Ontario Mortgage Agent Practice Exam

Which document is used to confirm the outstanding balance of a Borrower's current mortgage during refinancing?

1. A) Property Assessment

2. B) Mortgage Statement

3. C) Agreement of Purchase and Sale

4. D) Status Certificate

The correct answer is: B) Mortgage Statement

A Property Assessment document would provide an estimate of the value of the Borrower's property, but it does not provide information about their current mortgage balance. An Agreement of Purchase and Sale document is used when the Buyer is purchasing a property, not for refinancing purposes. A Status Certificate is used for condominium units and does not relate to mortgage balances. The Mortgage Statement is the document that confirms the current outstanding balance of a Borrower's mortgage and is required for refinancing purposes. It includes important information such as the interest rate, remaining term, and payment schedule.