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Mortgage Broker Business Plan Template

Written by Dave Lavinsky

mortgage broker business plan

Over the past 20+ years, we have helped thousands of mortgage brokers start and grow their businesses. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a mortgage brokerage company business plan step-by-step so you can create your plan today.

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What Is a Business Plan?

A business plan provides a snapshot of your mortgage business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your business plans.

Why You Need a Business Plan

If you’re looking to start a mortgage broker business, or grow your existing mortgage broker business, you need a business plan. A business plan will help you secure funding, if needed, and plan out the growth of your mortgage broker business in order to improve your chances of success. Your business plan is a living document that should be updated annually as your company grows and changes.

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How to write a business plan for a mortgage company.

If you want to start a mortgage business or expand your current one, you need a business plan. Below are links to each section of your mortgage business plan template:

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of mortgage broker business you are operating and the status. For example, are you a startup, do you have a mortgage broker business that you would like to grow, or are you operating mortgage broker businesses in multiple markets?

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the mortgage industry. Discuss the type of mortgage broker business you are operating. Detail your direct competitors. Give an overview of your target market. Provide a snapshot of your marketing and sales strategy. Identify the key members of your team. And offer an overview of your financial plan.  

Company Analysis

In your company analysis, you will detail the type of mortgage broker business you are operating.

For example, you might operate one of the following types of mortgage broker businesses:

  • Retail Mortgage Broker : this type of mortgage broker business focuses on being a broker for individuals or small businesses.
  • Business/Corporate Mortgage Broker: this type of mortgage broker interacts with and provides services for mid-size businesses and corporate entities.
  • Private Mortgage Brokers: this type of mortgage broker’s clients are wealthy individuals and families with high net-worth levels.

In addition to explaining the type of mortgage broker business you will operate, the Company Analysis section of your business plan needs to provide background on the business.

Include answers to question such as:

  • When and why did you start the business?
  • What milestones have you achieved to date? Milestones could include the number of customers served, number of positive reviews, dollar of amount of total loans, etc.
  • Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry analysis, you need to provide an overview of the mortgage industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the mortgage industry educates you. It helps you understand the market in which you are operating. 

Secondly, market research can improve your strategy , particularly if your research identifies market trends.

The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your mortgage business plan:

  • How big is the mortgage industry (in dollars)?
  • Is the market declining or increasing?
  • Who are the key competitors in the market?
  • Who are the key suppliers in the market?
  • What trends are affecting the industry?
  • What is the industry’s growth forecast over the next 5 – 10 years?
  • What is the relevant market size? That is, how big is the potential market for your mortgage business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your mortgage broker business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments : prospective home buyers, families, couples and small businesses.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of mortgage brokerage you operate. Clearly, a single individual would respond to different marketing promotions than a large corporation, for example.

Try to break out your target market in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other mortgage broker businesses. 

Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes real estate firms, loan officers, and bankers. You need to mention such competition as well.

mortgage brokerage competitive analysis matrix

  • What types of customers do they serve?
  • What type of mortgage brokerage are they?
  • What is their pricing (premium, low, etc.)?
  • What are they good at?
  • What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

  • Will you provide lower interest rates?
  • Will you provide services that your competitors don’t offer?
  • Will you provide better customer service?
  • Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

mortgage broker marketing plan diagram

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the services you offer and their prices.

Place : Place refers to the location of your mortgage company. Document your location and mention how the location will impact your success. For example, is your mortgage brokerage located in a busy retail district, a business district, a standalone office, etc. Discuss how your location might be the ideal location for your customers.

Promotions : The final part of your mortgage broker marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:

  • Advertising in local papers and magazines
  • Reaching out to websites 
  • Social media marketing
  • Local radio and television advertising
  • Other digital marketing efforts such as paid advertising and search engine optimization for you business website

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your mortgage brokerage, including marketing your services, reviewing credit history of clients, shopping amongst mortgage lenders, and gathering and completing all necessary documents to submit and have a loan approved. 

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to land your Xth client, or when you hope to reach $X in revenue. It could also be when you expect to expand your mortgage brokerage to a new city.  

Management Team

To demonstrate your mortgage brokerage’s ability to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company. 

Ideally you and/or your team members have direct experience in managing mortgage broker businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing loan services or successfully running their own mortgage brokerage company .  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.

mortgage brokerage sales growth

Balance Sheets : Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your mortgage broker business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement : Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt. 

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a mortgage broker business:

  • Advertising and marketing
  • Cost of equipment and supplies
  • Payroll or salaries paid to staff
  • Business insurance
  • Taxes and permits
  • Legal expenses

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your office location lease or fees paid to support clients in finding the right mortgage loan.  

Putting together a business plan for your mortgage broker business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will really understand the mortgage industry, your competition, and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful mortgage broker business.  

Mortgage Broker Business Plan FAQs

What is the easiest way to complete my mortgage broker business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily complete your Mortgage Broker Business Plan.

What is the Goal of a Business Plan's Executive Summary?

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of mortgage broker business you are operating and the status; for example, are you a startup, do you have a mortgage broker business that you would like to grow, or are you operating a chain of mortgage broker businesses?

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ProfitableVenture

Mortgage Brokerage Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business ideas » Financial Service Industry » Lending & Loan Brokerage Business

Mortgage Brokerage Business

Are you about starting a mortgage brokerage firm ? If YES, here’s a complete sample mortgage brokerage firm business plan template & feasibility report you can use for FREE to raise money.

In reality, if you must be successful with your Mortgage Brokerage business, you must expand your network and build a thriving relationship with both key players in the real estate industry and banks.

This is so because as a Mortgage brokerage operator, you will definitely depend on the corporation of both your bank and Real Estate firms to be able to make profits since all you get is commissions from the loan payments.

It is important to note at this juncture that if you are not careful with this kind of business, you might land yourself in trouble and be sued.  That is why you must follow due processes before securing a loan for your client.

If you have clients that always default in their monthly payments, then you stand the chance of running out of business in no distant time. To secure yourself from any embarrassment, it is important that you buy liability insurance for your Mortgage Brokerage Business.

A Sample Mortgage Brokerage Firm Business Plan Template

1. industry overview.

Mortgage Brokerage firms are established with the sole aim of providing a convenient platform in form of long term loan to those who want to buy their own property. With the loan you get from the bank via a mortgage brokerage firm, you can finance any property of your choice, as long as you pass the screening and evaluation process.

The screening and evaluation is put in place so as to ensure that due process is followed before issuing a loan and the person receiving the loan must be credit worthy.

In other words, Mortgage Brokerage firms stand as the middle men between a Bank and Mortgage bank as the case may be and the individual or organization seeking to buy a property. Anybody, or group of investors may start and own a  mortgage brokerage firm as long as they meet the requirements for establishing such organization in the country they intend establishing the business.

The Mortgage Brokerage Services industry is indeed in a mature stage of its growth. The industry is characterized by growth in line with the overall outlook of the economy, consolidation from the largest players in the industry and wholehearted market acceptance of industry products and services.

The Mortgage Brokerage services line of business will continue to be in high demand by business establishment and individuals in the united states, most especially as the number of businesses and the need for accommodation increases.

The Mortgage Brokerage Services industry is indeed a major sector of the economy of the United States of America which generates a whooping sum of well over $8 billion annually from more than 12,609 registered and licensed mortgage brokerage firms scattered all around the United States of America.

The industry is responsible for the employment of well over 44,756 people. Experts project the mortgage brokerage services industry to grow at a 6.3 percent annual rate. The establishment (online brokerage firms) in this industry that has a dominant market share in the United States of America are; Zillow and Lending Tree.

Over and above, starting a mortgage brokerage firm requires professionalism and good grasp of the financial and real estate market.

Besides, you would need to get the required certifications and license and also meet the standard capitalization for such business before you can be allowed to start a mortgage brokerage firm in the United States; the industry is heavily regulated to guide against fraud and criminality.

