Article Updated on May 5, 2020
Are you interested in becoming part of the booming real estate market, but don’t want the stress of being a realtor? If so, becoming a mortgage broker might be the perfect career change – and by taking online real estate courses in BC, you can do it fast!
A mortgage broker is a financial agent who maintains ties with many different banks, and then works with would-be home buyers to help them find the best rate they can get. Mortgage brokers ensure the client gets the best available rates and makes smart long term choices are made. It’s a well-paying job that can also get you significant new inroads into the financial industry in general.
Quick Link: Read our Full Mortgage Broker Career Guide here.
Here are the steps to make it happen in 2020:
How to Become A Mortgage Broker in British Columbia in 2020
The basic requirements for being a mortgage broker in BC are actually quite simple:
- You have to be at least eighteen years old
- A resident of BC with a postal address capable of receiving registered mail
- Fulfill education requirements (mainly involves passing a course and an exam)
- 2 years of experience as a mortgage agent at a brokerage
Education Requirements
To become a mortgage broker, you do need to take a series of classes which have been approved by the Financial Services Commission of British Columbia. These classes generally take around 40 hours to complete, although it can vary depending on the provider. This will get you a Sub-Mortgage broker license.
Here is the toughest part: You MUST pass a final exam at the end of the course (held at UBC) to fulfill the education requirements for licensing. The course materials include +800 pages of reading, and complex math questions. You must study the materials and know it well enough to pass the exam. Many people fail to pass or don’t have time to study for it and give up mid-way through the course.
To help students spend less time figuring out the material and help you pass, Quick Pass Master has designed an online course for the mortgage broker course. We help you pass by providing both top notch study materials and in-person assistance:
- Online videos with an instructor explaining the materials for visual learners
- Condensed study notes to save you time from note taking and figuring out what’s important from the exam
- Memory aids and real life examples to help you understand the materials
- Mock exams so you can practice and identify your areas of weakness
- Video conference / phone / email Q&A to answer your questions
- Math classes and final exam review – this is held live over video conference to give you extra assistance and attention when you most need it
Quick Link: See Our Online Mortgage Broker Course Offering here.
(Due to COVID-19, we have moved all our in-person classes to online videos and online live video conference through Zoom until further notice.)
Two years’ experience as a mortgage agent at a mortgage brokerage
When you’re starting out, you’ll need to work for an established mortgage brokerage as a mortgage agent for at least 24 months, before you can apply to be an independent mortgage broker. This is effectively your on-the-job training and is vital for you to know the ins-and-outs of the industry before you go solo.
A good online real estate course in BC can help you make connections within the mortgage brokerage industry.
Once you’ve done those two things, it’s just a matter of completing a final licensing test, and you’re ready to be an independent mortgage broker! Better yet, you are free to offer other financial services as well, if you have the licenses for them.
What’s Next?
- Learn more about a career as a mortgage broker by reading our career guide here.
- Read our article on “Day in the Life as Mortgage Broker” here.
- To read more about our course syllabus and curriculum, click here.
- Mortgage course pricing and registrations at Quick Pass Master
- Contact Quick Pass Master!
