Lender Disclosure

Understand lender disclosure in Canadian real estate, what it includes, why it’s legally required, and how it protects mortgage borrowers.

Lender Disclosure

May 30, 2025


What is Lender Disclosure?

Lender disclosure refers to the legal obligation of a lender to provide transparent information about the terms, costs, and conditions of a mortgage or loan agreement.

Why Does Lender Disclosure Matter in Real Estate?

In Canadian real estate, lender disclosure protects borrowers from hidden fees, interest rate changes, and unfavorable terms.


Lender disclosures typically include:
  • Interest rates (fixed or variable)
  • Prepayment penalties or privileges
  • Mortgage term, amortization, and payment schedule
  • Fees such as appraisal, underwriting, or legal costs



Federal and provincial laws (e.g. the Cost of Borrowing Regulations) require disclosures to be presented clearly and in writing.



Understanding lender disclosure helps borrowers compare offers, avoid surprise charges, and make fully informed mortgage decisions.

Example of Lender Disclosure in Action

The borrower receives a disclosure statement outlining their interest rate, term, and penalties, helping them choose between lenders.

Key Takeaways

  • Explains mortgage terms and costs.
  • Required by law to protect borrowers.
  • Includes rates, fees, and conditions.
  • Enables accurate lender comparisons.
  • Prevents hidden charges or surprises.

Related Terms

Additional Terms

Residential Tenancies Act

The Residential Tenancies Act (RTA) is provincial legislation that governs the rights and responsibilities of landlords and tenants in residential. more

Rental Income

Rental income is the revenue received by a property owner from tenants who occupy residential or commercial space under a lease or rental agreement.. more

Disposition

Disposition in real estate refers to the sale, transfer, or disposal of a property or asset by the owner, whether voluntarily or through legal or. more

Landlord Responsibilities

Landlord responsibilities refer to the legal and practical obligations a property owner has toward tenants under provincial residential tenancy laws.. more

Comparable Market Analysis (CMA)

A comparable market analysis (CMA) is a pricing report prepared by real estate professionals to estimate a property’s market value based on recent. more

Adjusted Cost Base

Adjusted cost base (ACB) is the total amount paid to acquire a property, adjusted for expenses and improvements, used to calculate capital gains when. more

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