Chapter 3: Mortgages

In this section

• Mortgage Options
  Discover key mortgage options available in Canada, including conventional and high-ratio mortgages, the differences between fixed and variable rates, and practical tips for securing pre-approvals, navigating lender relationships, and understanding mortgage insurance requirements.
• Types and Features of Mortgages
  Explore common mortgage structures, including fixed-rate, variable-rate, open, closed, collateral, and more, to understand how each impacts interest costs, flexibility in payments, and your overall financial plan.
• Assessing Home Affordability
  Learn how to evaluate your financial capacity for a mortgage, including income stability, debt service ratios, down payment options, and additional costs. Understand the importance of professional appraisals and property inspections, and explore essential Canadian resources that aid in determining the right home price range for you.
• Creditor Insurance: Mortgage Protection Essentials
  Explore how creditor insurance, or mortgage protection, safeguards homeowners by covering outstanding mortgage debt in the event of death, disability, or critical illness, ensuring peace of mind and financial stability.
• Regulatory Considerations When Selling Creditor Insurance
  Learn how to fulfill disclosure, suitability, and compliance obligations under CIRO guidelines and provincial regulations when offering creditor insurance to clients.