You got fired and want to start a new life? Or maybe you just have a lot of free time and want to know how to become a mortgage broker in bc? It doesn’t really matter to us. We are here today to tell you all the important nuances on your way to becoming the top mortgage broker in the city.
Mortgage Brokers — What They Do?
A mortgage broker is a link between a bank and a client. His job is to find perfect conditions for each client and remain profitable to the bank at the same time. A mortgage broker is paid not by a client directly but gets commission from a lender. So it is very important for him to get the job done. Even if he has a 1% commission, it is a percentage of a mortgage, so to say it can be from 3,000$ to 6,000$ and even more from one client.
What Do I Need to Do to Become a Mortgage Broker in BC?
First of all, you need to be interested in the profession and want to know the answer to the question of how to become a mortgage broker in bc. A good mortgage broker has a lot of patience to work even with the toughest clients, he is self-disciplined, likes to work with people, and is interested in finances. Well, you know necessary qualities, soft skills as they say, and British Columbia’s real estate market is a great place to start, but what about documentation and things like that? You can read in the next paragraph!
How Much It Costs to Become a Mortgage Broker in BC?
This is the main question for many of you, who are interested in the profession. The answer is “it depends”. If you do not have any money on your account, you will need about 3-5k$ at least to open the company. But if you have it you will spend only some hundred, because there are different types of mortgage broker license. The most expensive one still costs about $4k, but it gives you more rights and possibilities.
But let’s sort things out, how to become a mortgage broker in bc, here are the necessary steps:
- Grow well, to be tall, smart and obligatorily aged more than 19 y.o
- Gain a special education, of course! The Mortgage Brokerage in British Columbia course at the University of British Columbia (UBC) Saunders School of Business must suit you well
- Find a company to work with or not if you want to work for yourself as self-employed
- Submit your registration to the Financial Institutions Commission (FICOM) for your license ($1,000 fee)
I Want to Know More About the Education
As you can understand, the answer to the question of how to become a mortgage broker in BC is quite simple: you need to have some money as your seed money and get special education. However, there are different kinds of licenses and different steps even in education.
Step 1: One-year course from the University of British Columbia (UBC) Saunders School of Business is perfectly suitable for those who graduated from a Canadian high school and gives you a sub-mortgage broker license with which you can register in FICOM
Step 2: Work as a sub-mortgage broker from six months up to two years and begin your next step with enrolling in another one-year course in the Broker’s Business Planning and Financial Management Licensing
Additional step 3: Take your application to the Real Estate Council of British Columbia if you are absolutely sure that your working experience is suitable for this job and is equivalent to British Columbia’s standards. In this case, you can skip the first step
Conclusion
If you follow the steps listed above you will be a perfect mortgage broker in BC, who is able to help his clients to protect their financial security. Even if something goes wrong, stay close to your dream and do everything you can. We are sure that you can do it. Good luck!