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Mortgage brokers are a major part of the mortgage business, but do you know what goes into working as a mortgage broker? Are you interested in a job in the lucrative mortgage industry but aren’t sure if a career as a mortgage broker would be right for you?
Often a mortgage broker will work in a mortgage office, a real estate office, or even in a bank. As a mortgage broker you would be involved with counseling clients to help them receive the loan they want. This will also include explaining the different loans, different rates and possible options available for each different customer’s situation. This means you will need to be familiar with the current interest rates and loan options available. You will be responsible for helping clients make important decisions about a mortgage. Often this also means, as a mortgage broker, you will need to be sensitive to the needs of your customers and have good interpersonal communication skills.
As a mortgage broker, you will most likely walk your clients step-by-step through the loan application process; therefore, you need to be well versed in what a customer needs in order to qualify for a loan.
If you are applying for a mortgage license, you may be required to take a written exam, showing that you are aware of current real estate concerns, current interest rates, and can explain the various types of mortgages available. Usually the Department of Finance or an affiliate department in a given state administers this exam. You can obtain more information regarding the needs for an examination by contacting the Department of Finance or looking at your state’s website for further details.
Whether or not you need a degree for the position of a broker is really dependent on the company you work for. If you are interested in a broker career, it would be helpful to look into a company you are already interested in working for and see what their exact requirements are for the job of a mortgage broker. If you have previous experience in the financial world or in the real estate business this will be helpful, especially if you do not have a college degree.
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