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HOW TO START A MORTGAGE BROKERAGE
What drives you to start a mortgage brokerage? Is it the financial rewards that come with it? Is it the freedom from a boring profession? Or is it the promise of personal fulfillment?
Whether we admit it or not, people have been lured to this lucrative business because of the financial gains. Real estate is in demand right now, and always will be. And the demand for real estate is proportionate to that of mortgages. This is not a secret either. That is why there is a rise in the number of people who have put up their own mortgage brokerage. But for those who have just expressed their interest to add to the number, they have a lot to go through. They will soon discover (granting they have not) that people who are in the business already, do not like to talk about it at all. Successful mortgage brokers would rather let you in on the brand of clothes they're wearing or the make of the newest car they're driving, than sharing to you the ins and outs of mortgage brokerage. Who can blame them? Competition, however new, is still competition. Your interest to become like one of them is a threat to their existence. Thus, it is a challenge to find information from someone whose thoughts and suggestions are very reliable.
There are online sites available which offer training. Some of these sites claim to be able to provide you with the crucial texts that you can read to help you get started in your own mortgage brokerage. Most of these though will charge you for the information. Or you may want to go to mortgage companies. Several of them do consultations for a price. They can brief you with the necessary exams that you need to take, the licenses that you need to secure, and of course how to get clients. You would wonder why they would want to share their marketing strategies, huh? Well, having them train you doesn't come cheap. Most of them would charge you by the hour. So it would be best if you do some really serious research on your own so you'll need lesser hours of training.
Like all profession, being a mortgage broker must have your passion. You don't just decide to put up a mortgage brokerage company simply because it made your friend filthy rich. The real estate industry may have room for more brokers, but it certainly is not for everybody. What your friend may be good at, you probably won't be. Just as what you might excel in, your friend may be lousy at. So, do some soul-searching before you decide what to do. And if you really have it in your heart, then don't let anything get in your way.