The mortgage and real estate industries are booming, even in the middle of a global pandemic. People are leaving cities in droves and looking for a safer place to live.
There was a 24% jump in home sales between June and July 2020. That is expected to continue in the fall and winter months.
Now is the perfect time to jump into the mortgage industry, since all of these homebuyers need loans to pull off the purchase.
Are you ready to learn how to become a mortgage broker?
Read on to learn the steps you need to take to launch your new career as a mortgage broker.
1. Prepare Yourself Financially
Mortgage brokers work off of commissions. There isn’t a regular paycheck to rely on. That makes many people uncomfortable.
It puts a lot of pressure on you if you’re not prepared for it. You need to make sure that you are in a good financial position to take on the job.
2. Get Licensed
You have to get licensed in order to process mortgages. Remember, you’re a part of the financial industry as much as the real estate industry. You’re held to very high standards.
The licensing requirements are different in each state, so you’ll need to check with your state to find out the specifics. Most states do require that you take a pre-licensing course and an exam.
To maintain your license, you have to take continuing education classes.
3. Get Bonded
A mortgage broker bond protects you and your clients. A bond is a guarantee that you adhere to all state laws. If there is any wrongdoing on your part, the state can claim the bond.
Once you get licensed and bonded, you can start serving clients. You want to make sure that you invest in the right systems, like a broker platform, to manage clients and other aspects of your business.
4. Build Up Clientele
As you go through the process of getting your license, you should document everything on social media. Post about studying for your exam and meetings that you have.
You’re letting people know that you’re making big changes in your life. You’re also telling people in your network that you can help them with their home purchase.
5. Build a Network
You’re going to rely on referrals during most of your career. Not just from people you know, but from people in your professional network.
It’s important to reach out to title officers, other lenders, and real estate agents. Working with people such as financial advisors can help generate clients, too.
How to Become a Mortgage Broker
Did you learn how to become a mortgage broker? There is a lot of hard work and hustle ahead of you. The best thing you can do for yourself is to make sure you’re in a good financial position to work off of commissions.
As you start your career, build up your network for other mortgage professionals and real estate agents. You want to be considered the go-to mortgage broker for real estate agents.
For more real estate industry tips, check out further articles on our real estate marketing blog.