How hard is it to become a mortgage broker?

Viewing 6 posts - 1 through 6 (of 6 total)

HandyAndy888
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@handyandy888
Join Date: 2005
Post Count: 160
June 9, 2007 - 9:50 pm
Hello all…
I'm thinking of becoming a broker…is it difficult, how much does it cost, what sort of commission do you get, can you do it part time?
Thanks in advance for your replies…
Mama2Mia
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@mama2mia
Join Date: 2003
Post Count: 115
June 10, 2007 - 8:56 am
Hey Handy Andy,
Not particularly hard at all but lots of time involved to get accredited with the individual lenders…
Found a simlilar post which answers alot of your questions
https://www.propertyinvesting.com/forums/getting-technical/finance/4320744
Hope it helps.
HandyAndy888
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@handyandy888
Join Date: 2005
Post Count: 160
June 11, 2007 - 2:29 am
Thanks for replying…
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
June 16, 2007 - 1:10 pm
Its not hard, but takes time to build up enough clients. Good idea to work somewhere else initially while slowly working your way into it.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Xenia
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@xenia
Join Date: 2002
Post Count: 1,231
June 17, 2007 - 12:56 pm
In SA the course takes 4 days and there are no license requirements. Becoming a mortgage broker is not the be all and end all. The real question is how easy is it to build a successful business out of mortgage broking? What contacts do you have? What unique or creative ideas can you bring to the table? The best mortgage brokers I have come across are developing and trademarking loan products that are unique to them and offer a service above others. Most also specialise in specific areas like construction loans, multiple investment loans etc.
These are probably more important questions than how easy is it to become a broker!!!
duckster
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@duckster
Join Date: 2004
Post Count: 1,674
June 29, 2007 - 12:02 am
I was in a mortgage development program that was marketed as flexible and casual but after
I did all the lender accrediations and the mortgage broker certificate I discovered that it was really a full time business.
As I am looking after two children under three I had no chioce but to terminate my agreement due to my aggregator having
no understanding of my time limitations as a carer parent.
You really need to have sales skills !
Also you need to consider how will you cope not earning any money for 3 to 4 months until the commission is paid.
It is a highly competitive industry and finding and keeping mortgages is not an easy task.
If you decide to go with an aggregator do they provide you with sales leads and do they expect a sales target to be achieved.