Lying on mortgage applications is OK!

A staggering 10 per cent of Canadians think it is ok to inflate their income on mortgage applications.

This is according to a survey by credit agency Equifax who found that nine per cent have actually done it! While they may believe that they will get away with it, their fraudulent activity will usually be exposed. As applicants have to provide T4 tax slips it would be hard to get through the checks and balances in place to secure a mortgage but that clearly doesn’t stop some people trying.

Another issue raised by the survey is how concerned people are about their personal data. With so much information required for mortgage applications, 79 per cent are worried about identity theft and 81 per cent say lenders are others in the mortgage business should do more to protect personal data.

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