Video: Understand your mortgage

From: Financial Consumer Agency of Canada

Understand your mortgage

Tran​script​

The animated video opens with a man and a woman sitting on a park bench with their dog beside them on the grass. The man is reading a newspaper that has a flashy ad promoting low mortgage rates. The woman is holding the dog’s toy ball. 

The man and woman are discussing whether they should switch their current mortgage for a better rate and what it may cost them to switch.

Man: Wow, look at this mortgage interest rate. Let’s switch! 

Sound effect of ball being dropped by woman. 

Woman: What’s the cost of getting out of the mortgage we already have? 

Man: No problem! I think all we pay is three months interest… 

Woman: That’s not much! So let’s go do the paperwork. 

The man is sitting in his dining room reviewing the couple’s finances while the woman is reading a book in their living room. 

The man screams in shock when he realizes how much it actually cost to break their mortgage contract. 

Man: AAHHHHH! It cost us over ten thousand dollars to break our mortgage! 

The woman lowers her glasses and looks sternly at the man. 

Woman: You’re surprised? Tell me you read our mortgage contract BEFORE we broke it. 

The man frantically reviews their mortgage contract. 

Man: Oh, no… it’s right here in black and white. The penalties can be way more than I thought. 

The man turns out the light in the dining room, leaving nothing but his eyes visible. 

The scene cuts out and cuts back in revealing that the man is now in the dog house. The dog sits beside the house, staring at the man and wagging its tail. 

Narrator: Understanding your financial rights and responsibilities means no surprises. Find out more at Canada.ca/it-pays-to-know.
Report a problem or mistake on this page
Please select all that apply:

Thank you for your help!

You will not receive a reply. For enquiries, contact us.

Date modified: