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Equity & Vision mortgage programs suspended by another Lender.
Equity (low documentation) and vision (damaged credit) mortgages became more difficult to obtain in Canada this week as Concentra financial announced that it was "temporarily" suspending these programs in response to the current conditions of the economy and credit conditions in Canada.
These types of programs are very important to customers who don't fit the traditional "A" lending requirements of most banks and institutions.
Equity programs allow for reduced amount of required documentation in underwriting a mortgage. Over the past few years, lenders have been willing to allow for less documentation in situations where there is sizable amount of equity (security) in a property. The thoughts behind this are that a person is going to be much less likely to walk away from their mortgage if they have a sizable amount of equity in the property. These programs are normally reserved for customers with very high credit score, but still allow for the best broker rates available in the industry.
Vision programs are also heavily based on sizable downpayment or equity in a property as well. These programs however are directed towards customers who have had credit problems in the past. Because the lender does not have a positive indicator as far as credit ... more

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