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Mortgage Matters

Vendor Rebates Must Be Disclosed

(From “Canadian Mortgage Trends”)

If you buy a home and the seller (or developer) rebates you money back on closing, you must disclose this to your lender.

If you don’t, it can be considered mortgage fraud. 

It doesn’t matter if the seller calls it a “rebate,” “renovation credit,” “loan to purchaser” or whatever.

Moreover, you can’t always expect to hide behind lawyer-client privilege to keep the lender from finding out about it.

 

For more information on this topic feel free to give me call.

Here for all your mortgage finance needs,

Stephanie Ostash

The Mortgage Centre

 

250.801.6467

sdostash@shaw.ca

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