How to become a mortgage specialist

A mortgage specialist in Canada helps people understand and secure home loans. They know a lot about different mortgage options and market trends. They also help their clients with what mortgage lenders require. Whether someone is buying their first home or looking to invest in property, a mortgage specialist can give the necessary guidance and support. 

In a competitive housing market, having a mortgage specialist can come in handy for people who want to buy property with peace of mind. On the flip side, having a career as a mortgage specialist can be as fulfilling in terms of personal satisfaction and rewarding in terms of your financial goals. 

To help you get started, Canadian Mortgage Professional will discuss all you need to know about how to become a mortgage specialist in Canada. We will provide answers to questions such as: 

• What does a mortgage specialist do?  
• What are the steps on how to become a mortgage specialist?  
• How much does a mortgage specialist make in Canada? 

We will also shed light on the differences between mortgage specialists and mortgage brokers. 

What does a mortgage specialist do? 

As a mortgage specialist, you have to be knowledgeable about the mortgage options offered by your employer-lender. You must know the features and requirements of each product in detail. 

Helping clients is your priority 

Your clients will have different financial situations and loan purposes. In turn, 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 to be approved. 

Mortgage specialists versus mortgage brokers 

The difference between mortgage specialists and mortgage brokers can be better understood if their similarities are laid down first. Both mortgage professionals can be hired by clients to help with their mortgage needs. Both professions function similarly by bridging potential borrowers to commercial banks or lending companies. 

However, mortgage specialists are employed by these lenders. As such, they can only offer their employer-lender's property loan products. On the contrary, mortgage brokers work independently and partner with various mortgage companies to find the best deals for their clients. 

Mortgage specialists have the upper hand for clients who want to apply for mortgage with a specific bank or home loan provider. Since mortgage specialists are hired by lenders, they have a deeper understanding of their employer-lender's products and services. They can also be aware of their employer-lender's decision-making; thus, they can use this to help their clients get better chances of approval. 

Steps on how to become a mortgage specialist 

To become a mortgage specialist in Canada, you need to qualify for the criteria set by the province where you plan to work. Licensing requirements might vary from one place to another. However, you will find that regulations are the same across many areas. 

As a general coverage, here are the steps to follow on how to become a mortgage specialist in Canada:   

1. finish the educational requirements   
2. apply to work for an employer-lender 
3. get your mortgage broker licence      

Here is a closer look at each of the steps to becoming a mortgage specialist:  

1. Finish the educational requirements 

The first step on how to become a mortgage specialist is to complete the entry-level educational requirements in your province. Since the educational criteria might vary between provinces, you must prepare and do the research for your specific region. 

There are also different terms used in each province which refers to mortgage brokering professionals. These can be: 

• mortgage agent 
• mortgage associate 
• submortgage specialist 
• mortgage salesperson 

2. Apply to work for an employer-lender 

Once you have completed the educational requirements specific to your province, the next step is to find a commercial bank or mortgage lender that you can apply to work for. Prior to making your commitments, be sure to ask questions about their training and support. You might also research about these companies’ work styles to check if they are ideal for your professional goals.  

3. Get your mortgage broker licence       

The final step on how to become a mortgage specialist is getting your licence. In this stage, your employer-lender will assist you with the registration part of the process. 

After completing the application forms and other necessary paperwork, your province’s governing authority will provide you with your mortgage professional licence. For instance, if you live in Alberta, your governing authority is Real Estate Council of Alberta (RECA). If you live in Ontario, it will be the Financial Services Regulatory Authority of Ontario (FSRA). 

Mortgage specialists are required to get a mortgage broker licence in the following areas: 

• Ontario 
• Manitoba 
• Labrador 
• Nova Scotia 
• Saskatchewan 
• Newfoundland 
• New Brunswick 
• British Columbia 

Once you get your licence, you will be able to start your new career as a mortgage specialist. 

How to be successful as a mortgage specialist in Canada  

To become a mortgage specialist in Canada, you need to navigate multiple stages and processes. This career might be challenging but it is achievable. 

With dedication and perseverance, aspiring mortgage specialists can get on top of the competition, continuously attract clients, and gain referrals. Establishing trust with commercial banks and other lending companies is critical. This will give you a significant advantage, especially over time. 

Want to learn more about succeeding as a mortgage specialist in Canada? Here are some tips: 

1. be ready to provide several options 
2. be clear about your fees and other costs 
3. share evidence of your achievements 

Let us explore each of these tips below:  

1. Be ready to provide several options 

As the saying goes: different strokes for different folks. You should expect that clients will have varying mortgage needs and unique financial situations. To succeed as a mortgage specialist, you must be able to: 

• answer all their questions 
• explain many types of mortgages in detail 
• introduce alternatives depending on their goals and needs 

2. Be clear about your fees and other costs  

You must always be clear about your fees and other costs with your clients. Know how to handle their expectations and don’t be afraid to hold tough conversations. After all, borrowing a huge sum of money can be terrifying and not everyone will be happy with the options you provide. 

As much as possible, try to make discussions less intimidating for your clients. You can do this by always sticking to the facts and laying down all the critical information that they need to know. It is also beneficial to develop your communication skills. Try to speak in a professional, calm, and reassuring tone to ease your clients’ worries. 

3. Share evidence of your achievements 

A vital part of your job as a mortgage specialist is to ease the minds of your clients—especially when they are overwhelmed about their expense. You can gain their trust by providing them with positive reviews from your previous clients. You should also let them know about your qualifications. 

To do this, try displaying your awards and certifications inside your office. You can also showcase your achievements online. Collect personal endorsements from your networks, especially previous clients. Putting them on display will help build your prospective leads’ confidence in your capabilities. 

How much does a mortgage specialist make in Canada? 

A mortgage specialist in Canada has an average salary of $91,563 per year. This translates to $46.96 per hour. For entry-level positions, you can expect to earn at least $69,967 annually. For those who already have experience, they can earn up to $103,572 per year. These figures are sourced from Talent.com. 

Advantages and disadvantages of becoming a mortgage specialist 

You can expect these advantages when you become a mortgage specialist in Canada: 

• Good earning potential: Mortgage specialists often earn commissions based on the home loans that their clients secure. They also earn a salary from their employer-lender.
   
• Task variations: Working as a mortgage specialist involves different tasks. This can include meeting clients, assessing financial situations, and reviewing mortgage products. These task variations keep the job fresh and interesting.
   
• Networking opportunities: You can build a wide network of contacts including clients, real estate agents, and other professionals while working as a mortgage specialist. You might even get the chance to connect with one of the 75 best mortgage brokers from our special report. 

As for the disadvantages: 

• High pressure: Working as a mortgage specialist can be stressful, especially when dealing with tight deadlines and client expectations.
   
• Client management: You might encounter difficult clients or challenging situations that will test your patience and problem-solving skills. 

Want to know more advantages and disadvantages of working as a mortgage specialist? Watch this video (as a bonus, you can learn about mortgage agents as well): 

Getting started as a new mortgage specialist 

You must build your brand especially when you’re still starting out as a mortgage specialist. This means advertising online and networking with different professionals and institutions from related industries. This can build referral sources and can provide you with additional knowledge about the mortgage sector. In turn, you will be able to provide better service for your clients. 

Staying updated with the latest in the industry is also a must. You should refresh what you know about the home loan offerings of your partner lenders, as well as their varying policies. See the latest in Canada’s mortgage market when you browse our market updates page. 

Did you find this guide on how to become a mortgage specialist helpful? Tell us what you think in the comment section below.