How to become a mortgage broker in Nova Scotia

For those who want to buy property, engaging the services of a mortgage broker is important. These professionals help their clients navigate the mortgage process and look for competitive home loan offerings for the latter. In Nova Scotia, becoming a mortgage broker can be a fulfilling career—along with being stable and lucrative.  

In this article, Canadian Mortgage Professional will discuss how to become a mortgage broker in Nova Scotia. We will also talk about how much you can make in salaries and commissions. Want to know if you need a licence to become a mortgage broker in Nova Scotia? Read on to know more. 

What does a mortgage broker do? 

As a mortgage broker, you have to be knowledgeable about the mortgage options offered by your partner lenders. You must know the features and requirements of each product in detail. 

Your clients will have different financial situations and loan purposes. As such, you should identify the most suitable mortgage offering based on their circumstance.  

After assisting your clients in choosing the best possible mortgage for them, your next task is to help them comply with your employer-lender's criteria. This is critical to get your clients’ mortgage application approved. 

For a deep dive into this profession, read our guide on how to become a mortgage broker in Canada. 

Become a mortgage broker in Nova Scotia 

First step: associate mortgage broker licence 

The initial step on how to become a mortgage broker in Nova Scotia is to get an associate mortgage broker licence. You must complete the educational requirements and take the necessary exam. Once you pass, you will be able to join a mortgage brokerage. Your employer will be the one to submit your licensing application to provincial regulators. 

Educational requirements for associate mortgage broker licence 

The Nova Scotia Associate Mortgage Broker course includes important information about: 

• local regulations 
• legislation 
• business practices 

This course also covers the essential topics, skills, and knowledge needed to start a career as an associate mortgage broker. Developed with input from education experts and industry professionals, the course lasts about 40 hours online and includes a final exam. If needed, students can retake the exam.  

As a rule, you must have an associate mortgage broker licence before applying for a mortgage broker licence. 

Next step: mortgage broker licence 

After getting your associate mortgage broker licence, the opportunity to get a mortgage broker licence is within reach. You need to comply with the age requirements and other conditions if you want to be eligible for licensing in Nova Scotia. 

Eligibility requirements for mortgage broker licence 

For the age requirement, you must be 19 or older to apply. You should also be employed to qualify, and your employer must be a holder of a mortgage brokerage licence.  

Here is a list of qualifications for candidates: 

• must be a resident of Canada 
• must complete the Regulatory Information Program 
• must have a criminal record check of no more than three months before the application 
• must complete the Nova Scotia Mortgage Broker Education Program, unless you’re exempt 
• must have held an associate mortgage broker licence for at least 12 of the 24 months right before applying, unless you are exempt 
• must provide confirmation to the principal mortgage broker that you have read and understood the Mortgage Regulation Act and regulations 
• must have agreed to follow all requirements 

The principal mortgage broker should also apply for the mortgage broker licence on your behalf. 

Skills to become a successful Nova Scotian broker 

Aside from the requirements, there are also several essential skills that are great to have and develop to be successful in this career. Here are four of them: 

1. effective communication 
2. interpersonal skills for client-facing tasks 
3. proficiency in financial analysis 
4. knowledge of mortgage products and regulations 

Let us discuss them one by one: 

1. Effective communication  

Having good communication skills is needed to succeed as a mortgage broker in Nova Scotia. This is essential when discussing mortgage transactions with clients. This may also come in handy when negotiating with commercial banks and other mortgage lenders. 

2. Interpersonal skills for client-facing tasks  

Strong interpersonal skills must also be developed if you want to thrive as a mortgage broker in Nova Scotia. This is essential for building relationships with clients—which can lead to referrals. 

As a mortgage broker, it is possible to work closely with people who might feel confused or even nervous about the mortgage process. This is especially true for first-time homebuyers. 

Being approachable, supportive, and personable can help clients feel comfortable and supported. Gaining their trust while increasing your credibility is good for your career. This can translate to more prospects and free advertising by word of mouth. 

