Canadian Mortgages – Career Opportunity
Over the recent years, the booming Canadian housing market has attracted many people who are looking for career and income advancement. Mortgage brokerage – home loan origination by independent mortgage advisors or brokers is attractive to self-motivated individuals who aspire to work their own hours and build a business within a group environment.
Definition of a mortgage
A mortgage loan is a loan secured by real property through the use of a mortgage – a legal instrument. The word mortgage used commonly by consumers everyday is often referred to as mortgage loan. As with other types of loans, mortgages have an interest rate and are scheduled to be repaid over a period of time – normally from 25 to 40 years in Canada. Mortgage lending is the primary mechanism used to finance the private ownership of real estate.
The Income Opportunity
Home ownership in Canada is a multi-trillion dollars business. Home loan origination by Independent Mortgage Brokers or Consultants accounts for about 25% of the total home loan business in Canada.
Mortgage Brokers are independent agents who work for themselves and not for the mortgage lenders. A Mortgage Broker is paid a commission or fee for the mortgage business that he or she successfully places with a mortgage lender. The income potential for successful Mortgage Brokers is high and can be very rewarding for those who find their market niches.
Requirements To Become A Mortgage Broker
All Mortgage Brokers are required to pass a sub-mortgage broker course before they are can be licensed and registered to work as sub-Mortgage Brokers. Employees of Canadian Banks, Credit Unions and Trust Companies are exempt by the Government and not required to be licensed to market their employers mortgage products to home owners.