively high, a mortgage loan is almost always necessary in order to get a home that is suitable and convenient to your lifestyle. So put in the work, and talk to a professional. You can start by doing some research and contacting us by email; a good, determined mortgage broker might be all that you need to get that approval on a mortgage, even after a bankruptcy.

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First-Time Homebuyer? A New GST Rebate Could Put Thousands Back in Your Pocket

By Marci Deane • June 20, 2025

If you’re a first-time homebuyer eyeing a new build or major renovation, there's encouraging news that could make homeownership significantly more affordable. The federal government has proposed a new GST rebate aimed at easing the financial burden for Canadians entering the housing market. While still awaiting parliamentary approval, the proposed legislation offers the potential for thousands in savings —and could be a game-changer for buyers trying to break into today’s high-cost housing landscape. What’s Being Proposed? Under the new legislation, eligible first-time homebuyers would receive: A full GST rebate on homes priced up to $1 million A partial GST rebate on homes between $1 million and $1.5 million This could mean up to $50,000 in tax savings on a qualifying home—a major boost for anyone working hard to save for a down payment or meet mortgage qualification requirements. Why This Matters With interest rates still elevated and home prices holding steady in many regions, affordability remains a challenge. This rebate could offer meaningful relief in several ways: Lower Upfront Costs: Removing GST from the purchase price reduces the total amount of money buyers need to save before closing. Smaller Monthly Payments: A lower purchase price leads to a smaller mortgage, which translates to more manageable monthly payments. Improved Mortgage Qualification: With a reduced purchase amount, buyers may find it easier to meet lender criteria. According to recent estimates, a homebuyer purchasing a $1 million new home could see monthly mortgage payments drop by around $240 —money that could go toward savings, home improvements, or simply everyday expenses. Helping Families Help Each Other This proposal also offers a win for parents who are supporting their children in buying a first home. Whether through gifted down payments or co-signing, a lower purchase price and more affordable monthly costs mean that family support can go further—and set first-time buyers up for long-term success. Is This the Right Time to Buy? If you’re thinking about buying a new or substantially renovated home, this proposed rebate could dramatically improve your financial position. Now is the perfect time to explore your options and make sure your mortgage strategy is aligned with potential policy changes. 📞 Let’s connect for a free mortgage review or pre-approval. Whether you’re buying your first home or helping someone else take that first step, I’m here to help you make informed, confident decisions.

Worried About Your Mortgage Renewal? You’re Not Alone

By Marci Deane • June 18, 2025

Worried About Your Mortgage Renewal? You’re Not Alone If your mortgage renewal is coming up soon, you're likely feeling a bit of financial pressure—and you’re not the only one. A recent survey shows that over half of Canadian homeowners believe their upcoming mortgage renewal could impact their current living situation. With interest rates still higher than what many borrowers locked in before 2022, 45% of those renewing in the next 12 months expect their monthly payments to increase. Even though the Bank of Canada has held its key overnight rate steady at 2.75%, borrowing costs remain elevated compared to the low-rate years we saw earlier in the decade. And that’s changing how Canadians think about their finances. Changing Plans and Tightening Budgets Among those worried about their renewal, 73% say they’re already cutting back on discretionary spending—things like eating out, entertainment, or travel—to brace for higher mortgage payments. For many, it goes deeper than just trimming the budget. Nearly one in four surveyed homeowners said they’re rethinking their entire financial strategy. Some are pressing pause on home renovations (43%), while others are considering downsizing or relocating to a more affordable area (29%). A smaller group (15%) is even open to major lifestyle changes, like moving in with roommates or relocating to a new neighbourhood altogether. Fixed-Rate Mortgages on the Rise In this climate, most homeowners looking to renew are leaning toward fixed-rate mortgages, with 75% preferring the stability of predictable payments. For those facing uncertainty, locking in a rate for the next few years can offer peace of mind—even if it means paying a little more in the short term. First-Time Buyers Are Feeling It Too It’s not just current homeowners feeling the pinch. A separate survey found that more than half of Canadians planning to buy a home are cutting back on non-essential spending to save for their down payment or other buying costs. About 31% are even considering tapping into savings or investment accounts like TFSAs, RRSPs, or first-time home savings accounts to make their purchase possible. What This Means for You Whether you’re preparing to renew or purchase for the first time, this environment calls for smart, strategic planning. You’re not alone in feeling uncertain—but with the right guidance, you can navigate these changes confidently. Have questions about your upcoming renewal or wondering what type of mortgage is right for today’s market? Let’s connect. We're here to help you make informed, confident decisions about your home financing.

What You Need To Know About Online Mortgage Calculators

By Marci Deane • June 18, 2025

You’d think an online calculator is a pretty straightforward device, one that you should be able to place your confidence in, and for the most part, they are. Calculators calculate numbers. The numbers are reliable, but how you interpret those numbers, not so much, especially if the goal is mortgage qualification. If you rely on the numbers from a “What can I afford” or “Mortgage Qualification” calculator without talking to an independent mortgage professional, you’re going to be misinformed. Don’t be fooled. Even though an online mortgage calculator can help you calculate mortgage payments or help you assess how additional payments would impact your amortization, they’ll never be able to give you an exact picture of what you can afford and how a lender will consider your mortgage application. While mortgage calculators are objective, mortgage lending isn’t. It’s 100% subjective. Lenders consider your financial situation, employment, credit history, assets, liabilities, the property you are looking to purchase. Then, they will compare that with whatever internal risk profile they are currently using to assess mortgage lending. Simply put, they don’t just look at the numbers. An online calculator is a great tool to help you run different financial scenarios and help assess your comfort level with different payment schedules and mortgage amounts. However, if you rely on an online calculator for mortgage qualification purposes, you’ll be disappointed. The first step in the mortgage qualification process is a preapproval. A preapproval will examine all the variables on your application, assess your financial situation, and provide you with a framework to buy a property based on your unique circumstance. Securing a preapproval comes at no cost to you and without any obligation to buy. It’ll simply allow you the freedom to move ahead with confidence, knowing exactly where you stand. Something a calculator is unable to do. Please connect anytime if you’d like to talk more about your financial situation and get a preapproval started. It would be a pleasure to work with you.