A mortgage broker is a financial adviser who is licensed to act as an intermediary between the lender and the borrower. A lot of mortgage brokers end up working for larger mortgage broker companies. Their main job involves doing research into what kinds of loans are available. They check features as well as fees and help clients find loans that suit their needs.
You’ll be looking at what the charges are for different loans, and guide the client towards the loan they are looking for. Some mortgage brokers do work independently. They provide continuous support as well as advice to the clients. They help with the loan pre-approval process, and can even help with settlements as well.
What Are a Mortgage Broker’s Duties?
You’ll have to perform several tasks as a mortgage broker. You’ll need to assess the financial situation of the client. This will help you determine what their borrowing capacity is. This in turn is crucial in helping you look for a home loan that’s suitable for the client.
You’ll also find yourself doing research on home loan related packages. Clients can ask you for advice, and providing advice that is impartial is an important part of working as a mortgage broker. You’ll need to take the clients through the best solutions offered to them. Inform them why certain options are better than others.
A mortgage broker is also responsible for managing as well as facilitating the loan application, as well as the settlement process.
How Can You Become A Mortgage Broker?
Individuals must first be qualified as mortgage brokers in Australia, then you’ll first need to be qualified. Your qualifications need to be approved, following which you’ll need to apply for your license. You’ll also need to work under a mentor with far greater work experience, to learn all the tricks of the trade.
Obtaining a qualification is the initial step toward establishing oneself as a mortgage broker. Your qualification should be in an approved area. You’ll need to get your Certificate IV. This should be in the field of mortgage broking and finance. For some employers, having a diploma in a related field is crucial if they are to consider hiring you. You don’t need to have a diploma if you want to get your license. But to work under certain employers, having additional qualifications can be helpful.
After acquiring a license, you should apply for your Australian Credit License. This will be through the ASIC, or Australian Securities And Investments Commission. You could also benefit from joining professional associations. Through your association, you’ll be able to better connect with experienced mortgage brokers. This can help you in finding a mentor in the field, which can be really helpful during the initial stages of your professional life.
Consider investing in insurance for mortgage brokers as well. This is because working as a mortgage broker leaves you open to certain risks. If a client is dissatisfied with your job, they might sue you. Having insurance for mortgage brokers can protect you against common career risks. For more information on insurance for mortgage brokers, then click here.
How Do You Know If Becoming A Mortgage Broker Is Right For You?
Depending on what you’re looking for in your career, working as a mortgage broker can be perfect for you. A lot of people who work as mortgage brokers reveal that they enjoy good work and life balance. If you want a steady job without having to worry about being overworked, then this career path could be perfect for you.
You’ll find yourself doing a lot of independent research. Your ability to find loans that are useful for clients will determine how successful you are in this career path. To do that, you’ll first need to be good at understanding what the client is looking for.
This means that your customer service skills will need to be on point. Develop your skills in understanding what clients want, and persuade them to be candid about their circumstances. When you can understand the client’s needs better, you can point them towards a loan that would be suitable for them.
You can also enjoy good career progression by working as a mortgage broker. As you gather experience throughout the years, you will become more adept at your job. Eventually, you can go on to open your very own mortgage broking business. Here, you’ll be hiring other mortgage brokers to help clients the same way you have for a large part of your career.
Working as a mortgage broker can be perfect for you if you like helping clients find loans that meet their needs. A lot of mortgage brokers find this career path rewarding owing to their ability to help others realize their dreams. This guide explains who a mortgage broker is, as well as why you should become one.