Mortgages: Your Rights And Responsibilities
Your rights
Federally regulated financial institutions must provide you with certain important information about your mortgage, in clear language, in the mortgage application and the mortgage agreement. Depending on what type of mortgage you get, the information required may vary.
Your responsibilities
Before signing, you have a responsibility to read and understand the terms and conditions of your mortgage agreement. Ask questions about anything that is not clear.
All about mortgage rights and responsibilities
- Applying for a mortgage
What your federally regulated financial institution must provide in the agreement - Mortgage prepayment
What information about prepayment privileges and charges your federally regulated financial institution must provide - Renewal of your mortgage
How much time before the end of the mortgage your federally regulated financial institution must notify you - Changes to your mortgage agreement
You must be given no less than 30 days notice after the changes take effect - Mortgage life insurance
You are not required to purchase mortgage life insurance in order to get a mortgage
What you should do if you feel your rights are not being respected
If you feel that a federally regulated financial institution is not respecting your rights, contact FCAC.
Related Resources
- Mortgage Qualifier Tool
Find out if you qualify for a mortgage for the property you want - Mortgage Calculator Tool
Look at your payment options to see when you can be mortgage-free - Budget Calculator
Plan your budget to help achieve your financial goals - Mortgage Quiz
Test your mortgage knowledge
- How will my penalty be calculated if I break my mortgage before the end of my current term, so I can take advantage of lower interest rates?
- Can my financial institution make me take out insurance when I apply for a loan or a mortgage?
- Can my financial institution refuse to provide me with a copy of my mortgage appraisal, even though I’ve paid for it?
- Can I refuse to provide my financial institution with information about my income when I renew or apply for a mortgage?
- What’s the difference between coercive tied selling and beneficial tied selling?
- What happens to my mortgage life insurance when I renew my mortgage?
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