Ontario Mortgage Agent Practice Exam 2025 – 400 Free Practice Questions to Pass the Exam

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What is meant by “mortgage maturity”?

The time frame before a home can be sold

The date when the mortgage must be fully repaid

Mortgage maturity refers to the date when the mortgage must be fully repaid. This is a crucial concept in the mortgage process because it signifies the end of the loan term, at which point the borrower is required to pay off the remaining balance of the mortgage. If the borrower has not been able to pay off the mortgage by this date, they may need to refinance or negotiate further terms with the lender. Understanding the concept of mortgage maturity is essential for borrowers to plan their finances and ensure that they can meet their repayment obligations by the maturity date.

Other options like time frames for home sales, property appreciation periods, or loan approval processes do not directly pertain to the repayment schedule or completion of the mortgage agreement, making them irrelevant in the context of mortgage maturity.

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The period required for property appreciation

The length of the loan approval process

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