Mortgage Agent Licensing Practice Exam · Question
Which of the following is NOT a characteristic of a 'conventional mortgage'?
Conventional mortgages are widely available from various lenders, including banks, credit unions, and trust companies, not exclusively private lenders. Their de
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Question: Which of the following is NOT a characteristic of a 'conventional mortgage'?
Answer options:
- Requires a minimum 20% down payment.
- Does not require mortgage default insurance.
- Loan-to-Value (LTV) ratio is 80% or less. ✅ Can only be obtained from private lenders.
Correct answer: Can only be obtained from private lenders.
Explanation: Conventional mortgages are widely available from various lenders, including banks, credit unions, and trust companies, not exclusively private lenders. Their defining characteristics are a 20% or greater down payment and no requirement for mortgage default insurance.
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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
- Which of the following scenarios would typically lead to a higher mortgage interest rate for a borrower?
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