Home-based mortgage broker

Lenders usually pay the commission when a mortgage funds. Borrowers sometimes pay a fee in special cases, such as harder-to-place files, where the rules allow it.

A commission from the lender on each funded mortgage, often with smaller renewal or referral income later. Income is lumpy, as you only get paid when deals close.

• Comfortable with numbers and paperwork
• Clear, patient communication
• Building referral relationships with realtors and others
• Self-discipline and follow-up

• Mortgage brokering is licensed in every province, so check your provincial regulator before taking any client
• Errors and omissions insurance, which is often arranged through your brokerage
• Income can be irregular for the first months, so plan some savings
• Strict rules on disclosure, privacy and handling client documents
• Quebec has its own rules and French-language requirements

Startup costs are typically estimated at around $3,000 to $9,000 CAD, depending on your set-up and the arrangements with the brokerage you work under. Some costs, such as errors and omissions insurance, may be arranged through your brokerage.

Monthly revenue is typically estimated at around $1,500 to $7,500, depending on how many mortgages fund. Income can be irregular in the first months, so it helps to plan some savings.

Mortgage brokering is licensed in every province, so check your provincial regulator before taking any client. Also check insurance, disclosure and privacy rules, and note that Quebec has its own rules and French-language requirements.