Mortgage Agent Licensing Practice Exam · Question
What is the maximum Loan-to-Value (LTV) ratio for a high-ratio mortgage insured by CMHC?
CMHC mortgage insurance is typically required for high-ratio mortgages, which are those with a down payment less than 20%, resulting in an LTV ratio greater tha
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Question: What is the maximum Loan-to-Value (LTV) ratio for a high-ratio mortgage insured by CMHC?
Answer options:
- 75%
- 80%
- 90% ✅ 95%
Correct answer: 95%
Explanation: CMHC mortgage insurance is typically required for high-ratio mortgages, which are those with a down payment less than 20%, resulting in an LTV ratio greater than 80%. The maximum LTV for such insured mortgages is 95%.
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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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