Mortgage Broker Licensing Practice Exam · Question
For a high-ratio insured residential mortgage in Canada, what is the maximum amortization currently allowed for most borrowers?
Insured (high-ratio, <20% down) mortgages are capped at 25 years amortization; 30 years is allowed only for specific first-time buyer / new build programs.
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Question: For a high-ratio insured residential mortgage in Canada, what is the maximum amortization currently allowed for most borrowers?
Answer options:
- 20 years ✅ 25 years
- 30 years
- 35 years
Correct answer: 25 years
Explanation: Insured (high-ratio, <20% down) mortgages are capped at 25 years amortization; 30 years is allowed only for specific first-time buyer / new build programs.
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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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