Are you thinking of starting a career in the mortgage industry? That’s amazing! You are heading down an exciting, challenging and rewarding career path. You might be trying to figure out where to start, what it’s all going to look like and how to do it all, so let’s walk through it.
HOW DO I BECOME A LICENSED AGENT?
The first step to starting your career in mortgages is to complete the Ontario Mortgage Agent Course. Throughout the course you will learn about mortgage mathematics, mortgage processes and applications, different mortgage products, how to qualify someone, the legalities and much more. Once you complete all the course material you will be required to write and pass an exam to receive your license. You can head to the Mortgage Professionals Canada website to register for the course.
How long does it take?
The length of time it takes to complete the course will depend on you! Every person is different.
If you choose the in class option you will attend 5 days worth of full day classes taught by a mortgage professional. You will then need to complete the final exam after you finish the classes.
If you chose the self taught option it is approximately 40 hours worth of course work for you to complete on your own schedule. You have 6 months from the time you register to complete your exam. You can take your time and learn at your own pace.
How much does it cost?
The Ontario Mortgage Agent Course is very reasonable compared to the average expenses associated with an education. Depending on whether you choose online classes, independent learning, e-textbook or paper textbook the price will vary between $375.00 – $425.00.
Once you are licensed you can go ahead and start applying to work with brokers.
HOW DO I BECOME A MORTGAGE BROKER?
To become a mortgage broker you must first gain 2 years of experience working as a mortgage agent and then complete some additional education requirements. The education requirement is to complete the Ontario Mortgage Broker Education Program. This is a 2 phase course that teaches you how to hire and supervise agents in a professional and effective way, as well as teaches you how to ensure a brokerage is complying with all regulations and standards. The first phase of the course is a self taught online portion, which would be followed by phase 2 being an in class seminar surrounding the topics covered in phase 1. On the last day of your in class sessions you will be required to pass a final exam again. You can register for the Ontario Mortgage Brokers Education program through Mortgage Professionals Canada.
How long does it take?
The length of time it takes to complete the course will again depend on you! Every person is different.
The first phase is self taught which means you can set whatever schedule works for you and your learning habits. The second phase is in class and the classes are for 1 week, Monday through Friday from 9:00AM – 5:00PM. You will write your final exam within that week, on the Friday before the course ends.
How much does it cost?
Once again, the price to enroll and complete the course is very reasonable. The price is also very similar to the cost of the Ontario Mortgage Agent Course. It will be around $500.00 to enroll, receive your materials and complete the course.
Becoming a mortgage broker is such an exciting decision. You will have lots of growth opportunities to build the career you’ve been dreaming of. Now all you need to do is get started! The Mortgage Professionals Canada website is a great place to start. You can read more about the courses and start the enrollment process if you’re ready to go!