Can a Drug Possession Charge Affect Your Mortgage Application?

drug recordIf you’re looking to get a new mortgage for your home or recreational property, a drug possession charge very well could come into play.

While every mortgage lender will have different policies, in general, most will require a criminal background check to be conducted. If your drug possession charge is still on your record then this will undoubtedly come into play.

What if my charge was overturned?

With Cannabis now legalized in Canada, many people are looking to have their related criminal charges overturned. The government has estimated that over 10,000 Canadians could be eligible for this. If your drug charge was for something other than Cannabis, however, such as MDMA distribution, then you likely won’t be able to get your charge overturned easily and are in fore more challenges.

Can I Still Get a Mortgage?

The good news is that even though mortgage lenders do often require criminal background checks, they’re typically looking for financial crimes or an extended history of criminal activity. Financial crimes such as fraud are more of a red flag for these companies as they’re concerned it could mean you’re planning nefarious activities relating to the mortgage they’re providing. If your criminal record is limited to a small drug crime like possession of MDMA or other narcotics for self-use, then you’re less likely to run into any issues.

Can you help me?

It’s what we do! If you’re concerned about a charge, or even just want to get the latest and best rates available, we’re here to help. Please let us know a few details about your need using the Canadian mortgage rate inquiry form here, and we’ll have one of our expert partners get back to you as soon as possible.