Mortgage brokers are the middle man to provide financial options to home buyers before they make a purchase. This position is primarily a commission based income, however, in the past it has been a salaried standard pay through some companies. Here are a few basics on becoming a mortgage broker.
• Education – The education of a mortgage broker usually consists of a bachelor’s degree in real estate or a related field such as finance. It can also require a license in some states. Also, some employers require a license to show competencies, especially if the applicant is new to the field.
• Pay – The average pay, as of 2013, is approximately $72,000/year. This can differ greatly if the position is primarily commission. However, with persistence and a good buying year, salaries are seen in the upper $200,000s.
• Requirements / Duties – The duties of a mortgage broker include knowing the financial and real estate markets to get the best price for your clients. This also includes having a comfortable grasp of basic math, as well as presentation skills. The documentation for the loan is then signed after an agreement has been reached on a price. This is also the responsibility of the mortgage broker.
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