A home loan broker is a quite a lucrative career option if you are good at it. In addition, it does not require any high qualification for one to become a home loan broker. Here are few things that if you suffice, even you can become a home loan broker.
- One does not require to be highly qualified to become a home loan broker. However, basic understanding of financials is required to evaluate various options provided by different builders and contractors. A home loan broker should be able to read and evaluate contracts well.
- Minimum qualification asked for this profession is matriculation.
- A home loan broker need to do some sort of research in the market and should be good with basic math and should have an aptitude for analytics.
Many countries require home loan brokers to be licensed in the area they are working for. The government usually, conducts a test for aspiring home loan brokers to certify them and after passing the exam, they can become a home loan broker.
Before starting your own work, it is advised to work some days under other experienced home loan brokers. You should work to research well about the properties in the area you are targeting to work in, and you are licensed for. You should know the various loan options and financial institutes that are providing them. You should read and analyze various contracts that these financial institutes get a person to sign when opting for a home loan. You should practice negotiating the loan terms and conditions with various parties.
Online or offline services
Once you have gained experience, you need to establish yourself in the market. First, you need to decide whether you want to go for a brick and mortar business or offer your services online or both. Brick and mortar business is often more approachable, and people still consider it more reliable for the physical presence of the service provider. However, online business has far more reached. An outstation candidate can reach you through an online website and consider the services you offer.
Except for establishing your online and/or offline office and getting yourself licensed there is no more investment involved in this career. You only need to liaise with various homeowners, builders, and financial institutes and build your network to grow and expand your business.
Earnings in this profession
Home Loan broker’s profession is one of the most sought-after career option for established brokers in the industry. You do not only earn a handsome amount for your expert consultancy, but is also able to charge commission on approved loan amounts. On the low side, breaking one or two deals in a month is not a difficult thing for any broker, and that is almost sufficient to get your monthly expenses covered.
A word of caution
Although, it all may feel simple, this is not that simple in the real world since lots of money is involved. Sometimes, the client refuses to pay the commission and only option you are left is going in legal ways. There are various mafia and group present in this industry, and you need to liaise with them before conducting business in this area. You cannot work in isolation.
Maybe education qualifications required in this profession are low, but one needs to have a niche to communicate and negotiate the products available in the market. You need to be up to date about the business and this profession is like a business. Once you stop working, you stop earning. There is no continuous source of income or cover in this job.