Mortgage Agent Licensing Practice Exam · Question
A borrower is seeking a 5-year mortgage. They are comfortable with some variability in their monthly payments but want a portion of their mortgage to remain stable. Which mortgage product is designed to meet this specific need?
A hybrid (or combination) mortgage allows a borrower to split their mortgage into two or more portions, typically one fixed-rate and one variable-rate, providin
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Question: A borrower is seeking a 5-year mortgage. They are comfortable with some variability in their monthly payments but want a portion of their mortgage to remain stable. Which mortgage product is designed to meet this specific need?
Answer options:
- An open variable-rate mortgage
- A closed fixed-rate mortgage ✅ A hybrid mortgage
- A convertible mortgage
Correct answer: A hybrid mortgage
Explanation: A hybrid (or combination) mortgage allows a borrower to split their mortgage into two or more portions, typically one fixed-rate and one variable-rate, providing a blend of stability and potential for rate savings.
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Question explanations
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- When must a mortgage agent provide the borrower with certain disclosures regarding the proposed mortgage, part
- Michael and Jennifer are applying for a mortgage to purchase a home in Calgary for $700,000. Their combined gr
- Which of the following scenarios would typically lead to a higher mortgage interest rate for a borrower?
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