Quote:
Originally Posted by MillerTime GFG
Paul Taylor, CEO of Mortgage Professionals of Canada on March 5th:
https://www.facebook.com/MortgagePro...341?__tn__=K-R
Mortgage arrears are around 0.24% in Canada, one of the lowest rates in the world. There is not a week that goes by where at least one client doesn't say something along the lines of "I never used to have to provide this many documents" or "why are there so many documents required?" There is major due-diligence required to determine affordability even before the stress test was implemented. |
What has been the biggest change in terms of documentation required? Is the documentation different on a renewal vs a new application with 20%+ down vs an application with less than 20% down?
When I got my mortgage back in 2016, I basically gave the bank a letter from my employer saying I actually did have a job, my last three pay stubs (that were clearly loaded with overtime and LOA payments) and let them run a credit report.