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Actually, if he has good credit all he needs is a letter from an employer stating his salary. If he's borrowing more than 75% of the value of the home, he needs to pay the CMHC insurance, which the bank prefers so they are guaranteed that if he defaults they are guaranteed their money.
Your mortgage is not open for 25 years - life of the loan will be 25 years if you don't refinance it. The term of your loan is most likely the 'better than prime' which is 5-year closed and at a variable rate about .25% lower than prime - which you can only convert to a 3 year closed term (which is presently at 5.8) When prime goes up, so will your payments.
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