Lender Industry Mood

Many times you can plan your lives and actions based on the economy. When there is a strong economy, that usually means jobs are plentiful and we can feel secure in buying commodities like homes, etc. Of course, the opposite is true and you should be careful during a poor and insecure economy.

We have an interesting time now in our country when considering the above. Canada’s economy is strong and the envy of the world, yet overall the global economy is in trouble. The U.S, Ireland, Greece, Italy, Spain, etc. all are experiencing huge debt and economic challenges. How does this affect us? Well, since we depend on exports to the rest of the world, it might be wise to tread carefully if you choose to buy a home. Lenders will demand more income proof. Their mood is also cautious and that means you’ll be asked to provide whatever they want and if you don’t, you will find out how cranky they can be. Income proof such as employment letters, paystubs, T-4’s, and Notices of Assessment are important and generally asked for.

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