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A Pre-Approval Does Not Guarante…

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Category Archives: Credit & Debt

Credit & Debit Information

A Pre-Approval Does Not Guarantee a Mortgage Approval

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Many Canadians are under the assumption their mortgage is as good as done once they have a mortgage pre-approval. But the truth is a buyer cannot expect a mortgage pre-approval will automatically translate into a mortgage. The lender now needs to consider the property itself, approve all the terms and review the documentation before you [&hellip…

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Homebuyers to Face More Stringent Mortgage Stress Test After June 1

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Canada’s banking regulator has proposed changes that would strengthen the stress test applied to uninsured mortgages. The Office of the Superintendent of Financial Institutions (OSFI) unveiled its proposed changes on Thursday, which would require borrowers applying for uninsured mortgages—typically those with more than a 20% down payment—to qualify at their mortgage contract rate plus two [&hellip…

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Equifax launches anti-fraud platform for brokers

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Equifax has announced the launch of its ClearPro platform, designed to ensure consumer trust by providing mortgage brokers, principal brokers, and broker owners with the tools to identify indicators of fraud within their businesses. by Ephraim Vecina 18 Mar 2021SHARE Carl Davies, head of fraud and identity at Equifax Canada, described the platform as a constantly active background screening [&hellip…

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