Yes — in many cases, you still can. Missing a payment doesn’t automatically disqualify you from getting a mortgage in Ontario, but it does depend on what happened, how recent it was, and how your credit has recovered since.
When you miss a payment (credit card, loan, or previous mortgage), it can show up on your credit report and impact your score.
Lenders in Ontario typically look at:
One missed payment from a couple of years ago is very different from ongoing missed payments or accounts in collections.
In many situations, yes — especially if:
There are also different types of lenders available in Ontario:
The right path depends on your full financial picture.
If you’ve missed a payment and want to buy a home, here are some steps that can help:
Consistency over time is one of the biggest factors lenders look for.
Many of our Sarnia-Lambton clients are tradespeople working out of a union. It’s important that these borrowers don’t live paycheck to paycheck because they can be without work at any time and increases the risk of missed payment obligations. If a borrower in this field misses payments, then it’s important for them to show 12 months of perfect repayment history after a late payment. This will prove to lenders that the borrower shows strong character to correct any personal finance challenges they’ve had in the past. Try to set aside savings that will cover six months of payment obligations in the event you’re without work for longer than anticipated.
Missing a payment doesn’t mean homeownership is off the table. It just means your path might look a little different.The key is understanding your options and having a plan that works for your situation.
If you’re unsure where you stand, we’re here to help you figure it out without pressure.
Book a chat to learn more.
