In 2004, loans worth $1,815,949,279,000 were made through the mortgage industry. That's one trillion, 815 billion, 949 million, 279 thousand dollars...in one year!
On average, mortgage brokers get a commission of more than 1% on every deal. This means that the mortgage industry made a conservative estimate of $18,159,492,790 in commissions last year. Eighteen billion dollars is a lot of money.
Think about a job that doesn't require any formal education but could earn you six figures or more if you want it to.
How the business works is as follows...
A mortgage broker works as a go-between for a borrower and a lender. The broker makes sure that the technical needs of the lender and the non-technical needs of the borrower are communicated. The best part is that mortgage brokers get a piece of each loan they close.
The good things about this job are almost endless. Once your mortgage commissions give you a high monthly income, you can move on to other parts of the business and make a lot of money.
A few ways that successful mortgage brokers can grow their businesses are by buying second mortgages, funding choice loans themselves, and buying investment properties.
If you want to get really rich and are ambitious, this industry will give you every chance to do so.
Before you can be successful in the mortgage business, you do need to know how to do three important things.
You need to know how to sell.
In the end, this is a personal matter. Every day, you will deal with people. It is very important to know how to talk to different kinds of people and make sure they are comfortable during a new and very important process. As a mortgage broker, you need to be good at selling if you want to do well.
It helps to have sales experience, but it's not necessary. No matter how good you are at sales, you should make a promise to keep learning everything you can about sales.
You need to know how to process a loan.
Getting a loan means figuring out how to get through a bureaucracy. It takes patience and a different way of thinking than what you need when working with clients. If you put in the time and effort to get to know the people who make decisions at your favourite lenders, it will pay off in ways that you can see and measure in terms of money.
The best way to show that you are an expert is to know a lot about your field. Study the loan process from beginning to end to really understand how it works. It will help you learn more about the business and see it from a different point of view. This will help you give your clients better service, faster closings, and a smoother process.
You have to use marketing that works.
Without good marketing, you won't be able to sell to anyone. Marketing is what brings in customers. Your mortgage business, and all businesses in general, depend on it to stay in business.
But marketing can do a lot more than just help you stay in business. If you market your mortgage business carefully, methodically, and scientifically, you can make more money than you ever thought possible.
A mortgage business can become a cash cow through good marketing, but not through sales or loan processing. Mastering the art and science of mortgage marketing is the fastest way to make a lot of money in the mortgage business.
This is a good business. It gives you every chance you could ever want. Those who use tried and true methods in their mortgage business will get rich.
