Mortgage Broker-- Realtor Turned Mortgage Broker
Summary: Breaking into a new career can be challenging. But, sometimes when you have a background in the field it can make the switch a lot smoother. Knowing what is involved in becoming a mortgage broker before you make the move is a good idea.
So, you think just because you sell houses for a living and are quite good at your current job as a realtor that you may be suited to becoming a mortgage broker too. First of all, you already have a leg up on the competition, because it absolutely helps to have experience in your field when you want to start a new career.
And, if you have your realtor’s license then you have a lot of background, as well as first hand experience with the people you will be serving in your new position. One, because you already know the kind of people out there who are looking for houses, but more importantly you have first hand knowledge of the housing market. That means you have knowledge about the product you will be helping to make available. This also means you will have a keen understanding about the language and terms that go along with this type of market.
So, what else do you know about being a mortgage broker? Well, you already know that part of the job means to bring together the lenders: the banks, and the borrowers: the potential homeowners. Bringing these two parties together to hatch a deal in the form of a home mortgage. And, you get paid to do it. With this kind of position it means that you are no longer an employee to just one company, but you are a kind of free agent working with various lenders. This means you can charge a fee to put together lender and borrower.
Truly, you must be good at working for yourself. Because the better deal that you are able to make for the bank, the higher the fee you can charge. And, since a mortgage broker is similar to a realtor in that you make a sale then you get the commission, you already know how that works. So, it means you must be self motivated to make your salary. But, this is just the tip of the iceberg.
In a similar way that a realtor shows the houses and works between buyer and seller, a mortgage broker needs to find potential home buyers, and pair them with a bank suited to them. Kind of like a fix up, but with finance involved. So, that means with this type of position you will actually be looking more at the finances of the deal. Specifically you will need to pair together buyers with banks that meet the credit requirements. And, just like any good realtor will find large houses to show their clients that have large families to meet their specific needs, you will need to do this for your clients credit scores.
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