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When you're reaching your retirement years, you want to make sure that you have enough money saved away that you will not have to worry about being able to afford the necessities later in life. One of the things you might be thinking of doing to make the most of your pension and savings is to downsize your property. While some people are able to purchase a house for sale Markham based without paying a mortgage at this point in their life, there are others who might still need the help of a loan. When you're putting your loan application together you will want to make sure that you're not doing anything that could constitute as mortgage fraud.
Mortgage fraud is when someone misrepresents themselves or their finances in order to get a home loan. Before you can purchase one of the homes for sale in Thornhill you might need to fill out a detailed report of your financial situation and how you're going to make your monthly mortgage payments. Some people might commit income fraud by stating on the application that they make more than they actually do while others might state that their temporary position is actually permanent.
One of the ways that you might get caught in a mortgage fraud is by claiming that you are planning to live in a home full time that is really a second home or an investment property. A borrower usually receives a lower interest rate from mortgage brokers Edmonton or Alaska based on their primary residence than they would on a second home. If you're working with a mortgage broker or financial expert than you want to make sure that you're always giving them the most up to date and truthful information that you have.
The mortgage fraud that most people need to be aware of is the sort that is associated to identity theft. If someone were to obtain your banking and personal information then they might attempt to obtain a loan under your name. In these cases, the criminal usually disappears before it comes time to pay the mortgage payments. This is one of the many reasons that you want to make sure that you're not giving out this information to just anyone. If someone were to call you at home in your place in Toronto condos, for instance, you should never tell them banking information over the phone.
If you are looking to get your second or your first mortgage Canada or America based than you will want to make sure that you're starting out by working with the right people. There are a number of brokers who are qualified and can help you get a great deal on a vacation home or a place where you can retire.