How to Become a Mortgage Loan Broker
A Mortgage is an instrument used to borrow money on account of collateral (usually property), which is placed under a consensual lien, until the borrower repays the debt and the related interest. A mortgage loan broker is an individual who connects the borrower with the lender and helps with the process. The broker typically charges a fee for his/her assistance, and helps the parties with paperwork etc.
Choosing to become a mortgage loan broker has its advantages. Firstly, you don’t need a proper degree to pursue this, and secondly, you will be your own boss (if you want), working flexible hours. However, before you choose this career path, you should be confident that you will be able to make sales, because your earning will depend on the number of deals you broker.
Take a course for Mortgage Agents
You need to learn how mortgages work, for which it is important that you take a mortgage agent course. These courses are usually short, and can be taken both in person, or virtually, using the internet. You should search for reputable institutions online and take the course before proceeding.
Get a Mortgage Agent license
Once you have completed the mortgage agent course, you will need to apply for a mortgage agent license according to the regulations of your province. Becoming a licensed mortgage agent will allow you to legally work in the real estate industry and gain valuable experience.
Take a Mortgage Broker course
After becoming a licensed mortgage agent and gaining experience in the field. You should take a small mortgage broker course, which will be like the mortgage agent course, taken in person or online from a reputable institution.
Get a Mortgage Broker license
You will need a mortgage broker license after having completed the course. However, the requirement is that you should have been a licensed mortgage agent for at least 2 years prior to applying for a broker license. Moreover, you need to have worked with only one Canadian mortgage brokerage throughout.
If you meet all these requirements, you can apply for the license, for which you might need to give a test as well. Find out about the related fees and pass the test to obtain your mortgage broker license.
Start your career
Once you have everything settled, you can start brokering mortgages. You will need to generate and pursue leads to make sales and build your reputation in the business.
