How to Become a Mortgage Broker – A Step by Step Guide

How to Become a Mortgage Broker – A Step by Step Guide

Oh gosh, whom am I kidding? You don’t want to read a step-by-step guide! If you are already a mortgage broker you aren’t reading this. So I’ll assume that you are interested in becoming one. We will just go from there.

Initially do your homework. Find all the information you can about the mortgage broker industry. Like any other career (or career change) you don’t just print up business cards and suddenly become a mortgage broker. Mortgage brokering is a field that deals directly with real estate. In the real estate field they have saying that goes, “Location, location, location”. When you become one, your motto should be, forevermore, “Experience, experience, experience”.

There are no shortcuts. There is no fast track. In the world today, as it has always been, there is no replace experience. Furthermore, there is no other way to get it except with good old fashioned blood, sweat and tears, and last, but not least, time. That might be a little discouraging but it is the realistic truth.

The dominant goal in the beginning of your journey to becoming one should be to acquire your mortgage broker’s license. I know the license says you are a licensed broker, but this won’t replace experience either. It is however, symbolic in many ways. When you get your license, the first symbolism you should attach to it is that you have, so far, put in the time to study, aim and fulfill the licensing requirements. The next is to realize that you have now seriously committed to the idea of becoming one and you are on your way.

Becoming a mortgage broker will take time. This is not a job you can immediately learn or you can immediately execute with any degree of perfection. A lot of people, interested in becoming one will start out slow as they should. Now that you have your license, proving you have put in a little time, so far, look for something where you can put in some more time. Now you have the credentials, (not great credentials mind you, but credentials nevertheless the same), allowing you to boldly find an entry-level job in the mortgage broker or related trades.

You may find this employment suits you and continue to earn a living at this for a long time. A simple career may be your only goal and, with your job and license, you can legitimately now call yourself a mortgage broker.

After a 9-5 career is an already more challenging place to go. This is the goal of becoming independent and self-employed in every sense of the information. Once you have put in the time and have the experience, working for a mortgage brokerage firm or lending institution, you may feel ready to go solo. This is no easy decision. If you are lucky you might be able to find another part-time job, or cut back the hours that you have at your current one, in order to do some part-time independent brokering and ease into independence. If you make a clean break from it all, know you will have to get going right away.

You have experience now and you have put in time. It is not enough nevertheless. There may be areas of the complete course of action that you did not do much at your job. You will need more time and experience to develop and perfect all your skills to the same level of skill. And it will not end there. You had better hope too the learning course of action never ends! This field is ever changing and strange situations will arise that require fresh creativity, over and over. Didn’t Aerosmith sing something about “a journey, not a destination”; well that is what I think it is like regarding how to become a mortgage broker.

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