Protect against mortgage fraud

Contributed - Jun 7, 2008 / 5:00 am | Story: 39802

A home is the single largest purchase that most Canadians will make in their lifetime, yet many homeowners are unaware of the dangers posed by identity thieves when it comes to their investment.

Unfortunately, real estate title fraud is on the rise. According to the Canadian Association of Accredited Mortgage Professionals (CAAMP), real estate industry insiders now peg the average case of real estate fraud at $300,000. In comparison, the RCMP estimates the average credit card fraud case in Canada to be $1,200.

Protect your self and your investment with these tips:

Check your credit reports, financial and bank statements regularly for inconsistencies, unknown charges and unauthorized credit inquiries.

Don’t give out personal information in person, over the phone or on the Internet unless you know who you are dealing with, how it will be used and if it will be shared.

Protect your mail, be alert to billing cycles and when bills or mail haven’t arrived.

Shred any documents or materials with personal or financial information prior to discarding them.

Seek advice from a real estate expert who is accredited and licensed in your area when shopping for a home.

Speak to a mortgage broker about how title insurance can help protect both the financial and emotional investment in your home.

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.

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About the Author

Tracy Head helps busy families get a head start on home ownership.

With today’s increasingly complicated mortgage rules, Tracy spends time getting to know her clients and helps them to better understand the mortgage process. She supports her clients before, during, and after their mortgage is in place.

Tracy works closely with her clients, offering advice and options. With access to more than 40 different lenders. She is able to assist with residential, commercial, and reverse mortgages in order to match the needs of her clients with the right mortgage package.

Tracy works hard to find the right fit for her clients and provide support for years down the road.

Call Tracy at 250-826-5857 or reach out by email [email protected]

Visit her website at www.headstartmortgages.com

Download her app: Headstart Mortgage Architects

The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet does not warrant the contents.

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