How to Become a Mortgage Broker in Canada
A mortgage broker acts as a link between an individual or business who is selling a mortgage(s) and a buyer of a mortgage(s). Additionally, a broker will get as much information from the buyer as needed to determine the most suitable deal. If the buyer proceeds with the mortgage, the broker will work on the deal on his behalf and help the buyer with paperwork for a fee.
Being a mortgage broker is a good choice for a career. This articles deals with this field in terms of Canada. For one, being a mortgage broker doesn't require a person to finish a degree in college. Second, mortgage brokers have flexible hours. Mortgage brokers have the option of being an employee or working on their own. If you see yourself doing sales, mortgage brokering might be for you. This article details the necessary steps to become a mortgage broker.
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Things You'll Need
- Office equipment (e.g. telephone, printer, fax) A database of mortgage types from different lenders Mortgage broker education course and a mortgage agent course Licensure examination completion Mailing address
Instructions
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Complete a course on mortgage agent education. You may look for institutions providing these courses on the internet. The courses may be taken personally by attending classes or online.
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Apply for a mortgage agent license. You will need to follow your provinces' application process. This process will vary province to province. This will allow you to deal or trade in mortgage brokerage, which is a requirement for being a mortgage broker in Canada.
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Next, take the mortgage broker education. Like in the mortgage agent courses, you may find institutions offering these courses on the internet.
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Apply for a mortgage broker license once your course is finished. Also within this time, you will have to be a licensed mortgage agent for at least 24 months and worked for only one mortgage brokerage in Canada.
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Apply for a license after you have fulfilled the requirements for obtaining one. There may be some testing involved, as well as fees. Find out if you can obtain a waiver for the fees. Once you have been tested, and provided you have passed the necessary tests, wait for your license to be issued.
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Start doing business by finding buyers close to your province or with the use of the internet.
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Tips & Warnings
Be sure to check the specifics for each province's mortgage laws since each province's laws differ to varying degrees.
