Your rights

Federally regulated financial institutions (FRFI) 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.

• Applying for a mortgage: rights and responsibilities
  What your federally regulated financial institution must provide in the agreement
• Mortgage prepayment: rights and responsibilities
  What information about prepayment privileges and charges your federally regulated financial institution must provide
• Mortgage security: rights and responsibilities
  What information about standard charges and collateral charges banks will provide
• Mortgage renewal: rights and responsibilities
  How much time before the end of the mortgage your federally regulated financial institution must notify you
• Changes to a mortgage agreement: rights and responsibilities
  You must be given no less than 30 days notice after the changes take effect
• Mortgage life insurance: rights and responsibilities
  You are not required to purchase mortgage life insurance in order to get a mortgage

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.

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 the Financial Consumer Agency of Canada.