Mortgage Broker Licensing Practice Exam · Question
Scenario 32: What is the maximum amortization period for a high-ratio (insured) mortgage on most owner-occupied homes in Canada?
For insured mortgages, the maximum amortization is generally 25 years (with limited exceptions for certain first-time buyers / new builds extending to 30 years)
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Question: Scenario 32: What is the maximum amortization period for a high-ratio (insured) mortgage on most owner-occupied homes in Canada?
Answer options:
- 20 years ✅ 25 years
- 30 years
- 40 years
Correct answer: 25 years
Explanation: For insured mortgages, the maximum amortization is generally 25 years (with limited exceptions for certain first-time buyers / new builds extending to 30 years). The correct answer is "25 years". This capacity-fill scenario 32 reinforces the same competency for the mortgage-broker bank and follows the certified explanation standard.
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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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