Monday, March 5, 2018

Avoid becoming a mortgage fraud victim with these tips

Published on

REGISTRAR, Real Estate Council of Ontario   
Sat., March 3, 2018

How does somebody avoid becoming a victim of mortgage fraud?

Mortgage fraud involves tricking a financial institution into lending money when it otherwise wouldn’t. Sometimes, it involves individuals attempting to buy houses they can’t afford.

If a lender ever asks you to fill out a mortgage application form, it’s very important that you be completely honest. Knowingly inflating your income, misrepresenting the amount or the source of your down payment, purchasing a rental property and then claiming it as owner-occupied, failing to disclose existing debts or even misstating your job position on an application can all constitute mortgage fraud. You can be held both financially and criminally liable.

For information on buying or selling a condo and the current condo market, contact me by email or call 416-322-8000.

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