2. Executive Summary

Pentagon Mortgage Brokerage Firm, LLC is a registered and licensed mortgage brokerage firm that will be located in the heart of Albany – New York. We have been able to secure a standard office facility in the heart of the city.

We will offer services such as brokering residential mortgages, brokering commercial and industrial mortgages, brokering home equity loans, brokering equipment financing arrangements, brokering vehicle loans, brokering residential mortgages online, brokering mortgage refinances online, brokering home equity loans online, providing an online mortgage marketplace and providing related mortgage cum loan advisory and consultancy services.

We are aware that to run an all – round and standard mortgage brokerage firm can be demanding which is why we are well trained, certified and equipped to perform excellently well.

Pentagon Mortgage Brokerage Firm, LLC is a client – focused and result driven mortgage brokerage firm that will provide broad- based mortgage brokering and loan brokering services at an affordable fee that won’t in any way put a hole in the pocket of our clients.

We will offer standard and professional services to all to our individual clients, and corporate clients. We will ensure that we work hard to meet and surpass our clients’ expectations whenever they patronize our services.

At Pentagon Mortgage Brokerage Firm, LLC our client’s best interest would always come first, and everything we do is guided by our values and professional ethics. We will ensure that we hire professionals who are well experienced in the mortgage brokerage and loan industry.

Pentagon Mortgage Brokerage Firm, LLC will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.

We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.

Our plan is to position the business to become one of the leading brands in the mortgage brokerage and loan brokerage services line of business in the whole of New York, and also to be amongst the top 20 mortgage brokerage firms in the United States of America within the first 10 years of fully launching the business.

This might look too tall a dream but we are optimistic that this will surely be realized because we have done our research and feasibility studies and we are enthusiastic and confident that Albany – New York is the right place to launch our mortgage brokerage firm before sourcing for clients from other cities in The United States of America.

Pentagon Mortgage Brokerage Firm, LLC is founded by, Mr. Campbell Smith and his immediate family. Campbell Smith has good grasp of the real estate and loan industry.

He has well over 15 years of experience working at various capacities within the financial consulting industry with strong bias for mortgage in the United States of America. Mr. Campbell Smith graduated from both University of California – Berkley with a Degree in Accounting, and University of Harvard (MBA).

3. Our Products and Services

Pentagon Mortgage Brokerage Firm, LLC is going to offer varieties of services within the scope of the mortgage brokerage and loan services industry in the United States of America and of course on the global stage. Our intention of starting our mortgage brokerage firm in Albany – New York is to leverage on the opportunities available in the city.

We are well prepared to make profits from the industry and we will do all that is permitted by the law in the United States to achieve our business goals, aim and ambition. Our business offering are listed below;

  • Brokering residential mortgages
  • Brokering commercial and industrial mortgages
  • Brokering home equity loans
  • Brokering equipment financing arrangements
  • Brokering vehicle loans
  • Brokering residential mortgages online
  • Brokering mortgage refinances online
  • Brokering home equity loans online
  • Providing an online mortgage marketplace
  • Providing other related loan cum mortgage consulting and advisory services

4. Our Mission and Vision Statement

  • Our vision is to build a mortgage brokerage and loan services brand that will become the number one choice for individuals, smaller businesses and corporate clients in the whole of Albany – New York. Our vision reflects our values: integrity, security, service, excellence and teamwork.
  • Our mission is to provide professional, reliable and trusted mortgage brokerage and loan services that assist individuals, start – ups, corporate organization, and non-profit organizations in sorting out their mortgage and loan related concerns.
  • We will position the business to become one of the leading brands in the mortgage brokerage and loan services line of business in the whole of Albany – New York, and also to be amongst the top 20 mortgage brokerage and loan services firms in the United States of America within the first 10 years of operations.

Our Business Structure

Pentagon Mortgage Brokerage Firm, LLC, is a mortgage brokerage and loan services firm that intend starting small in Albany – New York, but hope to grow big in order to compete favorably with leading mortgage brokerage and loan services firms in the industry both in the United States and on a global stage.

We are aware of the importance of building a solid business structure that can support the picture of the kind of world class business we want to own. This is why we are committed to only hire the best hands within our area of operations.

Ordinarily we would have settled for two or three staff members and settle for just online mortgage brokerage services, but as part of our plan to build a standard and world class mortgage brokerage and loan services firm in Albany – New York we have perfected plans to get it right from the beginning.

The picture of the kind of mortgage brokerage and loan services business we intend building and the business goals we want to achieve is what informed the amount we are ready to pay for the best hands available in and around Albany – New York as long as they are willing and ready to work with us to achieve our business goals and objectives.

At Pentagon Mortgage Brokerage Firm, LLC, we will ensure that we hire people that are qualified, hardworking, and creative, result driven, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).

As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more as agreed by the board of trustees of the company. In view of the above, we have decided to hire qualified and competent hands to occupy the following positions;

  • Chief Executive Officer
  • Mortgage and Loan Brokerage Consultants

Admin and HR Manager

Marketing and Sales Executive

  • Customer Care Executive / Front Desk Officer

5. Job Roles and Responsibilities

Chief Executive Office:

  • Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
  • Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
  • Responsible for fixing prices and signing business deals
  • Responsible for providing direction for the business
  • Responsible for signing checks and documents on behalf of the company
  • Evaluates the success of the organization

Mortgage Brokerage and Loan Services Consultants

  • Responsible for Brokering residential mortgages
  • Responsible for Brokering commercial and industrial mortgages
  • Responsible for Brokering home equity loans
  • Responsible for Brokering equipment financing arrangements
  • Responsible for Brokering vehicle loans
  • Responsible for Brokering residential mortgages online
  • Brokering mortgage refinances online services
  • Brokering home equity loans online services
  • Providing an online mortgage marketplace services
  • Responsible for overseeing the smooth running of HR and administrative tasks for the organization
  • Designs job descriptions with KPI to drive performance management for clients
  • Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
  • Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
  • Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
  • Defines job positions for recruitment and managing interviewing process
  • Carries out staff induction for new team members
  • Responsible for training, evaluation and assessment of employees
  • Responsible for arranging travel, meetings and appointments
  • Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
  • Oversees the smooth running of the daily office activities.
  • Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
  • Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of relevant projects.
  • Writes winning proposal documents, negotiate fees and rates in line with company policy
  • Responsible for handling business research, marker surveys and feasibility studies for clients
  • Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
  • Develops, executes and evaluates new plans for expanding increase sales
  • Documents all customer contact and information
  • Represents the company in strategic meetings
  • Helps to increase sales and growth for the company
  • Responsible for preparing financial reports, budgets, and financial statements for the organization
  • create reports from the information concerning the financial transactions recorded by the bookkeeper
  • Prepares the income statement and balance sheet using the trial balance and ledgers prepared by the bookkeeper.
  • Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
  • Responsible for financial forecasting and risks analysis.
  • Performs cash management, general ledger accounting, and financial reporting for one or more properties.
  • Responsible for developing and managing financial systems and policies
  • Responsible for administering payrolls
  • Ensures compliance with taxation legislation
  • Handles all financial transactions for the company
  • Serves as internal auditor for the company

Client Service Executive / Front Desk Officer

  • Welcomes guests and clients by greeting them in person or on the telephone; answering or directing inquiries.
  • Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
  • Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
  • Manages administrative duties assigned by the manager in an effective and timely manner
  • Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients
  • Receives parcels / documents for the company
  • Distribute mails in the organization
  • Handles any other duties as assigned my the line manager

6. SWOT Analysis

Pentagon Mortgage Brokerage Firm, LLC engaged the services of a core professional in the area of business consulting and structuring to assist our organization in building a well – structured mortgage brokerage and loan services firm that can favorably compete in the highly competitive mortgage brokerage market in the United States and the world at large.

