Mortgage Agent Licensing Practice Exam · Question
Stress test qualifying rate (insured & uninsured):
OSFI B-20.
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Question: Stress test qualifying rate (insured & uninsured):
Answer options: ✅ Higher of contract+2% or 5.25% benchmark
- Contract rate
- Prime
- Posted
Correct answer: Higher of contract+2% or 5.25% benchmark
Explanation: OSFI B-20.
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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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