Thursday, 31 March 2022
By Mortgage Outlet
This Risky Trend in Pre-Construction Purchases is Raising Red Flags
Shawn Stillman is a mortgage broker at mortgageoutlet.ca, and is familiar with this issue. “I know,” he wrote me, “that there are ‘brokers’ who will charge $500, ask for ID and a copy of the first page of (the) purchase agreement and get you photoshopped (mortgage) approval.”
He adds: “I was told by the head of fraud at a major bank that, when asked to confirm a preapproval, the majority are fake.”