Part of what the team of business consultant did was to work with the management of our organization in conducting a SWOT analysis for Pentagon Mortgage Brokerage Firm, LLC. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Pentagon Mortgage Brokerage Firm, LLC;

Aside from our robust business network with financial lending institutions and players in the real estate industry, our core strength lies in the power of our team; our workforce. We have a team that can go all the way to give our clients value for their money; a team that are trained and equipped to pay attention to details and to deliver excellent returns for the business. We are well positioned and we know we will attract loads of clients from the first day we open our doors for business.

As a new mortgage brokerage and loan services firm in Albany – New York, it might take some time for our organization to break into the market and gain acceptance especially from corporate clients in the already saturated mortgage brokerage services industry; that is perhaps our major weakness. So also, we may not have enough budget to give our business the kind of publicity we would have loved to.

  • Opportunities:

The opportunities in the mortgage brokerage and loan services industry is massive considering the number of individuals, start – ups and of course corporate organizations who can’t afford to do without the services of mortgage brokerage and loan services. As a standard and well – positioned mortgage brokerage and loan services firm, we are well – equipped and ready to take advantage of any opportunity that comes our way.

Some of the threats that we are likely going to face as a mortgage brokerage and loan services firm operating in the United States are unfavorable government policies, the arrival of a competitor within our location of operations and global economic downturn which usually affects purchasing / spending power. There is hardly anything we can do as regards these threats other than to be optimistic that things will continue to work for our good.

7. MARKET ANALYSIS

  • Market Trends

The mortgage brokerage and loan services industry is indeed a very large industry and of course it is one industry that works for individuals and businesses across different industries. If you are conversant with the trend in the mortgage brokerage and loan services industry, you will realize that loads of people are leveraging on the services provided by the industry to empower themselves and businesses.

The truth is that, without the services of players in the mortgage brokerage and loan services industry, it will be pretty difficult for some individuals and even start – up businesses to access loan or save – up to purchase a property.

They are responsible for helping individuals and businesses bypass the bureaucracies involved in obtaining loans from banks and other financial institutions et al. Another notable trend in the mortgage brokerage and loan services industry is that in the last five years, the industry has performed impressively as a large reduction in unemployment boosted the revenue generated in the industry.

So also, the mortgage brokerage and loan services industry has benefited from the advancement of online platforms. Going forward, increasing product penetration and of course an expanding customer base is expected to drive growth in the industry.

8. Our Target Market

The demographic and psychographics composition of those who need the services of mortgage brokerage and loan services firms cuts across individuals, small businesses and large corporations.

Pentagon Mortgage Brokerage Firm, LLC will initially serve small to medium sized business, from new ventures to well established businesses and individual clients, but that does not in any way stop us from growing to be able to compete with the leading mortgage brokerage and loan service firms in the United States.

As a standard and licensed mortgage brokerage and loan service firm, Pentagon Mortgage Brokerage Firm, LLC offers a wide range of mortgage brokerage and loan related services hence we are well trained and equipped to services a wide range of clientele base.

Our target market cuts across businesses of different sizes and individuals. We are coming into the industry with a business concept that will enable us work with individuals, small businesses and bigger corporations in and around Albany – New York and other cities in the United States of America.

Below is a list of the businesses and organizations that we have specifically designed our products and services for;

  • Real Estate Investors
  • Churches and other religious organizations
  • Corporate Organizations
  • Individuals and households
  • Entrepreneurs and Start – Ups

Our Competitive Advantage

We are quite aware that to be highly competitive in the mortgage brokerage and loan services industry means that we should be able to make available easy to access mortgage loans; bypassing the difficult to surmount hurdles of obtaining loans from the bank and other financial institutions.

Pentagon Mortgage Brokerage Firm, LLC might be a new entrant into the mortgage brokerage and loan services industry in the United States of America, but the management staffs and owners of the business are considered gurus. They are people who are core professionals and licensed and highly qualified mortgage brokerage and loan services consultants in the United States. These are part of what will count as a competitive advantage for us.

Lastly, our employees will be well taken care of, and their welfare packages will be amongst the best within our category (start – ups mortgage brokerage and loan services firms) in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives.

9. SALES AND MARKETING STRATEGY

  • Sources of Income

Pentagon Mortgage Brokerage Firm, LLC is established with the aim of maximizing profits in the mortgage brokerage and loan services industry and we are going to go all the way to ensure that we do all it takes to attract both corporate and individual clients on a regular basis.

Pentagon Mortgage Brokerage Firm, LLC will generate income by offering the following mortgage brokerage and loan services for individuals, real estate companies, NGOs and for corporate organizations;

10. Sales Forecast

The fact that it is pretty difficult for the average individual and start – ups out there to obtain mortgage loans from banks and other financial institutions gives leverage to mortgage brokerage and loan services firms like ours. This goes to show that the potential to generate income for the business cannot be ruled out.

We are well positioned to take on the available market in Albany – New York and on our online platforms and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow the business and our clientele base beyond Albany – New York to other cities in the United States of America.

We have been able to critically examine the mortgage brokerage and loan services market and have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions that are peculiar to startups in Albany – New York.

Below are the sales projection for Pentagon Mortgage Brokerage Firm, LLC, it is based on the location of our business and the wide range of mortgage brokerage and loan services that we will be offering;

  • First Fiscal Year-: $250,000
  • Second Fiscal Year-: $550,000
  • Third Fiscal Year-: $950,000

N.B : This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above. There won’t be any major competitor offering same additional services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

  • Marketing Strategy and Sales Strategy

We are mindful of the fact that there is stiffer competition amongst mortgage brokerage and loan services firms in the United States of America, hence we have been able to hire some of the best business developer to handle our sales and marketing.

Our sales and marketing team will be recruited base on their vast experience in the industry and they will be trained on a regular basis, so as to be well equipped to meet their targets and the overall goal of the organization.

We will also ensure that our excellent service deliveries speaks for us in the market place; we want to build a standard mortgage brokerage and loan service business that will leverage on word of mouth advertisement from satisfied clients (both individuals and corporate organizations).

Our goal is to grow our mortgage brokerage and loan services firm to become one of the top 20 mortgage brokerage and loan services firms in the United States of America which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in the Albany – New York but also in other cities in the United States of America.

Pentagon Mortgage Brokerage Firm, LLC is set to make use of the following marketing and sales strategies to attract clients;

  • Introduce our business by sending introductory letters alongside our brochure to households, corporate organizations, schools, players in the real estate sector, and other key stake holders in Albany – New York and other cities in the United States of America.
  • Advertise our business in relevant financial and business related magazines, newspapers, TV stations, and radio station.
  • List our business on yellow pages ads (local directories)
  • Attend relevant international and local real estate , finance and business expos, seminars, and business fairs et al
  • Create different packages for different category of clients (individuals, start – ups and established corporate organizations) in order to work with their budgets
  • Leverage on the internet to promote our business
  • Engage direct marketing approach
  • Encourage word of mouth marketing from loyal and satisfied clients

11. Publicity and Advertising Strategy

We have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the hearts of our target market. We are set to take the mortgage brokerage and loan services industry by storm – which is why we have made provisions for effective publicity and advertisement of Pentagon Mortgage Brokerage Firm, LLC.

Below are the platforms we intend to leverage on to promote and advertise Pentagon Mortgage Brokerage Firm, LLC;

  • Place adverts on both print (community based newspapers and magazines) and electronic media platforms; we will also advertise our mortgage brokerage and loan services firm on financial magazines, real estate and other relevant financial programs on radio and TV
  • Sponsor relevant community based events / programs
  • We will leverage various online platforms to promote the business. It makes it easier for people to enter our website with just a click of the mouse. We will take advantage of the internet and social media platforms such as; Instagram, Facebook , twitter, YouTube, Google + et al to promote our brand
  • Install our Bill Boards on strategic locations all around Albany – New York.
  • Engage in road show from time to time all around Albany – New York to promote our brand
  • Distribute our fliers and handbills in target areas all around Albany – New York
  • Ensure that all our workers wear our branded shirts and all our official vehicles are well branded with our company’s logo et al.

