Mortgage Broker Licensing Practice Exam · Question
A borrower keeps the same lender at the end of the term, signs a new term at current rates with no change to amount or amortization. This is best described as:
Continuing with the same lender at term end without changing the amount/amortization is a renewal. Changing the amount is a refinance; moving to a new lender is
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Question: A borrower keeps the same lender at the end of the term, signs a new term at current rates with no change to amount or amortization. This is best described as:
Answer options:
- A refinance ✅ A renewal
- A switch / transfer
- An assumption
Correct answer: A renewal
Explanation: Continuing with the same lender at term end without changing the amount/amortization is a renewal. Changing the amount is a refinance; moving to a new lender is a switch.
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Related Questions
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Question explanations
- What is the typical time frame for a mortgage agent to provide the required disclosure statement to a client?
- Funds received from a client or investor that the brokerage holds on their behalf must be deposited into:
- Ontario mortgage agents must complete which of the following at each licence renewal?
- Which entity is responsible for licensing and regulating mortgage brokers and agents in Ontario?
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