Mortgage Broker Licensing Practice Exam · Question
Mortgage payment frequency that pays the LEAST total interest over the same amortization is:
Accelerated bi-weekly equates to one extra monthly payment per year, shortening the amortization and reducing total interest more than monthly, semi-monthly or
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Question: Mortgage payment frequency that pays the LEAST total interest over the same amortization is:
Answer options:
- Monthly
- Semi-monthly ✅ Bi-weekly accelerated
- Weekly (non-accelerated)
Correct answer: Bi-weekly accelerated
Explanation: Accelerated bi-weekly equates to one extra monthly payment per year, shortening the amortization and reducing total interest more than monthly, semi-monthly or standard weekly.
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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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