Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Chartered Banks Saw a Surge in Uninsured Mortgage Origination in Q3: CMHC Jan 28th
Chartered banks saw mortgage originations grow by 11% in the third quarter, a growing percentage of which were uninsured mortgages. Comparatively, non-bank lenders, including mortgage finance companies, trusts and insurance companies, saw mortgage activity rise 4%, according to the Canada Mortgage a.... More »
Fixed or Variable? Floating-Rate Mortgages Losing Their Lustre + MORE Aug 6th
It can be one of the most difficult choices for mortgage borrowers—fixed rate or variable? Thanks to historically low spreads between the two, that choice is becoming easier for many. “If you’re in the trenches shopping for a new mortgage, I’m going to tell you something I’ve rarely to.... More »
Latest in Mortgage News: Fixed Mortgage Rates Could Fall Over Coronavirus Fears + MORE Jan 29th
As fear grows over the deadly Wuhan coronavirus that has killed more than 100 people, it is now becoming the world’s—and Canada’s—latest economic headwind. That fear spread to financial markets on Monday, with the TSX falling 142 points and New York’s Dow Jones ending the.... More »
Q1 Earnings Mortgage Morsels: TD + MORE Mar 11th
TD Bank kicked off the first quarter with a 13% increase in net income, while the bank's U.S. division saw a 27% leap in earnings growth..... More »
‘Business for self’ clients are on the rise. How do you secure a mortgage for one? + MORE Feb 24th
Roughly 2.9 million Canadians were self-employed in 2018, according to Statistics Canada, and many of them are keen to buy a home..... More »
Beware of mortgage fraudsters….
– canadamortgagenews.ca
I wrote that back in 2006. Since then we have seen some provincial governments step in with laws to help protect unsuspecting homeowners. You can also purchase Title insurance or an alternative method of protection.
A couple of years ago, Toronto police said a woman used fake ID to get a $300,000 mortgage. The unsuspecting homeowner only discovered a mortgage had been fraudulently registered on their home when they received mortgage documents in the mail.
This is not a new scam. It’s happened many times in the past. Here’s a big one from 2010 that involved $140million and hundreds of people. This one was huge. Most are not this big or elaborate. It’s the smaller ones, like the recent one for $300,000, that are more common place.
HOW IT’S DONE
A couple of years ago, Toronto police said a woman used fake ID to get a $300,000 mortgage. The unsuspecting homeowner only discovered a mortgage had been fraudulently registered on their home when they received mortgage documents in the mail.
This is not a new scam. It’s happened many times in the past. Here’s a big one from 2010 that involved $140million and hundreds of people. This one was huge. Most are not this big or elaborate. It’s the smaller ones, like the recent one for $300,000, that are more common place.
HOW IT’S DONE
At the risk of advocating or promoting fraud, I’ll just share the fine points. A title search is done on a house, usually in mature neighborhoods where elderly are living and it’s more likely a mortgage will have been paid out…
