Mortgage Agent Licensing Practice Exam · Question
Which of the following describes a 'portability' feature of a mortgage?
Mortgage portability allows a borrower to transfer their existing mortgage, including the interest rate and remaining terms, from their current property to a ne
Start free practice for Mortgage Agent Licensing Practice Exam
307 questions · no signup required · 40 free questions per day
Question: Which of the following describes a 'portability' feature of a mortgage?
Answer options:
- The ability to pay off the mortgage faster without penalty. ✅ The option to transfer the existing mortgage balance, interest rate, and terms to a new property.
- The flexibility to convert from a variable rate to a fixed rate.
- The feature that allows a borrower to skip a payment.
Correct answer: The option to transfer the existing mortgage balance, interest rate, and terms to a new property.
Explanation: Mortgage portability allows a borrower to transfer their existing mortgage, including the interest rate and remaining terms, from their current property to a new one, potentially saving them from breaking their mortgage and incurring penalties.
Start free practice for Mortgage Agent Licensing Practice Exam
307 questions · no signup required · 40 free questions per day
More about Mortgage Agent Licensing Practice Exam
Related Questions
- 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?
- Which type of lender typically offers the most flexible underwriting criteria but often at higher interest rat
- Which of the following bodies is primarily responsible for regulating mortgage brokers and agents in Ontario?
More for Mortgage Agent Licensing Practice Exam candidates
FAQs
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?
Ready to practice?
Free, no signup required. Build a wrong-question list as you go.
Start Free Mortgage Agent Licensing Practice Exam Practice →Related courses
Other Canadian certifications candidates often prepare for alongside this one.