Becoming a mortgage broker could be one of the smartest career moves you'll ever make, with the mortgage broker job outlook staring at a phenomenal 8% growth over the next couple of years as demand skyrockets.
With the worst memories of the 2008 crisis far behind us, Americans are buying homes again, meaning now is the perfect time to consider a mortgage broker career. If you're new to the industry, you might be wondering what the job entails.
Luckily, we've got you covered. Read on to find out everything you need to know about the mortgage broker job descriptions and how you can get started today.
Mortgage Broker Job Description: The Basics
The first thing you'll need to be wary of is confusion. First off, being a mortgage broker is not the same thing as being a loan officer or a mortgage financing officer. Your job is to work, independently or with an agency, to secure financing for a homebuyer.
Your clients are people who are looking to buy a home. Your job is to work with them to get the best mortgage packages at the best possible rates from lenders and banks.
It's your job to help your clients get the financing they need to buy a home and to assist them with important things such as paperwork or getting a mortgage refinance.
What You'll Be Doing
The real estate broker job description is a broad one. Not only will you be an important liaison between a homebuyer and a bank, but you'll also need to act as a financial expert.
The homebuyer is unlikely to have detailed knowledge about mortgage or the paperwork required to buy a home. It's your job to guide them through the process and make sure they get it right.
As a broker, you'll be charged with examining their credit and finances to find the very best mortgage deal available. You'll need to be savvy enough to simplify the process for them.
Equally important is networking and marketing. You'll need to build a client base and relationships with lenders in your local area.
This means a lot of networking with local citizens (clients), homebuilding companies, developers, banks and investors. Most real estate broker jobs are independent, so it's up to you to build your client base.
What Skills and Qualifications You'll Need
You don't strictly need a college degree to get your mortgage broker career started. However, it is recommended, as you'll need a high level of education to compete.
You will also need to obtain a broker license in the majority of states, otherwise, you won't be able to operate. You can become qualified by attending community college classes or accredited schools - the process is often quick, as long as you work hard to pass your mortgage broker exams.
Most importantly, you'll need top-notch people skills, as relationship building is easily the largest part of the job. Only social animals need to apply.
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