Wednesday, 12 May 2021
By Mortgage Outlet
Leah Zlatkin quoted in Canadian Real Estate Magazine: ‘Expect rise in attempted mortgage fraud: broker’
The confluence of exorbitant housing prices and the incoming mortgage stress test could encourage some Canadians to misrepresent their earnings on mortgage applications, warns a broker.
“I do foresee instances of fraud for shelter becoming more prevalent because the market has heated up so much that housing is out of grasp for a lot of people,” said Leah Zlatkin, principal broker at Brite Mortgage and an expert with LowestRates.ca. “A lot of first-time buyers are trying to size out of their condo and into a home, but that home might feel out of reach. They might have saved up 20% for a home, but with the Office of the Superintendent of Financial Institution’s new mortgage rule on June 1 and housing prices continuing to go up, some people might not be able to get their dream home or even just the house they want.”
