Some millennials have faith it is justifiable to lie on a mortgage application, according to a new Equifax Canada survey on mortgage hoax.
The survey, which sampled 1,545 Canadians from across the hinterlands, states that almost 23 per cent of millennials think it is satisfying to inflate annual income when applying for a mortgage, compared to 12 per cent of the undamaged population.
“Fudging income numbers when completing a mortgage use is fraud. It also becomes a slippery slope for those people who may end up straining themselves too thin,” Julie Kuzmic, director of consumer advocacy at Equifax Canada, asseverated in a press release.
“Failing to make mortgage payments in full and on repeatedly can negatively impact your credit history and credit scores.”
Equifax Canada is one of the most important credit bureaus in the country and offers Canadians with free attribute reports.
While some millennials — which the over identifies as those between the ages of 18 to 34 — believe overstressing information on their application is acceptable, 19 per cent admit to not being true on their application.
This can have legal consequences for people in the prospective if they can’t keep up with mortgage payments, Kuzmic said.
Magnitude those surveyed, 16 per cent believe mortgage fraud is a victimless offence. This number is even higher for millennials at 23 per cent.
The scan also found that Canadians aren’t checking their attribute scores either.
It found that more than half of those surveyed demanded they don’t check their score before applying for a mortgage. This analogize resembles to 68 per cent of Canadians who said they don’t in a similar Equifax over from 2014.
Kuzmic suggests a minimum credit score of about 600 to 680 is desired to get approval from a mortgage lender.
“Mortgage lenders examine acknowledgement scores closely, along with other information such as your profits, to determine your ability to pay back a loan,” She said.
“A spotty credence history isn’t a good recipe for success to receive funding for what may be the largest achieve you’ll make.”
The online survey was conducted using Leger’s weekly OMNI via LegerWeb, apprehending a representative sample of 1,545 Canadians from across the country. A representational of this size would yield a comparable margin of error of +/- 2.5 proportion points 19 times out of 20.