Curious to learn how to improve your interpersonal skills? Check out this video. This is also best for aspiring mortgage brokers who are shy and introverted: 

3. Proficiency in financial analysis 

A solid understanding of your clients’ finances is necessary. This is needed for reviewing your clients' monetary situations against the available home loan offerings. You must assess their income, credit history, and debt-to-income ratios to determine the best mortgage options for your clients. 

If you develop this skill, you will be able to present accurate information to mortgage lenders and have better chances of securing their approval. 

4. Knowledge of mortgage products and regulations 

Having in-depth knowledge of various mortgage products is important for mortgage brokers in Nova Scotia. You also need to study and learn about the existing regulations. Stay updated on any changes in mortgage interest rates as well as any legal requirements, compliance issues, and industry trends across Canada. 

Being well-informed allows you to provide valuable advice to clients. This will also help boost your brand as you will be seen as proactive and diligent. 

While there are other vital skills for succeeding as a mortgage broker in Nova Scotia, it is best to have and develop these four from the beginning. As your career progresses, you will acquire additional skills and come up with new strategies to serve your clients effectively and improve your craft. 

Why are brokers important in mortgage transactions? 

As a mortgage broker, you will spend most of your time assessing your client’s income statements and credit background. You need this information to search for property loans that suit their needs. 

Another reason why mortgage brokers play a vital role in mortgage transactions is because they make sure that clients can afford to repay the mortgage. They check their clients’ financial capacity to know whether they have the means to pay without being forced to live paycheque to paycheque. 

In other words, mortgage brokers act as the bridge between eligible borrowers and lending companies. They work on behalf of clients to find competitive mortgage rates and terms. 

Is it difficult to work as a mortgage broker in Nova Scotia? 

Just like any other profession, working as a mortgage broker can be challenging. This is true not only in Nova Scotia but in other provinces in the country. This career is suited for those who are ready to commit and work hard to succeed. 

For mortgage brokers who have established themselves in the business, there are many rewards waiting for them. These can include competitive earnings in terms commissions as well as building a network with big banks and mortgage lenders. 

Partnering with famed home loan providers might give your career a boost. Check out the best mortgage lenders in Canada as part of our special report. 

What a typical day as a mortgage broker looks like 

A mortgage broker in Nova Scotia can work with more than one mortgage lender in a single day. If necessary, they can contact more than ten home loan providers to find the best mortgage for their clients. So, once you become a broker, you will have to familiarize yourself with all of them. 

More contacts and partners mean more choices for your clients. Having a network of connections with mortgage professionals and real estate agents is beneficial for your business. 

Want to see how life is like for a mortgage broker? Watch this clip: 

If you are a beginner, learning how the best in the mortgage industry work their way to the top can be beneficial. 

How much does a mortgage broker make in Nova Scotia? 

Mortgage brokers can earn up to $64,312 every year in Nova Scotia. As for their salary per month and per week, they have an average monthly pay of $4,553 and an average weekly pay of $1,177. 

Currently, Nova Scotian brokers are paid approximately $27.79 on an hourly basis. These numerical figures are from Indeed’s report on the average broker salary. 

The average mortgage broker commission in Nova Scotia is between 0.5% and 1.2% of the mortgage amount borrowed by clients. 

Ready to become a Nova Scotia mortgage broker? 

Becoming a mortgage broker in Nova Scotia can be a great career choice for many reasons. There are always property buyers looking for homes, which means plenty of opportunities to find clients and grow your business. Mortgage brokers also enjoy flexible work hours, making it easier for those who work part-time to balance their schedules. 

As for its financial rewards, the potential for high earnings is attractive. Mortgage brokers can earn high commissions with the mortgage deals they close.  

Lastly, successful mortgage professionals in the industry thrive due to their diligence, persistence, and desire to achieve. For inspiration, you can find some of them on our Best in Mortgage page.  

What do you think about this guide on how to become a mortgage broker in Nova Scotia? Feel free to share your insights in the comments section below.