Tag: Canada

Mortgage Consumer Survey in Canada

Posted by admin on August 6, 2016


RBC bank customer services reveal that mortgage consumers have become
smarter than ever when looking back at the surveys in 2013. However,
every home buyer is still looking for some good advice and Rbc Calgary
nw Locations Looking at their behavior and tendencies in detail, it has
been seen that Canadians prefer and continue to pay off their mortgages
sooner than required. Under the current economic scenarios and the
fluctuating economies, it only makes sense to do market research well in
advance and get the best deals available in the market.


Mortgage Consumer Surveys have revealed that 31% of recent home buyers
in Canada preferred making a lump-sum payment. Many turned to Rbc 1800
Number to increase their regular mortgage payment. This is in comparison
to the 29% of home buyers in the 2011. Another trend seen among the
home buyers in Canada was to set off their payment set more than the
minimum needed. This trend has been consistent across the country and
the inclination was to lessen the life of their Rbc Main Branch Calgary.

Recent surveys also indicate that 32% of mortgage holders made
use of Rbc Bank Mortgage 1800 Number to accelerate the pace to pay off
their mortgage, either through lump-sum payments or payment increases.
These findings hold true for the young and middle-aged home buyers
seeking Royal Bank pre approval mortgage. The average equity for
homeowners was 47% and 71% of the home buyers had at least 25% housing
finance. The market competition as echoed in the recent months is
leading to Mortgage rate discounting at different Rbc branch locator.


Look for a reliable Rbc Chestermere Branch that will support your
negotiating power and lead you to better mortgage rates. Majority of
consumers make use of online resources and rbc bank mortgage phone
number to research different mortgage options available as well as learn
about the new and the upcoming features. Locate Rbc Bank Customer
Service to get more information about mortgage options. We find a rise
in the number of online visits to the sites of different lenders and
brokers. The 2013 survey shows nearly 300 Rbc Bank Customer Service
on-line.

The highlights of the survey tell that the mortgage
consumers have started use of different mobile apps and on-line tools
when looking for a mortgages. they do not mind undertaking a range of
mortgage shopping activities and looking for the phone number for Rbc
mortgages for use in future. They value the advice offered by
professional and seek professional follow-up and client services when
seeking Rbc self employed e to add to their satisfaction. This would
only mean repeat business and referrals for the construction mortgage
Rbc brokers and lenders and new business opportunities.

How to Defend Against Mortgage Fraud

Posted by admin on May 8, 2016


When it comes to financial fraud in Canada, mortgage fraud is the most
prevalent. According to Equifax, this made up for two-thirds ($400M) of
the estimated dollar amount of monetary fraud in 2011.

Mortgage
fraud happens when an applicant lies about his/her financial situation
by altering personal documents. These documents can include notice of
assessments, job letters and pay stubs. There are many services out
there that will alter your government tax slips for a fee. This results
in scenarios like this: Someone with a spotty job record suddenly makes
$200,000 per year. Or someone who just purchased a 3,000 square foot
detached home as owner-occupied buys a small downtown condo as another
owner-occupied residence.

First-party mortgage fraud is surprisingly very common — with lenders losing an estimated $1.6-million per day in Canada.


Several years ago, a study was conducted in the U.K. The Financial
Services Authority found that many smaller mortgage brokers were aware
that some kind of application fraud was taking place. Yet only 41%
actually verified applicants’ income and only 11% obtained evidence of
the source of applicants’ wealth. Because the brokerage industry is so
heavily commission-based, many representatives do not want to turn away a
potential deal.


As devastating as mortgage fraud seems on the surface, financial
experts say police do not take it very seriously. Money laundering and
the exchange of counterfeit bills are often considered a more serious
threat than first-party mortgage fraud. It is this attitude by Canadian
officials that allow unethical applicants to obtain loans
illegitimately, making things harder for the rest of us who remain
honest and diligent about our financial situation.

But the
problem with mortgage fraud is that it can lead to other criminal
activity, particularly within organized crime rings.
Illegitimately-obtained loans are often used to facilitate marijuana
grow operations and other drug laboratories. Criminals will also use the
mortgage to purchase properties for the enslavement of people, fuelling
the prostitution trade.

Unless officials take more action to
curb mortgage fraud in Canada, we can only expect the practice to become
more popular. An unstable economy coupled with tighter mortgage rules
means more and more homeowners are finding it harder to obtain a loan.
It is under these types of circumstances that fraudulent behaviour
soars.

Equifax says mortgage fraud is on an upward trend with no
signs of slowing down. Banks and brokerages also need to be firm about
the consequences for employees who turn a blind eye to fraudulent
behaviour.