How to Get Your Mortgage Broker License in Canada?

Mortgages can be tougher to get these days and one can make things even more complicated by having incomplete or little information on Royal Bank pre-approval mortgage. Those credit standards might have become relaxed a bit, but they are still on and it is tough to maintain a good credit score.

Each province has its own regulations. Brokers must first complete all the Mortgage Agent Qualifying Standards (MAQS). The agent must have been licensed for at least 24 out of the previous 36 months before applying for a Broker license. You can also contact Best Home Mortgage Broker, Canada at Low-Interest Rates.

Image Source: Google

CAAMP's Ontario Mortgage Agent Course

Passing CAAMP's Ontario Agent Course (COMAC) is the first step towards becoming a licensed Broker. The course consists of 11 modules, followed by an exam. It's designed for you to complete at your own pace. You can take it online, but everyone must write the final exam in person.

The modules are:

  • Overview of the industry
  • Regulatory framework
  • Legal overview
  • Mortgage mathematics
  • Understanding the process
  • Completing the application
  • Qualifying the borrower
  • Mortgage products, related products, and submitting the application
  • Valuing property and the decision to lend
  • The closing process
  • Protecting consumers and increasing industry professionalism

Most home buyers make use of the Rbc mortgage qualification calculator and this is a good practice. There are many other factors too that need to be taken care of.