| I wanted to take a few minutes to address some of | | | | between 5-10 loans a month. Hey, you're getting into |
| the most common questions asked by individuals | | | | this business to make money. |
| looking to start a new career in the mortgage | | | | Do I Have To Go To College? |
| industry. These are some of the same questions that | | | | The answer to this question surprises a lot of people |
| I asked myself when I was curious about obtaining a | | | | and it is one of the most frequently asked questions. |
| position as a Mortgage Broker. Although I had many | | | | In today's society, mortgage brokers are regarded as |
| questions here were the top ones. | | | | leaders in the banking industry. Due to this, most |
| Do I Need A License? | | | | people assume that a college education is required. |
| One of the most frequently asked questions by | | | | Let me be the first to let you know that a college |
| individuals interested in a career in the mortgage | | | | education is not needed to become a mortgage |
| industry is if they need a license. Most people think | | | | broker. The only education required is a High School |
| that a license is required because you are dealing with | | | | diploma. |
| real estate, and since real-estate agents have to | | | | Can I Do This Part Time? |
| have them, then Mortgage Brokers and Loan Officers | | | | A majority of people ask this question for one |
| probably need to have them as well. Surprisingly, in | | | | reason and one reason alone, THEY ARE AFRAID. |
| most States, a license is not required to become a | | | | They are afraid that they will get in the loan industry |
| mortgage broker/loan officer. However, the rules and | | | | and fail. First of all, let me go ahead and answer this |
| regulations are different for those who own or are | | | | question for you. Yes you can do this part time, but |
| interested in starting up their own mortgage | | | | would I recommend it? No. If you are going into this |
| company. In this case, those individuals would need a | | | | business, you need to go into it full force and not do |
| business license and other things specified by their | | | | it halfway. Those who are successful in this business |
| particular State. However, if you are working for | | | | are the ones who go at it full force. If you focus all |
| someone more than likely you won't need a license. | | | | of your energy into being great in this business and |
| How Much Do Mortgage Brokers Earn? | | | | you actually put forth the effort to push yourself out |
| This is another question generally asked by those | | | | there, you will succeed and you want need to do this |
| seeking a new career in the mortgage field. However, | | | | part-time. Once you see the money you make, you |
| due to the nature of the mortgage business (being | | | | will thank me for suggesting that you enter this |
| mostly commission based) and due to the fact that I | | | | career fulltime. However, if going into the mortgage |
| don't know your work ethics (how hard you work), I | | | | business full time still makes you nervous here is an |
| can not predict exactly how much you will personally | | | | alternative. Get a part-time job, while you do |
| make in this field. With that being said, the typical | | | | mortgages full time, and once you are comfortable in |
| mortgage broker/loan officer makes $25,000-$35,000 | | | | your position as a loan officer, then get rid of the |
| per year. That's closing an average of 2-3 loans per | | | | second job. Another alternative is to save up a |
| month, but if you really want to be in this business | | | | month's salary or so until you get off of your feet. |
| your goal should be to go way above that amount. | | | | So there you have it, the top questions asked by |
| Some have even made six figures in this industry. My | | | | those aspiring to become mortgage brokers. |
| personal belief is that you should always aim to close | | | | |