Nearly a quarter of Canadian Millennials with mortgages are white-collar criminals.
According to a recent Equifax survey, nearly 23 per cent of millennials believe it’s acceptable to inflate your annual income when applying for a mortgage. By comparison, only 12 per cent of the general population hold the same opinion.
That Millennials commit mortgage fraud at nearly double the national rate should come as no surprise. Canada’s housing market is remarkably unaffordable and debt is a lifestyle.
Further findings from the survey include:
- – 19 per cent of millennials said they had not been entirely truthful on a credit or loan application vs. 12 per cent as a national average;
- – 16 per cent of those surveyed said they think mortgage fraud is a victimless crime; that number was higher among millennials surveyed at 23 per cent.
So what we have here is a considerable number of young people thinking they can just Frank Abagnale Jr. their way through life without any repercussions. Well, here’s the thing about fraud: it’s illegal.
“Fudging income numbers when completing a mortgage application is fraud,” reminds Julie Kuzmic, Director of Consumer Advocacy at Equifax Canada. “What some may see as a little white lie during the mortgage application process could have legal consequences.”
And other consequences, too. If you have to lie about your income to secure a mortgage, chances are you aren’t in a position to financially support owning a home. Sure, it’s great to get a mortgage based on a $80k income. It’s not great to pay mortgage payments when you’re only actually making $50k.
Get working on your credit scores, kids.