If you miss just one or two mortgage payments the bank will not take your property. Its a lengthy process which takes about 6 to 8 month. If you missed a mortgage I would suggest to be in contact with the bank and to let them know when you will make the missed payment.

If you miss one mortgage problem you should not have any problems and you should contact your lender and arrange the payment to be withdrawn on the next month payment. If however you feel that you are going to miss the other payment or a few payments due to the fact that you have a financial problem you should try to sell the property as soon as possible and to get out of the debt before you get yourself into a bigger problem. If you miss a mortgage payment mortgage insurance is not going to help you and cover your missed payment.

Do the banks report the Credit Bureau that I missed one mortgage payment? I missed a payment twice and nothing really happens if you let the bank know that you will be delaying a mortgage and when will you pay the missing month. Basically if you follow up with the bank and let them know of the situation and rearrange the payment nothing will happen.

Powered by

I am resident of montreal canada, newly arrived immigrant in may 2008.me and my wife planned to buy home here? as she was working since past one year as physiotherapist and had a credit history of 8 years in canada.we applied in a bank for mortgage pre-approval and got an approval of $266000 as my wife was first applicant and i am the second applicant but in the pre-approval it is mentioned that subject to cmhc approval as we are planning to pay 5% of down payment. my question is : will we get denied by cmhc due to my limited credit history or 6 months of work experience in canada. as my wife has good credit history and work experience here our total annual income is $76000.

I had the same problem when I moved back to Canada. I think if you have at least 6 months under your belt you should be fine. Otherwise you will have to find a more creative lender and possibly pay higher interest, however, rates are low now and it's a buyer's market.

Powered by

I am resident of montreal canada, newly arrived immigrant in may 2008.me and my wife planned to buy home here? as she was working since past one year as physiotherapist and had a credit history of 8 years in canada.we applied in a bank for mortgage approval and got an approval of $266000 as my wife was first applicant and i am the second applicant but in the approval it is mentioned that subject to cmhc approval as we are planning to pay 5% of down payment. my question is : will we get denied by cmhc due to my limited credit history or 6 months of work experience in canada. as my wife has good credit history and work experience here our total annual income is $76000.

Probably not, but if you can get your down payment up to 10% you won't have any problems and your CMHC premium will be a lower percentage. We were easily approved when we arrived and had 10% down