12. Our Pricing Strategy

It is a fact that mortgage brokerage and loan services both online and offline is driven by the demand of availability of real estate / properties which is why the prices cannot be fixed; prices for properties fluctuates on a regular basis. Besides, mortgage brokerage and loan services firms rely on commissions since they serve as middlemen between those seeking for mortgage loans and mortgage banks and other financial institutions / loan lending institutions.

At Pentagon Mortgage Brokerage Firm, LLC we will keep the prices of our services and commissions a little bit below the average market rate for all of our customers by keeping our overhead low and by collecting services charges in advance from corporate organizations and individuals who would hire our services. In addition, we will also offer special discounted rates to all our customers at regular intervals.

  • Payment Options

At Pentagon Mortgage Brokerage Firm, LLC our payment policy will be all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that we will make available to our clients;

  • Payment by via bank transfer
  • Payment via online bank transfer
  • Payment via check
  • Payment via bank draft
  • Payment with cash

In view of the above, we have chosen banking platforms that will help us achieve our plans with little or no itches. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for our service charge.

13. Startup Expenditure (Budget)

Starting a mortgage brokerage and loan firm can be cost effective; this is so because on the average, you are not expected to acquire expensive machines and equipment. Aside from the working capital or capitalization as is required by the regulating body.

Basically what you should be concerned about is the amount needed to secure a standard office facility in a good and busy business district, the amount needed to furniture and equip the office, the amount to purchase the required software applications, the amount needed to pay bills, promote the business and obtain the appropriate business license and certifications.

This is the financial projection and costing for starting Pentagon Mortgage Brokerage Firm, LLC;

  • The Total Fee for incorporating the Business in the United States of America – $750.
  • The budget for basic insurance policy covers, permits and business license – $2,500
  • The Amount needed to acquire a suitable Office facility in a business district 6 months (Re – Construction of the facility inclusive) – $40,000.
  • The amount required for capitalization (working capital) – $50,000
  • The Cost for equipping the office (computers, software applications, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $5,000
  • The cost for purchase of the required software applications (CRM software, Accounting and Bookkeeping software and Payroll software et al) – $10,500
  • The Cost of Launching your official Website – $600
  • Budget for paying  at least three employees for 3 months plus utility bills – $10,000
  • Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $2,500
  • Miscellaneous: $1,000

Going by the report from the market research and feasibility studies conducted, we will need over one hundred and fifty thousand ( 150,000 ) U.S. dollars to successfully set – up a medium scale but standard mortgage brokerage and loan services firm in the United States of America.

Generating Funding / Startup Capital for Pentagon Mortgage Brokerage Firm, LLC

Pentagon Mortgage Brokerage Firm, LLC is a family business that will be owned and managed by Mr. Campbell Smith and his immediate family members. They are the sole financial of the firm, but may likely welcome partners later which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources.

These are the areas we intend generating our start – up capital;

  • Generate part of the start – up capital from personal savings
  • Source for soft loans from family members and friends
  • Apply for loan from my Bank

N.B: We have been able to generate about $50,000 (Personal savings $40,000 and soft loan from family members $10,000 ) and we are at the final stages of obtaining a loan facility of $100,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.

14. Sustainability and Expansion Strategy

The future of a business lies in the number of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.

One of our major goals of starting Pentagon Mortgage Brokerage Firm, LLC is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.

We know that one of the ways of gaining approval and winning customers over is to offer our mortgage brokerage and loan services (service charges and commissions) a little bit cheaper than what is obtainable in the mortgage brokerage and loan services industry and we are well prepared to survive on lower profit margin for a while.

Pentagon Mortgage Brokerage Firm, LLC will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner of our business strategy.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more as determined by the board of the organization. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List / Milestone

  • Business Name Availability Check:>Completed
  • Business Incorporation: Completed
  • Opening of Corporate Bank Accounts various banks in the United States: Completed
  • Opening Online Payment Platforms: Completed
  • Application and Obtaining Tax Payer’s ID: In Progress
  • Application for business license and permit: Completed
  • Purchase of All form of Insurance for the Business: Completed
  • Conducting Feasibility Studies: Completed
  • Leasing, renovating and equipping our facility: Completed
  • Generating part of the start – up capital from the founder: Completed
  • Applications for Loan from our Bankers: In Progress
  • Writing of Business Plan: Completed
  • Drafting of Employee’s Handbook: Completed
  • Drafting of Contract Documents: In Progress
  • Design of The Company’s Logo: Completed
  • Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
  • Recruitment of employees: In Progress
  • Purchase of the Needed software applications, furniture, office equipment, electronic appliances and facility facelift: In Progress
  • Creating Official Website for the Company: In Progress
  • Creating Awareness for the business (Business PR): In Progress
  • Health and Safety and Fire Safety Arrangement: In Progress
  • Establishing business relationship with banks, financial lending institutions, vendors and key players in the industry: In Progress

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  • Loan Officer Business Plan [Sample Template]
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  • 3 Tips to Prepare for Higher Mortgage Interest Rates

Mortgage coming up for renewal? Here’s how to prepare for higher interest rates

cibc mortgage advisor business plan

In the midst of the pandemic, many Canadians jumped at the chance to buy homes and refinance their mortgages at all-time low interest rates. Fast forward to today, and these rates have had a steep increase, driven by the Bank of Canada's efforts to tackle inflation. For those staring at an impending mortgage renewal, this uptick might feel unsettling. But remember, even though we can't dial down these rates, there are smart ways for homeowners to soften the blow of a rate increase.

1. Talk with your advisor about rising interest rates

If your mortgage renewal is on the horizon, it's smart to have a chat with your financial advisor. Here's why.

Understand the impact

Interest rates can be confusing. Your advisor can make things clear by explaining how an increase might affect your payments. For instance, if rates climb by 5%, how much will your payment go up? Your advisor can help you understand the impact that the rise in rates has on you and your mortgage.

Map out your future

Maybe your goals have changed since you first got your mortgage. You might be considering moving homes, planning a big trip, or other life events. Your advisor can help adjust your financial strategy to fit these goals. Plus, your mortgage is just one part of your financial life. If you've got other debts or savings goals, your advisor will show you how a potential rate change could affect the bigger picture.

Explore new avenues

There could be financial paths you haven't looked at yet. Maybe there's a different loan type that suits you better, or perhaps you could benefit from consolidating some debts. Your advisor can guide you through these choices. They'll also keep you updated. The financial world changes all the time, and by staying in touch with your advisor, you're always in the know.

2. Plan ahead for possible rate increases: What you can start doing today

For example:

With a possible 5% rate increase and 25 more years on your mortgage:

Owing $300,000: You might pay about $1,754 every month.

But if you owed $250,000: It could drop to around $1,462 each month.

That’s a difference of $292 saved each month, or $3,504 in a year. If you keep this up for 5 years, you might save $17,520. If you start paying more now, even with higher rates later, your monthly payments might be easier on your wallet.

Preparation begins long before the renewal date. Being proactive gives you a stronger footing, regardless of where interest rates move.

Make lump-sum payments

Let's say you secured your mortgage a few years ago when interest rates were at an all-time low. Since then, rates have risen, and now there’s a potential 5% increase to your interest rate as your renewal date approaches in the next couple of years. Here's where paying a chunk of your mortgage now can help.

By paying more than you need to right now, you do two big things: you'll pay less interest over the life of the mortgage and when you renew, the increase in payment may not be as big.

Why make a big lump sum payment, like $50,000, now?

At first, using $50,000 to save $17,520 in 5 years might not make sense. But add up all the benefits, and it becomes a smart move. It's about more than just the next few years. It's about your whole financial picture.

Long-term savings: The example showed saving $17,520 in 5 years. But, by reducing your mortgage principal now, you'll keep saving on interest for as long as you have the mortgage.

Pay less interest today: By making a large lump sum payment right away, you start saving on the interest cost the moment you make the payment. This means more of your regular scheduled payments will go towards principal and less towards interest.

