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Impacts of Tight Mortgages Regulations

Today's Pre Market  24 NOV 2014  Market Startup  Market Trend

No doubt, the industry of mortgage is one of the most leading industries in the different parts of the world. Many Canadians prefer to get a mortgage for convenience purposes. Mortgage is one effective way that enables many people to get their dream houses and properties. Mortgage is part of the growing industry of real estate. Many people in Canada acquired great benefits because of getting mortgage.

 

Many people believe that mortgage is their key to acquire ownership of certain properties. Mortgage relatively enable many people obtain properties that they want to own. However, Canadians are now having a hard time in getting a mortgage because of the tight rules on getting mortgage in the recent years inside the country. Tight regulations on lending relatively lead many people acquire a hard time in getting mortgage. Tight lending rules also lead to tighter mortgage rules.

 

Some real estate experts also say that those people with poor credit history and people living in the rural areas in Canada are affected because of tighter lending regulations.  Despite of this scenario, mortgage is always available for many Canadian people. The problem is that the mortgage’s price is too high for many people who are living in rural areas. This scenario is even harder for people who want to get mortgage but they have poor credit history. Having a poor credit history is one main factor that lead some Canadian people acquire a hard time getting a loan.

 

Even self –employed people in Canada are also having a hard time in getting a mortgage. Most lenders often ask for more accounts in which most self-employed people cannot present because they lack account history. Tight mortgage rules and regulations relatively affect the desire of many Canadian people to get mortgage that they need to have.

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