How To Become Mortgage Broker In Ontario (2023)

The mortgage loan procedure is managed by a mortgage broker, who acts as a middleman. The mortgage broker operates as a go-between for mortgage borrowers and lenders. To become a licensed mortgage broker in Ontario, you must first complete the mortgage broker educational requirements, then obtain a mortgage agent’s license before applying to upgrade to a licensed mortgage broker. A mortgage broker’s job is to connect a mortgage borrower (who needs funding or a loan) with a mortgage lender (who is willing to lend money in exchange for a fixed interest rate) and find the best fit in terms of the borrower’s financial situation and the lender’s interest rate needs; however, the broker does not use his own funds but rather, earns a commission at the end of the deal, this commission is usually called an origination fee. Using a mortgage broker has several advantages, the most common being that they save you the stress and time of searching...