For Consumers

Credit, Loans and Debt: Mortgages

Frequently asked questions related to mortgages

	Does my financial institution have the right to impose a penalty when I renegotiate my mortgage?
	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?
	What happens to my mortgage life insurance when I renew my 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?
	Why does a financial institution always ask for so much personal information before it makes a decision about granting a loan or a mortgage, or issuing a credit card, or increasing the limit on a card?
	What information does my financial institution have to give me when it gives me a loan?
	Can a financial institution refuse to give me a loan?
	How can I get the lowest interest rate on my mortgage?
	I’ve heard that some financial institutions are now offering 30-, 35- and 40-year mortgages. What are these and how do they work?
	What is a reverse mortgage?