Becoming a mortgage broker is one of the sweetest things that could happen to you. It is highly rewarding and fun.
Who is a mortgage broker?
This is simply the contractor that counsels clients on loan availability, interest rates, terms, and qualification requirements. This contractor serves as an intermediary between the borrower and the lender.
Becoming a mortgage broker
Do you want to pursue a career as a mortgage broker? If your answer is in the affirmative, then this article is for you. A mortgage broker helps home buyers to get the best, most suitable mortgage options that suit their preferences and budget.
Salaries / emoluments
If you are an independent broker, you may most certainly earn commission. But, if you are working with an established mortgage brokerage, you will earn an average of $51,856 per annum.
Basic steps to become a highly sought after mortgage broker
If you have ever thought of becoming a formidable mortgage broker, here are the necessary steps you need to take:
Get started, you don’t need a degree
Although, there are no specific academic requirements to become a professional mortgage broker. You don’t need a degree to get started. However, getting a degree will scale your work. Many clients will like to deal with you because you have a degree. And the best degree to get is either in finance or Business. There is no university or college that offers a course on mortgage brokerage, but there are specialised courses on the topic that could help you succeed.
Do your research
If you can, talk to a wide range of successful mortgage brokers. If you are in Melbourne for example, there are many reliable, forward-thinking and innovative mortgage brokers there. Network with them, and learn how they started. You can also read about them online, and see the reputable skill that stands them out.
Work with reputable mortgage brokerage
This will surely teach you some skills and competencies in this profession. You will learn how to develop quality relationships with the lenders, public relations skills required, relevant federal and state laws, mortgage origination, loan officer ethics, regulations and lots more. This could be the best thing that can happen to your mortgage brokerage journey. You will need to perform some outreach to make this happen however. Find out which mortgage brokers are competitive in your area, click here for a home loan broker in Melbourne to make a start, otherwise you can do some research online about brokers in your area.
Keep hunting daily
If you have successfully completed the above steps, you will be regarded as an inspiring, successful mortgage broker. Yet, you still have a long way to go.
You should continue to do your research daily, keep hunting and never get tired. Mortgage brokers, especially independent brokers don’t have specified office hours; they are always on alert, working all the time, so that they don’t miss any opportunity.
Be disciplined and respectful
To succeed in this profession, you must maintain a respectful poise- this enables you to stay focused and organised. If you follow strict procedures and guidelines, clients will like to work with you.
Promote your brand
Yes, clients will work with you with ease if you can provide a proof of your success. If you are licensed, show it to them. This will increase your visibility and authenticity.
Network, go online and get listed in a wide range of mortgage websites, and be visible on social media platforms like facebook, Twitter, etc. Ask your satisfied clients to write a review about you- this will encourage prospective clients to hire you with ease.
If you do all these tips combined with hardwork, then you are sure of becoming a reliable, renowned mortgage broker both within your circle and territory.