A consumer proposal doesn't have to keep you out of the housing market. We work with lenders across Toronto and the GTA who look past the R7 rating on your credit bureau, whether you're still making payments or already discharged. If the bank says no, we say yes.
Check Your Options
During vs. After: Why the Timing Changes Your Options
Realistic Timelines by Lender Type
Lender Options Once You Start Looking
What We Look at Before Matching You to a Lender
Still paying off your proposal, or just discharged?
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View ChecklistDuring vs. After: Why the Timing Changes Your Options
A consumer proposal is an active insolvency file until every payment is made and your Licensed Insolvency Trustee issues a certificate of full performance. Where you sit in that process changes which lenders will even look at your file.
While the proposal is active, your bureau carries an R7 rating and most banks stop the conversation there. Lenders who do consider you, mainly B-lenders and private lenders, will want to see a track record of on-time proposal payments and usually ask for a larger down payment to offset the risk.
Once you’re discharged, the file moves from “active” to “settled.” That alone opens doors: some B-lenders will approve a mortgage the same week your discharge certificate comes through, provided your income is stable and you’ve started rebuilding credit with a secured card or small loan.
Realistic Timelines by Lender Type
There’s no single waiting period. It’s set by how each lender’s risk appetite lines up with where you are in your proposal.
During the proposal
Can fund while your proposal is still active. Approval is based on home equity, not your credit score, so a strong down payment or existing equity matters more than your bureau file.
0-6 months post-discharge
Many will consider you shortly after discharge if you have steady income and have started re-establishing credit. Rates sit above prime but below private financing.
2 years post-discharge
Prime lenders and default-insured mortgages generally want two years of re-established credit, usually two trade lines reporting on time, before offering their best rates.
Lender Options Once You Start Looking
We work across three tiers of lenders, and match you to the one that fits your file today rather than the one that would have suited you two years ago.
B-Lenders
Monoline and alternative lenders that read a consumer proposal as a solvable risk, not a disqualifier, once you’re discharged or close to it.
Private & Alternative Lenders
Equity-based financing that can move faster than bank underwriting and doesn’t hinge on your credit score. Useful during an active proposal or for a short-term bridge.
Prime & A-Lenders
The goal once you’re two years past discharge with re-established credit. We help you build toward requalifying here for the lowest long-term rate.
What We Look at Before Matching You to a Lender
Every consumer proposal file is different, so we start with the same questions a lender will ask: how much you still owe on the proposal, how many payments you’ve made without missing one, and what your income and down payment look like today.
If you’re weighing a private mortgage against waiting for a B-lender, the trade-off usually comes down to speed and equity versus rate. A private mortgage can close in days and doesn’t require a clean bureau, which is often the right call if you’re still inside your proposal and need financing now.
Some clients come to us after a bankruptcy discharge rather than a consumer proposal. The lender logic is similar but the timelines and required documents differ, so if that’s your situation, our mortgage after bankruptcy page walks through what changes.
Still paying off your proposal, or just discharged?
Tell us where you’re at. We’ll tell you which lenders would actually approve you today.
Amy Asadullah
Toronto, Ontario
A++++.
I had the pleasure of working with Manzeel at Everything Mortgages. After dealing with 2 other brokers, Manzeel made this purchase happen for me and my family. He has been professional, approachable and sincere. I couldn’t be happier and highly recommend him.
Hovig Tchaderian
Toronto, Ontario
I was extremely pleased with the service I received!! The communication from start to finish could not have been any better.
I would recommend the whole team for anyone that’s looking for a mortgage!!
Thanks again!
Sarah Paul
Toronto, Ontario
My experience with Everything Mortgages was excellent. My mortgage broker was very knowledgeable, professional, and personable. Also, the process was smooth and uncomplicated. I would recommend Everything Mortgages for any type of buyer, new or seasoned, residential or commercial.
Varun Kalia
Canada, Toronto
Manzeel and his team at Everything Mortgages are fantastic! Buying a house can be quite an ordeal but these guys made it stress free and painless. Not only did they take the time to answer all the questions I had but they were also respectful and diligent in keeping me informed through out the closing process. They were mindful of my time and worked around my schedule. It was an excellent experience from end to end. I highly recommend them for anyone in need of a mortgage. Thanks Manzeel and team!
Rahee G
Canada, Toronto
My experience with Everything Mortgages was excellent. Manzeel and his team are best in class. They were very professional and really simplified the process for me. I would recommend Everything Mortgages for everyone!
Melissa Emond
Toronto, Ontario
I’ve personally dealt with Everything Mortgages for years now and they have done many transactions for me (purchases and refinances). They are competitive, tech savvy, and trustworthy. I highly recommend them for all your mortgages needs.
Yes, in some cases. Most banks will decline an application while a consumer proposal is active, but B-lenders and private lenders look at it differently. If you’ve been making your proposal payments on time, a B-lender may approve you with a larger down payment. Private lenders, who lend against home equity rather than credit score, can often work with you even earlier in the proposal.
It depends on the lender. Some B-lenders will consider you the day your discharge certificate is issued, especially with a stable income and some re-established credit. Traditional banks and CMHC-insured mortgages usually want to see two years of on-time payments on at least one or two credit products after discharge before they’ll approve you at their best rates.
No. A consumer proposal stays on your Equifax report for three years after you finish paying it, or six years from the date you filed, whichever comes first. TransUnion generally removes it three years after discharge. Once it drops off, it stops factoring into automated lender decisions, though a manual underwriter may still ask about it.
Usually, yes, at least at first. B-lenders and private lenders offset the added risk by asking for more equity, often well above the 5-20% a conventional buyer might put down. As your credit rebuilds and you get further from your discharge date, the down payment lenders expect typically comes down.
It depends on your timeline and how much equity you have. A private mortgage can close faster and doesn’t lean on your credit score, which helps if you need financing now or are still inside your proposal. A B-lender mortgage usually carries a lower rate than a private one, so if you can wait a few months for your credit to improve, it may cost less overall.
Yes. Your broker will see it on your credit bureau regardless, so it’s better to disclose it upfront. That lets us match you to lenders who already work with consumer proposal files instead of wasting time on applications that will be declined.
If you already own a home with equity, a refinance through a private lender can sometimes be used to pay out the remaining balance of your consumer proposal directly, which ends it early and starts your credit recovery sooner. This only works if there’s enough equity left after the new mortgage and any existing debt on the property.
A discharge doesn't have to mean years on the sidelines. We place GTA borrowers with the right lender at each stage of recovery, from private financing the week after discharge to bank-rate approvals once credit is rebuilt.
If the CRA has registered a lien on your home, or your property taxes have fallen behind, refinancing can pay the debt in full at closing. We connect GTA homeowners with lenders who look at the equity in your home first and the lien second.
Private mortgage lenders in Toronto approve applications that banks and B lenders decline. Approval is based primarily on property equity and loan-to-value ratio rather than credit score or income documentation. At Everything Mortgages, we connect borrowers with private mortgage lenders across Toronto and Ontario, structure the application to present the file in the strongest light, and manage the process through to funding.
A second mortgage in Toronto lets you access your home equity without breaking your existing first mortgage or triggering a prepayment penalty. It sits behind your first mortgage on title and advances funds as a lump sum at closing. At Everything Mortgages, we place second mortgages for Toronto and GTA homeowners with strong credit and those with bruised credit, accessing B lenders, private lenders, and MICs to find the right fit for each file.
Bank said no? A B lender mortgage gives creditworthy borrowers a regulated path to approval when the major banks decline. At Everything Mortgages, we match clients across Ontario with the right B lender mortgage based on their credit profile, income type, and property, not just their credit score.