Humber/Ontario Real Estate Course 2 Exam Practice

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Which of the following is a common mortgage term in Ontario?

  1. Fixed-Rate Mortgage

  2. Adjustable Reverse Mortgage

  3. Equity-indexed Mortgage

  4. Graduated Payment Mortgage

  5. Reverse Payment Mortgage

  6. Interest-Only Graduated Mortgage

The correct answer is: Fixed-Rate Mortgage

A Fixed-Rate Mortgage is a common mortgage term in Ontario. This type of mortgage has an interest rate that remains the same for the entire term of the loan, providing predictable monthly payments for the borrower. This stability can be attractive to homebuyers who prefer to know exactly how much their mortgage payments will be each month. Adjustable Reverse Mortgage, Equity-indexed Mortgage, Graduated Payment Mortgage, Reverse Payment Mortgage, and Interest-Only Graduated Mortgage are not common mortgage terms in Ontario, making them incorrect choices.

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