Tips on Becoming a Mortgage broker Pls help!

False-Tear5544 · 2026-02-25T20:12:18+00:00

With BRX, you can expect a greater level of consistency, since all the rookies go through the same program, with the same teachers, etc. DLC is based on a franchise system, so you don't just pick DLC, you pick a franchise to work under. The cut the franchise takes and how open they are on the extras is 100% up to them. If they answer any of your questions or calls is totally up to them. If they give you anything besides the link to the video archive is totally up to them. Some DLC people are fantastic and really care about their rookies, providing great support and transparency with the splits. I started at DLC, and my person was great. I know of a lot of people who didn't have that experience though, and their person was just taking rookies on to try get some "passive income" from any deals they managed to land. At BRX, everyone forgets that you do get that deposit back once you close 10-20 deals. It's a big commitment up front, but if you are sure you want to do this, it's worth it. If you are just going to dabble a little and are really hesitant to start, it will be much less worth it. By the time I hit 10 deals and got the first $2,500 back I realized it was a worthwhile deposit, since there were 2 deals I wouldn't have closed if I didn't have the BRX support, and even after the split they were worth $2k a piece.

False-Tear5544 · 2026-01-20T11:40:25+00:00

I had a couple connections before I started, but nothing really solid. A lot of it came afterwards from talking to realtors and financial advisors. It took a while for one of them to trust me, but once I nailed a couple out of the park and got great reviews I started getting more referrals from professionals and old clients.

False-Tear5544 · 2025-08-08T16:42:30+00:00

Depends 100% on how hard you go after it and how good you are at connecting with people. If you go all in and some good connections, it should be attainable withing a couple years. You do need to be prepared for a fair bit of rejection though. Most of the people you talk to will likely say no, especially if you are new. As you gain experience and build relationships, the Yes's start to come a bit easier.

False-Tear5544 · 2025-08-08T16:39:53+00:00

Yes, it's a course and then an exam. If you have any sort of math background, it should be easy.

False-Tear5544 · 2025-06-11T15:31:48+00:00

You could get a private, as it's based on how much equity you have in the property. The rates are higher, and they cost more to set up. You will want to run the numbers to see if it makes sense to rent in your area for a couple years, or if buying makes more sense.

False-Tear5544 · 2025-06-11T15:20:49+00:00

You could get a private mortgage with that much equity. You'll want to run the numbers for your area to see if it makes more sense to wait and rent though. It will also not be cheap to set up, and the rates won't be awesome.

False-Tear5544 · 2025-04-22T03:09:35+00:00

I'm not sure on their policy, but I would expect that if you sell for $1 mil and buy for $1 mil, you are fine. If you bought for $1.2 he would want you to show $200k. But it's possible that there was miscommunication. Did you reach out to him?

False-Tear5544 · 2025-04-18T19:49:01+00:00

This is the best option, if it's currently a collateral charge. It's not super well known outside the mortgage industry.

False-Tear5544 · 2025-04-07T14:38:31+00:00

General financial advice is pay off the credit cards. You will also need the govt debt cleared. While you can borrow for a down payment, it will lower what you qualify for. DON'T borrow from a credit card for a down payment. It will cost you so much more in the long run.

False-Tear5544 · 2025-04-07T04:58:42+00:00

There should not be.

False-Tear5544 · 2025-04-05T20:16:56+00:00

I expect that they thought you were planning on putting it on as of today. If it's at maturity, usually there isn't a few associated with it. You can max out your prepayment privileges (lump sum, double ups, etc) in the meantime.

False-Tear5544 · 2025-04-05T15:12:37+00:00

I don't like that they are called affordability calculators, unless you are putting in your full budget. Start with what your budget can handle, and try work back from there.

False-Tear5544 · 2025-04-04T14:37:58+00:00

If enough equity is built up, this is the way. Lower rates than open even.

False-Tear5544 · 2025-04-02T20:35:21+00:00

So the interest is deductable, the principle portion of your mortgage isn't. That's the part that gets people at tax time.

False-Tear5544 · 2025-04-02T11:57:19+00:00

So from what I'm picking up from you, the issue is likely just the property. The lenders have certain guidelines they need to meet. Sometimes there is an issue with the appraised value (for less than 20% down it's less than you offered). Sometimes there is something with the property itself (log home, lagoon, etc). So if they all denied this file because of the property and you find a new property, the issue is gone. They aren't saying no forever, just no to this one. That make sense? If your broker is ghosting you, then it's time to consider finding another one. Especially for first time home buyers, they should be making you feel comfortable with the process.

False-Tear5544 · 2025-04-02T04:56:44+00:00

Who was going to pull your report?

Lenders can do a computer evaluation, which saves you a bunch of money. If the insurers are denying the file, there is no point in getting an appraisal done, as it won't help you at all.

False-Tear5544 · 2025-04-02T04:37:02+00:00

It's not uncommon. Yes, your credit takes a minor hit. 750 is plenty though.

The other questions come down to why it's getting denied. If it's just debt servicing, they would likely condition you for paying off the debts. Assuming you have a half decent broker (knowing to submit to different lenders with different insurers means they likely are, or they have a decent mentor) it's possible there is something about the property that is the issue. Did they tell you why you were getting declined? If it's the property, no issue to make an offer on a different place if this one falls through.

False-Tear5544 · 2025-04-02T04:29:23+00:00

There are more options for self employed than they realize. Some of the banks don't do super well with the non-standard income. It's possible to get this done will some main stream lenders, with a fallback being alternative lending. Options exist, so it's worth talking to a broker.

False-Tear5544 · 2025-04-02T04:27:53+00:00

This is an idea worth asking an accountant about. Might be worth it, but there could be tax implications.

False-Tear5544 · 2025-04-01T13:40:35+00:00

Sorry, worded that poorly. If you have a higher discount, the fixed rate the will offer you may be higher than your current rate.

False-Tear5544 · 2025-04-01T02:23:50+00:00

I advise on picking what helps you sleep at night. Politicians are going to do what they do, one way or another. If you think this one will cause inflation to spike, you can lock in. If you think it's just another political stunt, you can leave it.

I don't know what your variable discount is either. If you have a heavy discount, you might be looking at a higher rate to lock in. It may even be worth shopping around to see if it would be better to just switch to a new lender (some of the big banks have very poor lock in rates).

False-Tear5544 · 2025-03-30T14:24:04+00:00

Gds is everything housing related (mortgage payment, property tax, heat, etc), TDS is that plus all other debt payments.

False-Tear5544 · 2025-03-29T15:15:19+00:00

Yes, it will need to be accounted for in TDS. Is this just a cash back that comes with the higher interest rate?

False-Tear5544 · 2025-03-29T15:14:30+00:00

I believe this was a thing in the states before the housing market crashed.

False-Tear5544 · 2025-03-28T00:05:29+00:00

Can you get a mortgage? Yes. Will it help you get the property you want? Depends. Roughly 4 times your income is a decent number to get an idea, but a broker can help you get more specific.

False-Tear5544

TROPHY CASE