Equifax, a consumer credit firm based in the United States, uncovered some $400 million in mortgage fraud in Canada’s lending industry in 2011. Those in the know believe that is only a small fraction of what types of cheating are found in the nation’s real estate markets. The firm noted that since lending companies are tightening their pockets the cheating is becoming more prevalent. Nearly two-thirds of the fraud found in 2011 had to do with real estate, particularly mortgages.

First time homebuyers face plenty of rules, regulations and paperwork. But there are ways to help streamline the process, and perhaps save some money at the same time. One way is to take advantage of tax credits and some RRSP benefits.