Mortgage broker working from home

The lender usually pays your commission when a mortgage funds. In some cases or provinces, a client fee may apply, so check the rules.

Commission on each funded mortgage, plus sometimes a smaller amount on renewals. Income is lumpy, because you are paid only when deals close.

• Explaining money clearly to nervous first-time buyers
• Careful with paperwork and deadlines
• Building referrals with realtors and past clients

• Licensing is set by each province, so check your regulator before you advertise or take any client
• Errors and omissions insurance, which brokerages often require or arrange
• Months with no closings, so plan savings to cover slow periods
• Privacy rules for handling clients' financial documents
• Home-based business rules from your municipality

Licensing is set by each province, so check your regulator before you advertise or take any client. Also check whether you need errors and omissions insurance, which brokerages often require or arrange, and your municipality's home-based business rules.

Estimates suggest monthly revenue typically around $1,500 to $7,500, depending on how many mortgages close. Some months may have no closings, so plan savings to cover slow periods. Startup costs are estimated at roughly $2,500 to $8,000.

Estimates suggest at least about 15 hours a week, depending on your client load. Helpful skills include explaining money clearly to nervous first-time buyers, careful paperwork and deadline handling, and building referrals with realtors and past clients.