Mortgage Agent Licensing Practice Exam · Question
What is the maximum amortization period allowed for an INSURED high-ratio mortgage in Canada?
For high-ratio mortgages (down payment less than 20%) requiring mortgage insurance (e.g., CMHC), the maximum amortization period allowed is 25 years. This contr
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Question: What is the maximum amortization period allowed for an INSURED high-ratio mortgage in Canada?
Answer options:
- 20 years ✅ 25 years
- 30 years
- 35 years
Correct answer: 25 years
Explanation: For high-ratio mortgages (down payment less than 20%) requiring mortgage insurance (e.g., CMHC), the maximum amortization period allowed is 25 years. This contrasts with uninsured mortgages which can go up to 30 years with some lenders.
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Question explanations
- Which of the following is NOT a primary provider of mortgage default insurance in Canada?
- 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
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