Applying for a mortgage? Here is what you need to know about mortgage fraud. The mortgage interest rates are near record lows right now, making it more appealing and affordable for homeowners to apply for a mortgage loan. Yet, it is still very difficult to qualify for one due to stringent pre-approval rules. With more individuals having a hard time getting a mortgage comes a risk of being involved in mortgage fraud. Mortgage fraud is one of the most common ones. It occurs when an individual deliberately misrepresents or withholds information to obtain mortgage financing. Some of the common examples ...
Read more
#AskIsaacZisckind You might think the process is safe because of the documentation required to establish ownership of the property and title insurance to verify the legitimacy of the transaction, but a recent news story about the arrest of four people for committing mortgage fraud illustrates the dangers to homeowners and lending institutions. In fact, mortgage fraud has increased by 52 percent throughout Canada with Ontario being one of the provinces hardest hit by this criminal activity. It is important to understand how mortgage fraud occurs and what you can do to protect yourself from it. What is mortgage fraud? Mortgage fraud is the deliberate ...
Read more