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.
A career as a mortgage broker can be highly rewarding, and that is why many people want to break into the mortgage brokerage industry.
Want to learn more? Read our career guide below!
Mortgage brokers work as an intermediary between home buyers and lending institutions. As a result of their efforts to match residential or commercial property seekers with the right financial organizations to meet their needs, they are paid a commission on the finalized transaction.
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.
Licensed mortgage brokers can provide the following services in BC:
Being a real estate agent requires a wide skill set: sales, negotiation and networking skills, as well as determination and attention to detail.
At the time of the loan closing, the lender gives a commission of the mortgage value to the mortgage broker. This typically ranges from as low as 0.5% to up to 1.2%. While this may seem like a meager figure, a $1 million mortgage for a home in Vancouver would yield a commission of $5,000, assuming a 0.5% commission.
If a broker only closes 3 transactions a month, it would result in commissions of $15,000. Multiplied by twelve, the broker would have collected fees of $180,000 per year.
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Below is a summary of our full article on “What is a Typical Day in the Life of a Mortgage Broker”. To read the full article, please click here.
Many people wonder precisely what a mortgage broker in British Columbia does on a daily basis. Being a mortgage broker offers the opportunity to earn an excellent income coupled with the flexibility of enjoying the benefits of self-employment. A mortgage broker offers financial stability, job security, and flexibility of schedule. What does a day in the life of the average mortgage broker look like?
Working as a mortgage advisor has the benefit of adjusting your schedule to fit your needs. Since mornings are typically slow, many people would fit personal or family activities in this time period. Some health conscious mortgage advisors will try to slip in a quick run or a workout session. Others may drop off their kids to work first before going to the office or the first meeting.
Still, some early birds may wake up even earlier to take use the early hours of the day. Whether it is making and enjoying a healthy breakfast, taking the dog for a walk, or hitting the gym, the choice is yours!
To start off the day, mortgage advisors would quickly scan their emails, text messages and social media (Facebook, Twitter, and Instagram) for any urgent tasks. Then would be checking up on the news feed to keep pace on any developments in the real estate or financial sectors they need to be aware of that could affect their day’s events.
Lunch time could be a time to catch a breath and take a break in a busy day. However, for many young and hungry mortgage brokers, they would be working instead. There are many ways to productively spend the half hour to hour breaks:
Mortgage brokers often make the most of their time by using conference calling to connect with clients. Conference calls can often include the prospective lending institution to provide more immediate answers to questions along the path to negotiating a mortgage.
Another key point of most mortgage brokers’ days includes in person meetings with new clients or first time home buyers. These initial point of contact appointments help with ascertaining such important details as client goals and timelines as well as any possible impediments to home purchases which must be overcome.
Since most clients can’t meet with mortgage brokers during working hours, evening meetings must be scheduled. Mortgage brokers will often meet with clients at coffee shops or restaurants to finalize any documentation required for obtaining a mortgage.
For the ambitious individual, being a mortgage broker can be a fast paced and highly rewarding career that you were looking for. As you can see, there is never a dull moment. The sky’s the limit when it comes to opportunities for career growth. This is especially true in Vancouver and British Columbia, where the real estate market has been enjoying sustained growth over a long period of time.