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Frequently Asked Questions
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FILE UPDATED TIME 19/12/2006 1:15:13 PM
TOTAL READ COUNT 1840
Question:
Can I refuse to provide my financial institution with information about my income when I renew or apply for a mortgage?
Answer:
Although your financial institution does have the right to ask you for information about your financial situation — including tax documents — to determine whether to approve your application for credit, it is up to you to decide whether you want to provide the information requested. If you decide not to provide details about your income, the financial institution may not have the information it needs to make a decision about your application. If you have any concerns about providing this information, you should discuss the matter with your financial institution.
Resource(s):
-
Banks and Your Privacy
(Canadian Bankers Association) -
Renewing and Renegotiating Your Mortgage
Classification of this FAQ:
| Category | Sub-category |
|---|---|
| Consumer services | Privacy |
| Renewing & Renegotiating | |
| Mortgages | Privacy |
| Renewing & Renegotiating |
Related Question(s):
- What is a “portable” mortgage?
- How can I get the lowest interest rate on my mortgage?
- Why does a financial institution always ask for so much personal information before it makes a decision about granting a loan or a mortgage, or issuing a credit card, or increasing the limit on a card?
- How does the amortization period affect the interest cost I pay on my mortgage?
- What is an “assumable” mortgage?
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