Mortgage Broker Licensing Practice Exam · Question
Gross Debt Service (GDS) ratio for a conventional mortgage generally should NOT exceed:
CMHC's standard GDS limit is 32% (39% for stronger credit). GDS includes mortgage principal & interest, property taxes, heat and 50% of condo fees.
Start free practice for Mortgage Broker Licensing Practice Exam
302 questions · no signup required · 40 free questions per day
Question: Gross Debt Service (GDS) ratio for a conventional mortgage generally should NOT exceed:
Answer options:
- 25% ✅ 32% (CMHC standard)
- 42%
- 50%
Correct answer: 32% (CMHC standard)
Explanation: CMHC's standard GDS limit is 32% (39% for stronger credit). GDS includes mortgage principal & interest, property taxes, heat and 50% of condo fees.
Start free practice for Mortgage Broker Licensing Practice Exam
302 questions · no signup required · 40 free questions per day
More about Mortgage Broker Licensing Practice Exam
Related Questions
- 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?
- What is a 'material change' in relation to a client's mortgage application?
- Ethical behavior for a mortgage broker includes:
More for Mortgage Broker Licensing Practice Exam candidates
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?
Ready to practice?
Free, no signup required. Build a wrong-question list as you go.
Start Free Mortgage Broker Licensing Practice Exam Practice →Related courses
Other Canadian certifications candidates often prepare for alongside this one.