Building home equity: By paying more now, you'll own more of your home. This is helpful if home prices change. It also means you're in a good spot if you want to use your home value later, like for home fixes or other big purchases.

Being mortgage-free faster: If you pay a big amount now, you might be able to own your home sooner than planned.

Ready for anything: By owing less and having smaller monthly payments, you can better handle any surprise costs. It's less worry, especially if money gets tight.

Increase the amount and frequency of your mortgage payments

As interest rates rise, the traditional monthly mortgage payment schedule might feel like it's not doing enough to get you ahead of the game. Paying a bit more, and more often, can help in a couple of ways.

By choosing to pay a little extra now, you're practicing for times when a rate increase might increase your monthly payment. It's like a rehearsal for the future. So, if rates go up in the future, you’re already used to bigger payments, and it won’t be a big surprise.

If your regular payment is $1,500 monthly, adding an extra $100 and then switching to accelerated bi-weekly payments means an extra $2,800 goes towards your mortgage in just one year. Over five years? That's $14,000 off your mortgage. And remember, you also save because you won't be paying interest on that amount.

When you add a bit more to your monthly payment, you're also reducing the amount of your mortgage principal. That means you’ll pay less interest, especially if rates keep climbing. And if you switch from monthly to accelerated bi-weekly payments, you'll end up making an extra monthly payment every year. This change alone can knock a big chunk off what you owe over time.

3. Crunch time: Smart moves as renewal gets closer

If your mortgage renewal is around the corner, reach out to your advisor about five months ahead. This gives you time to understand your options and decide on the right move for you.

Rates going up? Lock in early

If you have a variable rate mortgage and spot interest rates creeping up, going for an early renewal can be a smart move. Think of it as calling "dibs" on a good deal before it slips away. By renewing your mortgage ahead of its actual end date, you can lock in at a current, lower rate. This way, you're side-stepping those higher rates and potentially saving a good chunk of change over the course of your mortgage. So, if you've got that feeling that rates might jump soon, it might be time to chat with your advisor about renewing early.

Think about refinancing

When it's time to renew your mortgage, you have a chance to make some changes. Refinancing means you can change how long you take to pay off your mortgage, making your monthly payments smaller. Plus, if you've been paying your mortgage for a while, you might have a significant amount of equity in your home, which you may be able to use towards other goals.

Combine your debts

Do you have a car loan, credit card bills or even a loan from a store? You can add all these to your mortgage. Why? Your mortgage interest might be lower than what you’re paying on those other loans. So, by putting everything together, you can save money. Plus, it’s simpler to make one mortgage payment instead of many different payments.

Sarah is approaching her mortgage renewal. Here's a snapshot of her current financial situation:

Mortgage Balance: $250,000 at 3% interest.

Car Loan: $15,000 at 6% interest.

Credit Card Debt: $10,000 at 18% interest.

Retailer Loan: $5,000 at 9% interest.

Combined, her monthly payments amount to $2,142.33.

Now, Sarah learns that her new mortgage rate will be 8%. This means her monthly mortgage payment would rise significantly. But instead of panicking, Sarah considers refinancing and consolidating her other debts into her mortgage.

Consolidated Mortgage: $280,000 at 8% interest (accounting for her original mortgage and other debts). Her new consolidated monthly payments amount to $2,164.11.

The Result: Despite the mortgage interest rate increase, Sarah's total monthly payment increases only slightly from $2,142.33 to $2,164.11, an added cost of just $21.78 per month. But here's where it gets interesting: even though she'll be paying a tad more monthly, Sarah will benefit in the long run. She's tackling her other high-interest debts, especially that pricey credit card, under the 8% interest rate of her new mortgage. This means she'll end up saving a considerable amount on interest payments, making her financial journey smoother and more predictable.

Quick tip: Sarah’s example is about keeping her new monthly payments as close to what she’s currently paying, even after her mortgage rate goes up. But, if Sarah can manage to spend a bit more each month, she might choose not to consolidate her car loan into her mortgage. Doing this would mean her monthly payment would go up another $140, but she’d finish paying her car loan in 5 years as planned.

So, when thinking about consolidating your debts, it’s important to look at your own money situation and what you want to achieve. This is where it’s helpful to talk to an advisor to figure out what’s right for you.

Let’s make a plan to navigate rising rates with confidence

Rising interest rates can be tough, and acting now can make a difference. Chat with an advisor early to explore your mortgage options both now and as your renewal approaches. You have choices — from making lump sum payments to adjusting your mortgage payment amounts and frequency, or exploring refinancing and debt consolidations. It’s all about finding what suits your needs and keeps your finances resilient in the face of higher rates. So, reach out for advice to help you smooth out your financial journey.

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Mortage Broker Business Plan Sample

AUG.30, 2018

cibc mortgage advisor business plan

Do you want to start mortgage broker business?

Do you want to open a mortgage brokerage business? Well, opening a mortgage company is undeniably a business that involves a lot of effort, but the rate of return you will get after all your efforts in this business will compel you to thank yourself later for all those efforts. Everybody requires a house for shelter or a place for work, in the United States, many countrymen, as well as foreigners, aren’t capable of buying the real estate especially in big cities due to the sky-high costs.

A mortgage broker business is based on arranging transactions between the buyer and banks or real estate firms, on easy installments and down payments after taking a mortgage, debt property. The business is in great demand, as this is the only way for average or low-income people to have a property or vehicle of their own in big cities.

So, if you have planned to start this business, then don’t just build castles in the air, prepare a comprehensive and detailed business plan to take a startup. In case, the complications of writing a business plan are bothering you, you can take help from this sample business plan written on how to start a mortgage brokerage for a startup named, ‘Gary Brokerage’, owned by Gary Cleese.

Executive Summary

2.1 the business.

Gary Brokerage will be a licensed and registered mortgages company, owned by Gary Cleese. The company will be located in New York, and will initially operate in only one city. The business is aimed to provide housing and real estate facilities to a large audience by selling mortgages for them on easy installments. Gary has many mortgages of housing and commercial buildings from the real estate business plan , he has arranged an organized section in his company for gathering and checking the required documents of the borrowers, to provide them with mortgage pre-approval. After the borrower has met with the eligibility requirements, he/she will be given the ownership of the desired property with easy to pay installments in accordance with the buyers’ income.

2.2 Management

To start a mortgage brokerage , management is the core thing you need to focus. The business involves complicated inquiry and agreements, and long-term payments, so, you must organize each and everything, and must have a formulated management system for running this business.

Considering the importance of management system, Gary has prepared the list of employees, their jobs description, and their responsibilities in his mortgage lender business plan . Gary has decided to manage the business by himself with the help of two co-managers. The sample business plan of Gary Brokerage is given here for your help if you want to know how to start your own mortgage broker business.

2.3 Customers

Knowing your customers and their demands before starting a new business is a thing, that can help you a lot in devising your policies. Gary Brokerage is intended to serve the renters and foreigners in New York by helping them in purchasing and owning the real estate.

2.4 Target of the Company

The company aims at becoming the most recognized and the most renowned brokerage in the whole New York City within just six to seven months of the launch, by providing incomparable customer service to the inhabitants of the New York City.

Mortage Broker Business Plan - 3 Years Profit Forecast

Company Summary

3.1 company owner.

Gary Cleese will be the owner of Gary Brokerage; Gary is an LLB from the Columbia University and has been practicing law for more than fifteen years in the New York. Now, when he has received his huge shares from the legacy, he wants to invest them in profitable businesses. Gary has an in-depth knowledge about agreements and inquiry needed for taking loans, and other means of buying property. He is also well-known for his public speaking and management skills; he is starting a loan broker business , to invest his skills and money in a project which he finds the most suitable for himself.

