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That's an interesting quote you have there on the last point. Kind of exactly the opposite of the link the other day you had a link to MyNext with options like:
"A mortgage that doesn't require you to verify your income; just tell us what you earn. A much simpler process, especially if your taxable income is not an indicator of your ability to carry a mortgage." . . .
It seems that the good thing about Canada will be whittled away by companies like this.
Posted by: Traciatim | September 28, 2007 at 01:31 PM
Hi Traciatim,
You make an interesting point. I think the link you're talking about is:
http://www.mynext.com/myAccessible.shtml
It should be noted that lenders offering these types of products generally verify a variety of other information during their underwriting process. Remember, they have to satisfy investors that the alternative mortgages they're selling have adequate risk profiles. It's also sometimes suprising to learn that many products that seem "alternative" are actually insured by CMHC and other insurers.
Long story short, Canada is still very prudent in its underwriting. Mortgage innovations come down the pipeline every week and, while many products are subprime and carry higher risk, they can and do serve valid purposes.
Have a good weekend,
Rob, Co-Ed., CMT
Posted by: Canadian Mortgage | September 28, 2007 at 02:51 PM