Benefits and Requirements of Being a Mortgage Broker

Benefits and Requirements of Being a Mortgage Broker

What are the Advantages of Pursuing a Career as a Mortgage Broker?

A career as a mortgage broker can be highly rewarding, but the path to becoming one is often fraught with challenges. An intense course of study, the commitment to achieving this important designation involves a serious investment of both time and money. However, obtaining a mortgage broker’s license enables people to experience the benefits of self-employment and realize an excellent income. Best of all, there are many different avenues for employment, allowing for diversification of services in a unique and lucrative sector in the financial services industry. For those who are on the fence about pursuing a career in this promising field, what are the advantages of becoming a mortgage broker?

What Does a Mortgage Broker Do?

In the most common situations, a mortgage broker helps the borrower take out a mortgage, and the best deal possible. There are many different lenders in Canada looking to lend to borrowers. Anyone looking to take out a mortgage often gets overwhelmed by the amount of choices and information available. A mortgage broker helps the borrower filter down to the best alternatives and get the best deal.

A mortgage broker forms a vital link in the chain, acting as an intermediary between home buyers and potential lenders. A vital part of the mortgage broker’s role is strong working relationships with many different financial institutions to assist their clients with securing the right financial solution at the best possible deal terms and interest rate.

Under the laws of British Columbia as outlined in the Mortgage Brokerage Act, individuals can only provide mortgage brokerage services if they have obtained a license from the Financial Services Tribunal, except certain exemptions. Following a rigorous study and testing process, the fulfilment of all requirements for a mortgage broker’s license entitles people to perform the following integral roles for their clients:

  • Act as a representative for lenders’ mortgage products
  • Negotiate commercial and residential mortgage loans from banks, credit unions, trust companies
  • Assist with securing construction loans
  • Release of home equity
  • Mortgage refinancing
  • 1st, 2nd, or 3rd mortgages
  • Interest only mortgage loan
  • amortization mortgages
  • Bridge financing
  • Inter-alia / interim blanket mortgage
  • Secured visa mortgages
  • Draw/Line of credit mortgages

What Career Opportunities Exist for Sub-Mortgage Brokers?

With the current Canadian mortgage industry sitting at $1.4 trillion dollars, it is not difficult to see that mortgage brokering is an excellent choice for those looking to enjoy career longevity. Obtaining a sub-mortgage broker’s license or pre-licensing certificates serves as an avenue to many different career paths within the real estate and financial services industries. These include:

  • Independent mortgage broker
  • Private lender
  • Property investment analysis
  • Bank specialist
  • Work for MBABC Mortgage Broker Association of BC
  • Mortgage investment corporation
  • Underwriter
  • Credit union staff
  • Real estate appraiser

Mortgage brokering allows the individual to provide a more diversified service base to help meet the specific needs of each client. It simplifies the lending process by allowing customers to come to one person for all of their mortgage needs.

Why Should I Consider Becoming a Mortgage Broker?

Being a mortgage broker offers many advantages to those wishing to pursue a career in this promising field. In today’s unsteady economic climate, many people are looking for secure employment opportunities and are willing to invest the necessary time and money into the certification and education process to achieve their goals.

Some of the advantages of becoming a mortgage broker include:

  • Job security
  • The opportunity to help people
  • Flexible working hours
  • Independence through self-employment
  • Potential for significant and consistent earnings
  • An exciting and lucrative field

Let Quick Pass Master Help You Become a Sub-mortgage Broker

The pathway to becoming a mortgage broker travels along a trajectory which includes a lengthy course of study with a vast amount of material to be committed to memory. Quick Pass Master courses assist individuals with achieving their goal of a mortgage broker’s license through their condensed class materials, in-person classes and carefully crafted study materials. The program lays out difficult concepts in layman’s terms to simplify memorization and promote greater understanding.

To save time and increase the likelihood of a passing grade, contact Quick Pass Master now at 778-686-8555 or to learn more about how we can assist you with realizing your dream of a mortgage broker’s license. A satisfying career and a more secure financial future are just a phone call away with Quick Pass Master. We look forward to serving you.

Meet Benson Wang, Founder

Quick Pass Master is founded by Benson Wang – a true entrepreneur. Being a new immigrant with very little resources, Benson built his real estate ventures through years of hard work and determination. Benson started his career as a real estate agent and eventually founded Quick Pass Master in 2011 to help others pass the BC real estate licensing exams. Today, Benson is an award winning real estate agent who has also helped thousands of students pass their licensing exams.