A good (and common) question came through the other day. I thought I should share the answer with everyone.

Is it possible to get a mortgage refinanced after you have gone through a bankruptcy and how long do you have to be discharged from bankruptcy?

The short answer: Lenders usually want to you to be discharged for 2 years with re-established credit.

This usually means 2 trade lines of combined $2500-$3000 reporting for 24 months with no derogatories. However if the loan to value is low and the potential borrower’s income is stable with good job tenure, some lenders will consider moving the loan through before the 2 year mark (and quickly in some cases).

Good preparation of the loan application is a key component to getting a “yes”.

All the best
Darrin