Having a criminal record is going to pose some challenges in your life. While it isn’t going to make life impossible, it certainly isn’t going to make things easy for you in many cases. One of the biggest steps in a one’s life is the purchase of a home. Many people who have served their time and paid their debt to society often wonder if they can buy a home with a criminal record. The answer is complicated, but the good news is that you can still manage to get a home despite having a criminal record.
Is it against the law for me to get a mortgage?
Buying a home usually entails getting a mortgage. Even if you can afford to buy a home outright, there are still tax benefits that can make mortgages attractive. The good news is that it is not against the law to give a mortgage to someone with a criminal record – but many lending institutions might turn you down anyway. It’s important to not lose hope, however.
How do I get one, then?
The problem with obtaining a mortgage with a criminal record is that banks only want to lend money to people that can repay them. Having a criminal record often entails other things such as unsteady employment, an unstable living situation, and many years away from society. This will make banks very wary of lending to you. It isn’t hopeless, though. Be sure to be up front about things, and not to lie on your application, as that could be seen as fraud. If you believe you are a good candidate for a mortgage, then keep applying.
What things can I do to help?
Banks look for several things when lending. First, they are going to want to see that you are steadily employed and have a history of regular income, so keep working and saving away money. Next, make sure you do what you can to improve your credit score.
Buying a home is supposed to be the dream of every citizen, and the feeling of owning the home you live in is one of the most satisfying feelings that there is. But if you have a criminal past that hasn’t been pardoned, then things start to get difficult.
Fortunately, you can improve your situation immensely by obtaining a Canadian pardon. Find out if you qualify for a Canadian pardon.