The Ontario mortgage agent course equips aspiring mortgage agents with what they need to start their career. Learn where you can take this course in this guide
Do you find fulfillment in helping people achieve their dream of owning a home? Are you interested in a career where you can upgrade your status over time? If so, becoming a mortgage agent in Ontario might be the perfect path for you.
To start your journey, you must complete the Ontario mortgage agent course. It is a mandatory step to help you build the knowledge and skills needed to succeed in the local market.
In this article, Canadian Mortgage Professional will shed light on what this course offers to aspiring mortgage agents. We will talk about why you need it and provide a list of course providers.
What is the Ontario mortgage agent course?
It is a mandatory educational program that you need to complete if you want to work as a licensed mortgage agent in Ontario. This course is approved by the Financial Services Regulatory Authority of Ontario (FSRA)—the government agency that oversees mortgage licensing and regulations in the province.
Once you successfully finish the mortgage agent level 1 education program, you are expected to apply for a mortgage agent level 1 licence within two years. If you don’t finish the Ontario mortgage agent course, you cannot apply for a mortgage agent level 1 licence.
Approved course providers
Here is a list of associations and/or institutions where you can apply to take the Ontario mortgage agent course:
Mortgage Professionals Canada
They provide a comprehensive curriculum designed to meet FSRA's educational standards. Students can complete the course within roughly 40 hours online.
Real Estate and Mortgage Institute of Canada Inc.
REMIC has flexible learning options, including accelerated courses and self-paced online studies.
Humber College
A well-known post-secondary institution that offers the Ontario mortgage agent course with both in-person and online formats, giving students various learning options.
Canadian Mortgage Brokers Association – Ontario
They offer the FSRA-approved mortgage agent level 1 course that focuses on practical knowledge and industry best practices.
All these providers offer a variety of formats to suit different learning styles and schedules such as:
- online or virtual classroom
- in-class
- live webcast
- hybrid learning option
Course fees
The providers of the Ontario mortgage agent course can decide their own tuition fees, so the cost can vary depending on where you take the course. No matter which provider you choose, all approved courses include a final exam that you must pass to complete the program.
Final examination
The Ontario mortgage agent course will include a final examination. Passing this test is required to apply for a mortgage agent level 1 licence.
Eligibility requirements for Ontarian mortgage agents
Aside from completing the Ontario mortgage agent course as part of FSRA’s licensing criteria, you must:
- be at least 18 years old
- be a Canadian resident
- have an Ontario mailing address that can receive registered mail (not a post office box)
- have a valid email address
- be authorized by a mortgage brokerage to deal in mortgages
- be suitable for a licence
How long does it take to become a mortgage agent in Ontario?
It depends. It can take anywhere from a few months up to two years. The Ontario mortgage agent course was designed to be flexible. Students are given the choice to complete it within six months from the date of registration.
If you have other commitments, educational course providers can offer virtual classroom or online options that allow you to study at your own pace. Just don’t forget to apply for a mortgage agent level 1 licence within two years under the FSRA guidelines.
Watch this to learn more about becoming a mortgage agent in Ontario:
The Ontario mortgage agent course is the first step toward becoming a mortgage broker, if you aspire to be one. Find out how to become a mortgage broker in Ontario when you read this guide.
Why choose a career as a mortgage agent
Taking the Ontario mortgage agent course is a requirement if you wish to work as a mortgage agent. Here are some good reasons to become a mortgage agent in this province:
Flexible work schedule
As a mortgage agent, you can choose when and where you work. You have the option to work flexible hours and meet your clients on a schedule that works for both of you. You don’t have to stay in the office all day, as there are hybrid and work-from-home options available.
This makes it easier to balance your career with family or personal time. Of course, working full time will give you higher monetary rewards but you can still work part-time to earn extra funds:
Career stability
Even when the housing market goes up and down, people will always need mortgage to buy property. Many home buyers need help understanding what type of mortgage they can afford. That’s where a mortgage agent comes in. As house prices and interest rates change, your clients will rely on your services to find the best mortgage deal for their situation.
Purpose-driven profession
The mortgage process can be stressful for your clients. As a mortgage agent, you can offer your services and provide assistance to ease their worries. Lead them to a hassle-free transaction by:
- answering all their questions
- explaining their options
- guiding them throughout the process
Knowing that you’ve been a big part of someone’s journey to homeownership can be rewarding. Helping first-time home buyers buy their first property can especially give you a sense of fulfillment.
No formal degree required
You don’t need a university or college degree to become a mortgage agent in Ontario. You simply need to pass the educational requirements by taking the Ontario mortgage agent course. Then, be sure to qualify for the licensing criteria. This makes it a great career choice if you want to start working as soon as possible without spending years in school.
Affordable startup cost
Becoming a mortgage agent doesn’t require you to spend a lot of money when you’re starting out. Once you complete the Ontario mortgage agent course and get licensed, you can begin working right away. You don’t need to rent an office or hire staff.
Licence upgrades
After working and gaining experience as a mortgage agent level 1, you can take additional courses to upgrade your licence to mortgage agent level 2. If you’re ambitious, you can work towards becoming a mortgage broker.
You can also level up further and get a principal broke licence. This allows you to take on leadership roles and supervise other mortgage professionals. In summary, here's the FSRA’s tiered system for mortgage professionals in Ontario:
Curious about the similarities and differences between a mortgage agent and mortgage broker? Read this article.
How the Ontario mortgage agent course can help you
The Ontario mortgage agent course will give you the tools you need to boost your career. It can also aid you in improving your skills and gaining more knowledge as you get more experience. Eventually, you will be able to formulate your own strategies in helping your clients achieve their dream of homeownership.
While the Ontario mortgage agent course won’t make you an expert, it can give you that much-needed confidence since it’ll teach you the basics. This is especially true when reaching out to your prospects for the first time. The learning that you will get can also assist you in creating your own methods of helping clients get the right property loans.
By taking the Ontario mortgage agent course, you will get to connect with instructors and fellow mortgage agent aspirants. Interacting with fellow students can expose you to real-life scenarios and valuable advice on handling various client situations.
Once you finish the course and get your mortgage agent licence, you will be fully equipped to start working under a mortgage brokerage. From there, you can begin building your client base and earn commissions for every mortgage you close.
Are you taking any steps to prepare for the Ontario mortgage agent course? Let us know in the comments below.