3.2 Why the Business is being started

After receiving his shares, Gary has more than enough money to invest in some business. Throughout all his career, he has practiced law on dealing with the disputes on land ownership. This experience of Gary has made him a well-informed person about all types of land ownership, and tuned in with the pioneers of real estate and mortgage business. Gary has many unique mortgage broker marketing ideas , and he can only work on them by opening his own brokerage.

The other reason of starting a mortgage brokerage  is the rising demand of this business. Shelter is a basic necessity of every human, and in the big cities like New York, what most average people are deprived of is shelter; a land of their own. In New York, the median price to buy a house is $1.6 million, which makes it about impossible for a foreigner, a beginner entrepreneur or a new jobholder to own real estate. Such people prefer to pay some down payment and buy a mortgage on economical installments.

3.3 How the Business will be started

Gary has planned everything about his business, he even has got prepared his mortgage business plan template . A large building on the 5 th Avenue will be used as the company’s office. The business will be registered by the NMLS, Nationwide Multistate Licensing System & Registry. Gary has relations with top real estate owners, he will collect information about several mortgages to lend to the borrowers before starting the business. A team of trusted and dedicated members will be hired to assist Gary in running the business. The borrowers will have a variety of choices in buying a mortgage by remaining in their income range and needs. Organized and separate sections will be made for maintaining the proper inspections and records of both the borrowers and the lenders. Gary has decided to provide the borrowers with the right of recession, furthermore, he’ll have flexible policies in case of mortgage defaults.

Candle Making Business Plan - Startup Cost

The detailed start-up requirements, start-up funding, start-up expenses, total assets, total funding required, total liabilities, total planned investment, total capital and liabilities as forecasted by experts, are given below:

Services for customers

You have to decide your services before starting a mortgage lending company  because in a mortgage business you have to do all the pre-work required for a certain service you are going to provide. For example, if you decide to provide home equity loans, you have to work out on it to fulfill its requirements and employing the needed company persons for estimating property value as well as other chores.

So, if you are searching on how to start your own mortgage company , the foremost duty is to formulate a business plan including all the services you want to provide your customers as well as the detail that how will you manage to provide them with the services. If you are having difficulty in deciding your servicing, you can take help from many mortgage loan officer business plan examples available on the web like this one.

Gary Brokerage will provide the following services to its customers:

  • Brokering Residential Mortgage: We’ll guide the borrower and the lender and negotiate loans between them in buying residential properties. We’ll do research in finding the requirements of our clients, and will do all the settlements and legwork on their behalf.
  • Brokering Commercial & Industrial Real Estate: Commercial estate is any property bought for the purpose of generating profit. We’ll arrange the place and loans for the businessmen who want to start a new business or a branch of previously existing business but are not aware of the opportunities, taxations, and procedures of buying estate in the big city, we will save them from getting into the complications about which they knew not.
  • Brokering Home Equity Loans: The persons who own some kind of property, but require loans to finance their expenses such as medical, education etc. will be given loans according to the value of their property. Gary will hire the services of appraisers to determine the value of property and interest rate on loan.
  • Brokering Vehicle Loans: In case, you aren’t in a position to buy a vehicle in New York, don’t worry, Gary will buy the vehicle for you and you will need to pay the amount in the form of installments with very little interest.

Marketing Analysis of mortgage broker business

When you are taking an initiative and starting a totally new venture, you have to accustom various measures to understand the demands and requirements of the public you are going to target. The success of your startup will be entirely dependent on how efficiently you are able to communicate with the needs of your borrowers and terms and conditions of your lenders. An accurate marketing analysis is needed to be done to understand whether you will be able to start your own mortgage company  or not, or whether the market you are choosing for your startup has the stamina or potential of a new startup or not. In your mortgage company business plan , you must carry out proper marketing analysis to identify your target groups before time. You have to do it before starting a mortgage company , as it will assist you in defining your services and marketing strategy.

If you are looking for help on how to start a mortgage brokerage company , you can take help from this mortgage loan officer business plan sample written for the startup of Gary Brokerage. You can also seek help from several business plan samples available on the web. However, if you are starting a mortgage broking business on large scale, then instead of taking help from this mortgage broker business plan , you should hire an expert marketing analyst to make a mortgage broker marketing plan for your startup.

A successful marketing strategy can only be developed after knowing the target audience and potential customers. Considering the significance of marketing analysis Gary has hired marketing experts for carrying out extensive research to identify his target customers and develop a unique marketing strategy to attract them.

5.1 Market Trends

Mortgage brokering business has outstanding demand due to the increasing confidence of people in the services. Reasonable economic conditions and low interest rates have constrained a lot of people in the United States to buy vehicles and real estate on mortgage loans. The business is in the mainstream right now and according to IBISWorld, is still growing at an annual rate of 5.8 percent. There are more than 844,296 real estate brokering industries currently running in the United States, generating a revenue of $155 billion annually, employing 1.1 million population of the United States. The statistics clearly demonstrate that you can generate a large amount of profit provided that you plan and market your business successfully.

5.2 Marketing Segmentation

If you are starting a mortgage brokerage business , you have to make a detailed mortgage officer bank loan business plan   covering the details of how will you attract your target audience. In case, you need assistance in making your mortgage banker business plan , you can take help from this sample business plan of Gary Brokerage.

The detailed marketing segmentation of our target audience is as follows:

Mortage Broker Business Plan - Marketing Segmentation

5.2.1 Renters: Our marketing analyst has identified this as our biggest target group. Many people in the New York City live on rent and want to own their own estate, but the lack of knowledge and money make them unable to do so. These people include foreigners, new jobholders or people with average incomes. Such people can’t afford buying a house for themselves directly. So, in order to buy a land, or house they prefer to consult a mortgage broker, and own the property by paying reasonable installments and down payment on mortgage. Our experts have defined this category as the major borrowers of our service of brokering vehicle loans too. We believe that our low interest rate, simple policies and strategic location will surely pull them to our office.

5.2.2 Businessmen: Our next target customers will be the businessmen who want to extend their setup or want to open up a new branch but do not have time to indulge in the complications of buying estate. The executives usually want to bypass the tensions of buying estate or office in a new city of entirely new trends. They prefer to contact the mortgage brokers to arrange the setup for them. Our experts have identified this group as our potential borrowers of brokering commercial and industrial real estate mortgages.

5.2.3 Property Owners: Our business is meant to serve both the lenders and the borrowers. So, our experts have identified the real estate owners and the owners of automotive industries as our third target audience. Such people will contact us whenever they want to sell their property or automobiles.

The detailed market analysis of our potential customers is given in the following table:

5.3 Business Target

Gary has high goals and aims regarding the growth of his business. The target which Gary Brokerage intend to fulfill within the five years of launch is to become the most trusted and renowned mortgage broker business in the New York City. Our business target is to provide excellent and reliable service to our lenders as well as borrowers. We aim at providing top-level customer service to all our target groups. Our every employee and salesperson will treat our customers with utmost respect so as to build a long-lasting relationship with them.

However, the company also has some long-term targets which are to be fulfilled after we have established in the New York City completely. These include opening another branch of Gary Brokerage in the current or neighboring city and increasing our services to serve more and more people.

5.4 Product Pricing

Setting the prices of your services is the most thoughtful and challenging task, as you have to keep up your finances and allure the customers at the same time. To introduce ourselves to a larger audience, we have decided to keep our prices lower than our competitors in the initial phase. However, we believe that the company will still be able to fulfill its financial goals.

Sales strategy is the most decisive and effective part if you are going to start a mortgage company . In your mortgage marketing plan , you must include the ways and methodologies to increase the sales of your services and generating more and more profit. Gary carried out an extensive research and also hired the services of financial experts to work in collaboration with the company’s advertising manager and administration to devise an effective sales strategy.

If you are not clear on how to start a mortgage company  or how to develop effective sales strategy, you can take help from this mortgage loan officer business plan template  of Gary Brokerage.

6.1 Competitive Analysis

Gary had the idea of the tough competition he will have to face in the market, that’s why he has come up with the excellent competitive edges that all his other competitors lack. Gary believe that if marketed properly, these competitive edges will give him unparalleled superiority in this business.

