Authored by Kate Beswick in Mortgages
Published on 07-05-2009
A mortgage broker is not the same thing as a mortgage lender. Lenders, which are usually banks or other financial institutions, are the people who provide the money for the loan. Brokers act as an intermediary between the lender and the person seeking a loan. Mortgage brokers work on behalf of their client, which is the homebuyer, to get the best possible mortgage for the client and to help them through the process of obtaining a mortgage. Becoming a mortgage broker can be the right choice for many people as it can be a very interesting career and doesn’t require a lot of schooling or formal education. Find out here what it takes to become a mortgage broker, and if you’ve got it!
First, decide if you’ve got the right personality to be a mortgage broker. Being a mortgage broker is much like being a salesperson. You need to sell your clients a mortgage, be able to tell them in great detail about that mortgage, and know some of the ins and outs of the real estate industry. These are all traits that a great salesperson will possess and if you can’t see yourself selling, becoming a mortgage broker may not be your best option. In addition to being a good salesperson, mortgage brokers must also enjoy working with people. As a broker, you will be working with many different kinds of people every day. Knowing how to work with them and have a good relationship with them is key in being a successful mortgage broker!
If you’re still interested in becoming a mortgage broker, and think you have the personality for it, the first thing you must do is check with your state laws. Every state will require you to become licensed before you start practicing as a mortgage broker. Some states have additional licensing and extra requirements that may be necessary. Make sure you are fully aware of what will be required before you embark on becoming a mortgage broker.
One of the greatest things about becoming a mortgage broker is that there is very little education required. This means that you don’t have to spend a lot of time or money in school before embarking on a great career! It’s also why becoming a mortgage broker is a great second career choice for mature adults who are looking for something different. There are many different mortgage broker courses online or offered at local colleges. These courses are usually quite inexpensive and will tell you everything you need to know about becoming a mortgage broker. They teach you basics about the real estate industry and how they will pertain to you as a mortgage broker. These courses will also fill you in on what the legal and state requirements are that you will be required to fulfill as a broker.
Once your training and education has been completed, you will be required to take a state mortgage broker exam. This exam is the same for anyone who wishes to be a mortgage broker, even if you’ve had prior formal education. This means that everyone starts off on even footing in the mortgage broker business. Once your schooling is complete, it’s simply a matter of setting your own hours and having the determination to provide a great service to your clients! Mortgage brokers often work independently but there are many brokerages as well where mortgage brokers are always needed.