Interested in becoming a Mortgage Broker

4 Replies

I'm interested in the loan and mortgage industry. I'm wondering how hard it is to get a job with a mortgage broker firm after getting a license. How's the mortgage industry doing in Canada? What's the job outlook like? Thanks!

Hey @Ryan Dutt ,

I'm a mortgage broker, it's a great job. Easy to get your license and to get hired on (at least it was for me). Only thing to know is there is a lot of turnover. 

The stat is something like 60% of mortgage brokers are no longer in the industry within 2 years. So make sure you have a good financial cushion together before you start because it's straight commission. The learning curve is one thing, but actually getting business is an entirely different thing. Like realtors, there are a ton of mortgage brokers, and the difference is clients will use you and shop around at the banks etc, so you can lose deals really easily. 

Read Be the Better Broker by Dustan Woodhouse before you make the leap. That will give you a good idea of the industry from one of the top mortgage brokers in Canada. 

In addition, if you have plans of buying, I would do so before you become self employed and need a couple years history in order to qualify.

Good luck!

@Jacob Perez Thank you for giving me so much for the info! 

How can mortgage broker's get around losing deals after being used by clients?

What is the average broker's day like? What's your day like?

Could you clarify what you meant by "plans of buying"? Are you referring to getting mortgage for a house? 

Sorry for having so many questions. Looking forward to hearing back from you. Thanks!

@Ryan Dutt

Plans of buying - Meaning if you have plans to buy a house, or get a Line of Credit or anything that requires a stable income.

Read the be a better broker book, it will give you the best insight into the industry. A lot of people use different strategies to generate leads. Dealing with lenders, and the technical process is an entire other thing. 

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