Mortgage security: know your rights

All mortgages are secured by real property, such as a house. This means a lender registers a charge (or “hypothec” in Quebec) against your property in the province or territory where you live. It gives the lender certain rights, such as selling the property if you don’t repay the loan as agreed.

Information banks will disclose to you about mortgage security

Banks that offer mortgages and are members of the Canadian Bankers Association (CBA) have adopted the Commitment to Provide Information on Mortgage Security.

They’ll provide general information to help you understand the differences between the types of mortgage security:

• at each of their branches in Canada and points of service where they offer residential mortgages
• on each of their websites through which they offer residential mortgages in Canada
• in writing, upon request

They’ll provide specific information about the security used for your mortgage:

• before you enter into the mortgage agreement, or
• when you enter into the mortgage agreement

The general and specific information will cover:

• transferring or assigning the mortgage security to a new lender
• borrowing more funds
• discharging the mortgage security

Banks will provide the information in a manner, and using language, that is clear, simple and not misleading.

Banks must make this commitment available:

• at each of their branches in Canada where they offer products or services and at each of their points of service
• on each of their websites through which they offer products and services in Canada
• in writing, upon request

Learn more about the Commitment to Provide Information on Mortgage Security (PDF).

When these rights apply to you

These rights apply when you're dealing with a bank that is a member of the Canadian Bankers Association (CBA).

Find out if your bank is a member of the Canadian Bankers Association.

Learn more about how your banking rights are protected.