Disclosure To Borrower
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2Mortgage Brokerages, Lenders and Administrators Act
This document must be provided to the borrower 2 business days prior to the signing
of any mortgage instruments, unless waived below.
Disclosure to Borrower
Cost of Borrowing Disclosure:
Property to be mortgaged: ______________________________________________________________________
____________________________________________________________________________________________
Details of Mortgage:
The principal amount of the mortgage $ ___________ , will be repayable in _________ installments of $ _______ ,
to be paid on the ______ of every month, ________ interest, starting on _____________.
The net advance of funds is $_____________.
The total amount of all payments over the __ year term will be ___________
The mortgage will be amortized over _____ years.
Interest:
The date on which interest begins to accrue is:__________ and if any grace period is given, the details
are:_________________________________________________________________________________________
The annual interest rate is ____ and the compounding period is ________________.
Interest for each payment period is calculated against the balance owing. Each payment is applied first to the
accumulated cost of borrowing, and then to the outstanding principal. Any interest unpaid becomes part of the
balance owing for the purposes of calculating the interest charged in future payment periods.
Where the annual interest rate may change, the method of determining the annual interest rate is:_______________
____________________________________________________________________________________________
Where the scheduled payments are not adjusted automatically to account for changes in the annual interest rate, the
lowest annual interest rate at which the installment payments would not cover the interest accruing between
payments is:_________ at this rate, a negative amortization is possible.
Fees and Costs Payable by Borrower:
Value
Included in APR
Bonus
Broker Fee
Evaluation
Inspection Costs
Legal Fees / Disbursements
Total Costs:
Total Cost of Borrowing:
Total Cost of Borrowing (including interest) to be paid over the term of the mortgage:$ __________ APR: ______ %
The APR is not the contract rate of the mortgage. It is the interest costs, plus the non-interest costs required to
obtain the mortgage, expressed as a percentage of the average mortgage balance over the term of the mortgage.
Terms and Conditions:
Prepayment Privileges:_________________________________________________________________________
Transferability:_______________________________________________________________________________
Method of Payment:___________________________________________________________________________
Special Conditions:____________________________________________________________________________
Particulars / Penalties:__________________________________________________________________________
Nature, amount and timing of Optional Services: _________________________________________________
Notes:______________________________________________________________________________________
Conflict of Interest Disclosure:
The Mortgage Broker/Agent has the following relationship which may be perceived as a conflict of interest:
____________________________________________________________________________________________
REFERRAL FEES TO BROKERAGE AND/OR BROKERS/AGENTS:
Describe any direct or indirect interest that the Brokerage has or, as currently contemplated, may acquire in the
transaction for which this disclosure statement if provided.
Mortgage - Commissions
The brokerage will receive a commission and may receive contingent commissions from the Lender. Commissions
are generally a fixed percentage of principal amounts of the mortgage being placed. Contingent commissions may
be based on factors such as the volume of business placed with the Lender, or a certain percentage growth in the
placement of business over a previous period, and may be paid in cash or some other form of compensation.
Mortgagee – Lender is an affiliated company
Disclosure to Borrower: Cost of Borrowing & Conflict of Interest
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