Canadian lenders implementing “dramatic” and stringent new policies…demanding higher credit scores, market value appraisals and solid proof of income…
(Source: The Globe and Mail)
A word of warning to anyone about to finalize a mortgage: The rules have changed. Lenders who were free and easy with their money earlier this year are now taking a belt-and-suspenders approach to approving loans.
Read the full article by Terrence Belford, “Closing with a nasty surprise” in the Globe and Mail (Oct 2, 2009).