Our biggest competitive advantage lies in the power of our crew, each member has a thorough understanding of property types, credits, inspection systems and loan amounts. We have a team of dedicated and honest workers who will go all the way to provide maximum satisfaction and easy access to mortgage loans to our customers. Our trained and skilled professionals will do all the research and strenuous work on your behalf for you. Our dedicated workers will interpret your needs and range of spending before presenting the most suitable and economical property to you.

Secondly, Gary has terms and alliances with the leading real estate barons and developers alongside automotive shop owners. He can surely be able to find out the most suitable lender for you after understanding your needs. His former experience as a lawyer is another competitive advantage as he knows all the procedures, registry and verification systems. Moreover, Gary Brokerage is located on the main road which is easily accessible and visible by our target groups.

6.2 Sales Strategy

The success of a startup depends on the extent to which you are able to advertise your services. Considering the importance of targeting large audience, Gary Brokerage will advertise its services by using the following means:

  • We’ll make our website creating a login for our borrowers and lenders with ultimate cybersecurity, by which they will be able to pay the installments through their Payoneer or PayPal account
  • We’ll create a Facebook page to leverage the opportunity of advertising our services to a large audience
  • Before using our services, you can get to know about our work efficiency by reading the feedbacks of our clients and lenders on our website or Facebook page
  • We’ll fix our posters on bustling areas to let the people know about us
  • We’ll provide maximum ease to our customers and will keep our interest rate as low as possible

6.3 Sales Forecast

We believe that if people try our services for once, they will surely trust us again for the rest of their lives. Considering the market demand and quality of our services, our sales pattern is expected to increase with the coming years. By analyzing our market segmentation strategy, our experts have forecasted the following sales on yearly basis which are summarized in the column charts.

Mortage Broker Business Plan - Unit Sales

The detailed information about sales forecast, total unit sales, total sales is given in the following table:

6.4 Sales Monthly

Mortage Broker Business Plan - Sales Monthly

6.5 Sales Yearly

Mortage Broker Business Plan - Sales Yearly

Personnel plan

The crucial step before starting a mortgage broker business  is to find a team of hardworking and dedicated workers. Your marketing and sales strategy can only help you in gaining customers, but the enthusiastic employees can help you in maintaining those customers. So, before you start mortgage company , hire your crew wisely as you will be solely dependent on them.

For those people who want to know how to open a mortgage brokerage business , we have provided here the sample business plan of Gary Brokerage covering the details of the staff, he will hire.

7.1 Company Staff

Gary will act as the Chief Operating Officer of the company and will discipline the manager and the company by himself. The company will initially hire following people:

  • 2 General Managers to manage the operations
  • 10 Mortgage Brokers and Loan Services Consultants for brokering mortgages
  • 4 HR Managers for arranging meetings of borrowers and lenders and for carrying out induction for recruiting new member
  • 4 Administrators / Accountants to maintain financial records
  • 2 IT Experts to manage the company’s website and social media pages
  • 5 Data Analysts to interpret and organize data
  • 2 Sales and Marketing Executives responsible for discovering new ventures.
  • 2 Drivers for routine works
  • 3 Cleaners for the maintenance of company’s office
  • 1 Front Desk Officer to act as a receptionist in the company office

All the employees will be trained for their duties and works, before the initiation of the startup.

7.2 Average Salary of Employees

The following table shows the forecasted data about employees and their salaries for the next three years.

Financial Plan

The last step to be taken to start a mortgage business  is to formulate your financial plan. Financial plan is undoubtedly, the most decisive part of the success of a startup especially if you want to grow your business. Financial planning before starting mortgage company can help you in meeting your long-term financial goals, by monitoring your flow patterns and spending. Your comprehensive and accurate financial plan can help you in facing the worst situations and ups and downs you can encounter while running your business.

Considering the importance of an accurate and comprehensive financial plan, Gary has hired the services of a financial planner advisor to make a financial plan for his business. Gary Brokerage will be mainly financed by Gary himself. No equity funding or outside loan will be required unless the company expands faster than forecasted. You can take help from this sample financial plan if you need help about how to start a mortgage brokerage business , and you can also find many other business plan samples available online. However, the best choice for if you are lacking knowledge on how to start mortgage broker business or how to make an effective financial plan is to hire a professional to make precise financial plan for you, saving you from the trouble of gathering all information by yourself.

8.1 Important Assumptions

The company’s financial projections are forecasted on the basis of following assumptions. These assumptions are quite conservative and are also expected to show deviation but to a limited level such that the company’s major financial strategy will not be affected.

8.2 Brake-even Analysis

The following graph shows the company’s Brake-even Analysis.

Mortage Broker Business Plan - Brake-even Analysis

The following table shows the company’s Brake-even Analysis.

8.3 Projected Profit and Loss

The following table show the company’s expected Profit and Loss situation on the monthly and yearly basis.

8.3.1 Profit Monthly

The following charts shows detailed information about profit and loss, and total cost of sales.

Mortage Broker Business Plan - Profit Monthly

8.3.2 Profit Yearly

Mortage Broker Business Plan - Profit Yearly

8.3.3 Gross Margin Monthly

Mortage Broker Business Plan - Gross Margin Monthly

8.3.4 Gross Margin Yearly

Mortage Broker Business Plan - Gross Margin Yearly

8.4 Projected Cash Flow

The following column diagram shows the projected cash flow.

Mortage Broker Business Plan - Projected Cash Flow

The following table shows detailed data about pro forma cash flow, subtotal cash from operations, subtotal cash received, sub-total spent on operations, subtotal cash spent.

8.5 Projected Balance Sheet

The following projected balance sheet shows data about total current assets, total long-term assets, total assets, subtotal current liabilities, total liabilities, total capital, total liabilities and capital.

8.6 Business Ratiosы

The following table shows data about business ratios, ratio analysis, total assets, net worth.

Download Mortage Broker Business Plan Sample in pdf

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What Is A Student GIC And How Does It Work?

Published: Feb 21, 2024, 12:21pm

Table of Contents

What is a student gic, why open a student gic, how does a student gic work, who is eligible for a student gic, pros and cons of a student gic, where can you get a student gic, bottom line, frequently asked questions (faq).

Effective January 1, 2024, Immigration, Refugees and Citizenship Canada (IRCC) more than doubled the financial cost required for international students to study abroad in Canada each year, resulting in mixed reactions from student representatives.

The previous amount of funds students were required to have individually before this change was $10,000 per year—not including the cost of tuition and travel. Now the IRCC has set the amount to $20,635 to “help prevent student vulnerability and exploitation” and so that “international students understand the true cost of living here.” as said by Minister of IRCC MarcMiller in a press release .

This means that If you or a family member is considering coming to Canada to study, specifically through the Student Direct Stream Program, the immigrating student will require a student GIC from an eligible financial institution in the amount of $20,635 to qualify. Still, what is a student GIC, how do you get one and why do international students need a GIC in particular?

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A student GIC is a guaranteed investment certificate offered specifically to international students seeking to study in Canada under the Student Direct Stream Program, which is Canada’s expedited study permit application process.

Student GICs have a set minimum investment amount of $20,635—set by IRCC—to match set guidelines regarding the minimum cost of living expenses for international students. A specific amount is redeemed each month, including the interest accrued over that month, in accordance with the lending institution’s program schedule, so students can cover their expenses.

Though international students who apply to study in Canada are not required to have a student GIC to obtain a study permit, they do miss out on utilizing our Student Direct Stream Program (SDS) if they don’t. The SDS is designed to get students their study permit much faster than normal with a processing time of 20 calendar days. Student GICs also come with additional perks, such as free chequing or savings accounts , which may not be available to international students not enrolled in the SDS.

