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5 to 4% of the cost of the house). Trouble qualifying for a mortgage? Sometimes, after everything has been taken into account, you may find that you cannot afford the house you want. If that happens, you may want to: Pay off some other loans or debts; Save up for a larger down payment; and/or Revise your target house price.

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If you have no credit history, it is important to start building one — for example, by applying for a credit card. Get the latest mortgage news. If you have a bad credit history, you will need to re-establish a good credit history by making debt payments regularly and on time. Consider getting some credit counselling if you have a history of poor credit or talk to your lender to discuss options.

The information is believed to be reliable, but its accuracy, completeness and currency cannot be guaranteed. Neither CMHC and its employees nor any other party identified in this Article (Lender, Broker, etc.) assumes any liability of any kind in connection with the information provided. CMHC stakeholders are permitted to distribute the materials at their expense.

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All individuals acting as mortgage agents or mortgage brokers in Ontario must have a licence from FSRA. They must also be sponsored by one licensed mortgage brokerage. Fee for a new application The fee for a new mortgage agent licence is $941. The fee will be prorated based on the month in which your application is submitted in the fiscal year.

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Have a mailing address in Ontario that can receive registered mail (not a post office box). Be authorized by a mortgage brokerage to deal in mortgages. Work for only one mortgage brokerage. Have a valid email address. Meet the mortgage agent education requirements. Be suitable for a licence. To verify your suitability to have a licence, you will need to confirm that: You are familiar with the laws of Ontario relating to the licensing of mortgage agents and brokers.

You must apply for a mortgage agent licence within two years of successfully completing one of these approved mortgage agent education programs. Approved mortgage agent education programs FSRA has approved several mortgage agent education programs for licensing purposes. All of these programs were developed using the same curriculum, but different providers may use different formats- such as classroom, correspondence, online or a combination of teaching methods.

All the approved programs include a final examination. Here is a list of mortgage agent education programs approved by FSRA: The following college mortgage agent programs have been approved by FSRA: Education equivalency requests Certain individuals might qualify for an agent licence without the education requirement, if they meet other education and experience requirements - Capital Mortgages Ottawa.

Complete the application and Submit your application. It will be sent back to your brokerage for final approval. Your brokerage's Principal Broker will review your licence application and submit it with the required fee. What happens after the application is submitted: FSRA will send you an email to confirm it has received your application.