What's In A Name
Whats in a name you say, oh you may be surprised. Technology has made our lives much more convenient however there is also a dark side to technology, it has made it very easy for the criminal element to do their dirty work. The mortgage industry is a breeding ground for fraud and lenders are required to do their due diligence when I submit yourapplicationto make sure that all is legit. Now I will say that I seldom see fraud in my office however there has been the rare occasion where incoming clients have presented documents that have been altered which is a hard stop to the application going any further.
Have you ever Googled your name to see what the big wide web has to say about you? It is a good practice because lenders and default insurers Google your name when they get your mortgage application and if they dont like what they see it could either put a stop to the application or cause us some issues to sort out that could delay the process. Lenders and default insurers will also Google the address of the property that you are buying. Keep in mind that they are lending hundreds of thousands of dollars to someone that they have never heard of before, put yourself in their shoes, if it was your money I am sure you would want to do your homework.
They typically are looking for things such as criminal activity, discrepancies in the application, property negatives. Some examples may be that your Facebook page states that you just started working for company ABC 2 weeks ago while youpresented an application that stated you have worked for company XYZ for the past 5 years. The home you are looking to buy was previously a grow op or involved in some other serious criminal activity. The home you are looking to buy was previously an auto shop or other environmental negative. You may have been recently charged with a serious crime, you get my drift.
So do your homework, Google your own name and see what the lenders will see, also Google the property address to see if any negatives come up as you may not want to buy a certain property if you know about its past.
Among Canadians who are not yet back in their regular workplace, close to 4 in 10 do not feel safe returning
Months after COVID-19 began to spread in Canada, a large number of Canadian workers continue to work from home or are simply absent from their physical workplace. The survey asked these people whether they felt safe returning to work.
At the time of survey collection in June, close to 4 in 10 Canadian workers who were not in their regular workplace (38%) reported that they did not feel safe returning to work. The most commonly-reported reasons for not feeling safe were fear of contracting the virus and fear of infecting family members. About 30% said that they felt safe returning to their physical workplace, and another 32% said that they did not know or chose not to answer the question.
National Bank of Canada Weekly Economic Watch
Housing starts rose from 166.5K in April to 193.5K in May (seasonally adjusted and annualized). Urban starts improved 22K to 181.1K on increases in both the multi-unit (+14.9K to 135.9K) and the single-detached (+7.1K to 45.3K) segments. At the provincial level, urban starts shot up in Quebec from 0K in April to 56.3K as social distancing measures were eased but plunged 37.1K to 56.5K in Ontario. June results should provide a clearer snapshot of the post-lockdown residential construction industry in Canada. Projects delayed on account of the Covid-19 pandemic might sustain starts at a relatively high level for a short while but the longer-term horizon looks less promising in light of much higher joblessness and reduced immigration. Moreover, tougher CMHC standards for mortgage insurance will likely exclude some potential buyers by shrinking their purchasing power. We estimate that the new rules governing maximum gross debt service will reduce by about 11% the amount that the median Canadian household will be allowed to borrow.
Source: NBA Economics and Strategy