People often associate a career in real estate with real estate agents. Job seekers often times overlook the possibility of being a mortgage broker. A career in mortgage brokering offers many perks, including financial security and upside through incentive pay.
Will a Career in Mortgage Brokerage Provide Financial Security?
With today’s economy being touted as unstable, many people are looking to invest their time and money into education in a field that will yield job security. Mortgage brokering is becoming an attractive option for young professionals looking to get into the lucrative real estate market but also seeking for some stability. Being a mortgage broker has the advantage of being in a more predictable and stable business, because of the following:
- Regardless of a hot or cooling market, there will always be demand for mortgage refinancings; mortgages are often refinanced within every three to five years
- Lending institutions get into a bidding war to offer the best mortgage terms to your client and you will get a commission as long as the mortgage closes
Where Do Mortgage Brokers Make Their Money?
Mortgage brokers work as an intermediary between home buyers and lending institutions. As a result of their efforts to match residential or commercial property seekers with the right financial organizations to meet their needs, they are paid a commission on the finalized transaction. At the time of the loan closing, the lending body yields a percentage of the sale price to the mortgage broker. This typically ranges from as low as 0.5% to up to 1.2%. While this may seem like a meager figure, a $1 million mortgage for a home in Vancouver would yield a commission of $5,000, assuming a 0.5% commission. It is not difficult to see based on this simple equation alone that being a mortgage broker can be a very lucrative deal for those willing to put the time, effort, and money into obtaining a license and diligently pursuing the right clients.
What are the Advantages of Choosing a Career as a Mortgage Broker?
Though most people consider being a mortgage broker out of a desire to earn a good living and realize financial stability, there are many advantages to be gained out of a career in this promising field. Among the most popular reasons people choose to pursue a mortgage broker’s license include:
- Relatively flexible schedule
- A component of pay driven by sales performance
- Opportunity to build strong working relationships with lending institutions
- Diversity of work responsibilities to increase client appeal and maintain personal focus
- Ease of developing a consistent customer base to yield increased word of mouth referrals
- Access to greater mortgage product selection to ensure client satisfaction
- Ability to access the lowest possible mortgage rates for clients
- Financial independence from a stable field of employment
Perhaps one of the greatest advantages that draws people to consider a career in this exciting field is the opportunity to help others achieve their dream of purchasing their ideal residential or commercial property. Mortgage brokers maintain access to the leading lending institutions and are able to procure the best deals for their clients at the lowest possible interest rates. This skill assists them with helping their valued customers realize their goal of property ownership while still saving them time and money in the process, making mortgage brokership an incredibly rewarding career.
Let Quick Pass Master Help You Become a Mortgage Broker
On the fence about whether or not a career as a mortgage broker is the right choice for you? Quick Pass Master can help! Our condensed study program assists Vancouver career seekers to easily commit to memory the breadth of material required to pass the mortgage broker’s exam to obtain a license. Our proprietary slide system supports a greater understanding of the requisite information to provide greater confidence, advanced knowledge, and a more favorable chance at passing this important licensing process on the first attempt.
For more information about how Quick Pass Master can help you realize the advantages of working as a mortgage broker, contact our office now at 778-686-8555 or [email protected] We welcome the opportunity to assist you!