Each financial institution that carries student GICs will differ in its offering and product details, but here’s how student GICs work in general:

  • An applicable student sends a wire transfer to the lending institution, in the amount of $20,635 or more, plus any applicable fees.
  • The financial institution deposits the funds into an investment account.
  • When the student arrives in Canada, they meet with a representative and the money is split into two different financial products: a lump sum of around $4,000 (plus interest) is put into a chequing account for immediate use and the remaining portion is put into a one-year student GIC.
  • Once per month the financial institution will redeem a set amount (around $1,600) plus any applicable interest), which is then deposited into the student’s chequing account for their use. This will be done for 11 months until the GIC is fully redeemed.

In order to be eligible for a student GIC, you must meet the following requirements*:

  • Be a legal resident of one of the following countries: Antigua and Barbuda, Brazil, China, Colombia, Costa Rica, India, Morocco, Pakistan, Peru , Philippines, Senegal, Saint Vincent and the Grenadines, Trinidad and Tobago or Vietnam
  • Be at least 14 or 18 years of age
  • Plan to come to Canada as an international student
  • Have an acceptance letter from a post-secondary designated learning institution
  • Be opening an account only for yourself, not on behalf of another person
  • Plan to arrive in Canada within 12 months of applying

* Note: These requirements may differ slightly for certain participating financial institutions.

What Do You Need to Apply for a Student GIC?

When completing the initial application for a student GIC, you will need a valid passport, your letter of admission from the school you will be studying at and a few general personal details (e.g. employment status and details, legal name, address and tax identification number).

Once you arrive in Canada, you’ll need to head to a branch of the bank you applied with, to make your first GIC redemption and complete the entire application process. To complete this step, you’ll need your passport, proof of enrollment and a study permit from the Government of Canada. If you are studying in Quebec, you will also need a Quebec Acceptance Certificate (QAC).

Student GICs come with a variety of advantages and disadvantages to be aware of before applying.

  • Gives you access to the Student Direct Stream Program
  • Sets up a financial safety net for you while you are abroad
  • Gives you a guaranteed source of income
  • Provides a solid rate of return if interest rates are high
  • Investment amount required is financially unreachable for some international students
  • Only available to students in certain countries
  • Funds may not be accessible until the beginning of each month
  • Low rate of return if interest rates are low

The Government of Canada has recognized specific financial institutions that may offer student GICs which meet the requirements of the SDS.

  • Bank of China (Canada)
  • Bank of Montreal (BMO)
  • Bank of Xi’an Co. Ltd. – in partnership with Scotiabank China Everbright Bank Co. Ltd. – in partnership with Scotiabank
  • Simplii Financial ’s GICs are provided by CIBC.
  • Fédération des caisses Desjardins du Québec (Desjardins)
  • Habib Canadian Bank
  • ICICI Bank Canada
  • Industrial and Commercial Bank of China (Canada)
  • National Bank of Canada
  • Royal Bank of Canada (RBC)
  • SBI Canada Bank
  • Toronto-Dominion Bank (TD Bank)

Understand that locating an institution that issues eligible student GICs is the responsibility of the student, according to the government.

These financial institutions offer student GICs that have interest rates that follow the prime lending rate , which in turn are influenced by the Bank of Canada’s overnight interest rate. As a result, each bank’s interest rates may be similar, but it’s important to review each institution and the GICs they offer carefully. Plus, each institution may have different foreign exchange rates as well.

A number of banks of the list above offer free chequing or savings accounts with their student GICs while the account holder is a student, with some offering a $1,000 unsecured credit card as part of their package.

Also, if you are planning on studying in Quebec, take special care to confirm your chosen institution supports student GICs in the province, as some do not.

Student GICs, while a requirement for the Student Direct Stream Program, are costly and a big financial decision, especially when you are coming to a new country. Make sure to weigh the pros of the SDS program against the costs of a student GIC compared to entering Canada as a student through the traditional study program. While student GICs are a great source of guaranteed income—especially with our current interest rates —they may not be ideal for every international student.

What is a student GIC?

Like any other GIC, a student GIC is a guaranteed investment certificate issued by a bank, in exchange for funds held for a specified period of time. Student GICs are issued for one year and are partially redeemed once per month, including an initial lump sum redemption upon the student’s arrival into Canada. Student GICs are also a requirement to be eligible for Canada’s Student Direct Stream Program.

The idea behind student GICs is that international students studying in Canada will have a guaranteed source of funds while they study here, as a means of meeting their costs of living.

What bank is best for a student GIC?

Deciding which bank is the best for opening your student GIC will require analyzing multiple factors including GIC rates, account fees, foreign exchange fees, customer service, their GIC redemption schedule and a host of other factors. It’s best to review multiple banks across the country before making a decision, so you can be as informed as possible.

How much is a student GIC in Canada?

As of January 1, 2024, the minimum amount a student GIC can be issued for is $20,635—plus the bank’s program fee. Quebec has different requirements, which can be found on their applicable government website .

What is the GIC amount for students in 2024?

As of January 1, 2024, the student GIC amount required for students to study in Canada was increased to $20,635. This number was previously $10,000, and had not been adjusted since 2015. The Government of Canada indicated that this new income requirement will be adjusted on a yearly basis.

Note that Quebec has their own program for student GIC requirements, with $15,078 being the minimum amount for a student over the age of 18.

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Brett Surbey is a corporate paralegal and writer based out of Alberta. His work has appeared in Publishers Weekly, Thrive Insider, and various academic journals. He lives with his wife and two children.

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  • Using your home equity to renovate or consolidate debt

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Want to review your options? I want to make sure your mortgage is working for you, whether you’re saving for a down payment or ready to buy, or would like to check if moving your existing mortgage to CIBC makes sense.

I look forward to meeting with you and helping you to reach those dreams.

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  2. Mortgage Broker Business Plan

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  3. Michael Richmond, CIBC Mobile Mortgage Advisor: November 2016

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  4. A Financial Advisor Business Plan Template You'll Want to Use

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  5. 11+ Mortgage Broker Business Plan Templates in DOC

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  6. CIBC Mortgage Advisor

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COMMENTS

  1. How to Write a Successful Business Plan

    To help you understand and decide what structure fits your business type, request a call with a CIBC Business Advisor . Six sections you need to include in a successful business plan As you write your business plan and present it to partners, there are 6 essential sections to include that will help open doors and secure resources. 1.

  2. The Dos and Don'ts of Writing a Solid Business Plan

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    Reach your dreams, your way. Your advisor will work with you to create strategies that balance your banking, borrowing and investment needs for today with your goals for tomorrow. Mortgage and home-financing advice

  4. Mortgage Broker Business Plan Template & Guide [Updated 2024]

    A business plan provides a snapshot of your mortgage business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your business plans. Why You Need a Business Plan

  5. Mortgage Brokerage Business Plan [Sample Template]

    A Sample Mortgage Brokerage Firm Business Plan Template 1. Industry Overview. Mortgage Brokerage firms are established with the sole aim of providing a convenient platform in form of long term loan to those who want to buy their own property. With the loan you get from the bank via a mortgage brokerage firm, you can finance any property of your ...

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  7. How to discuss your business plan

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    Location Your goals, your way We can chat about your mortgage goals in person, over the phone or online — whatever's easiest for you. How we can work together Your mobile mortgage advisor will prepare a tailored plan that can help you get the home you want, no matter what stage of the home-ownership journey you're on.

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    Mobile Mortgage Specialist Business Plan - CIBC Bank I am developing this business plan for my possible employment opportunity with CIBC bank for the position of a Mobile Mortgage Specialist. I have previously sent an application for the aforementioned position with the financial institution and as part of the hiring procedure; I have to come up with a network pattern for the immediate and ...

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  17. Mortage Broker Business Plan Sample [UPD 2024]

    In case, you need assistance in making your mortgage banker business plan, you can take help from this sample business plan of Gary Brokerage. The detailed marketing segmentation of our target audience is as follows: 5.2.1 Renters: Our marketing analyst has identified this as our biggest target group.

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