How To Become A Mortgage Broker And Still Remain Sane
If you’ve been dreaming about a mortgage career for a while now, or if you know someone who does, we recommend our guide to becoming a mortgage broker.
This guide will introduce the challenging and somewhat stressful world of mortgages to you in an accessible way, and give some good tips on how to set yourself up for success in your new career.
Copyright © 2013 | All rights reserved. No part of this book may be reproduced in any form without written permission from the publisher. The information is not intended to be used as a substitute for professional financial advice; we assume no liability for its use and recommend that you verify all terms with a mortgage broker before applying for a loan. To find out more about mortgage brokers, visit our Additional Resources page or call us on 1-800-263-1194.
About the Author
Nathan Kontny is an expert in the field of mortgages and home financing. He has been helping people with their financial worries for many years.
He started by helping his family through tough times and then helped his friends. After a few years, everyone was telling him he should join a company or help them with their mortgage problems as well. He decided to join the online world of finance and follow his passion, which quickly became an obsession. His work can now be found on hundreds of financial blogs across the Internet and he continues to expand his knowledge every day.
Table of Contents
Introduction | 3
Chapter 1: The Mortgage Market | 4 What is a mortgage? | 4 Your role as a broker | 5 How to become a mortgage broker | 7 Tips for success in the world of mortgages | 8 Challenges of becoming a mortgage broker | 10 Alternative careers in mortgages | 11 Chapter 2: Choosing the Best School for You | 13 Chapter 3: The Application Process and Exams| 17 Step 1. Researching schools and programs | 18 Step 2. Applying to schools and taking exams | 19 The AHLEI exam (C) exam sample questions, study guides, and test prep tips for the AHLEI (C) exam: 20 Step 3. Exams from the different schools (C) | 21 Step 4. School Loan Repayment Plans | 22
Chapter 4: The Money | 24 Mortgage myths and facts about money - The Do's and Taboos of Money | 25
The Do's of Money - When It’s a Good Time to Get a Mortgage | 27 What is true in your life? Have you ever noticed that it never seems to be good when you think it is? This is because we have programmed into our minds that some bad things always happen at the wrong time. It will only be good when we get what we want or something better comes along. This is the disaster waiting to happen, and we must be prepared for it. So get yourself ready for some bad news today.
It will only be good when you get what you want or something better comes along.
The Don'ts of Money - When You Shouldn’t get a Mortgage | 28
Chapter 5: Getting The Most For Your Money | 29 Shopping tips for mortgages - Get the Best Deal on your Mortgage | 30 You always do it yourself? That is one way to save money. (Yes, you can do it yourself, but how long does that take?) The rule of thumb here is the more time you spend on getting a better deal the more money you keep in your pocket. So if you feel like doing all the work, then go ahead. But if you want to make sure that your money goes as far as possible while still paying off my house, then read ahead.
Get the best deal on your mortgage.
How to Read a Mortgage - Keep It Simple | 31 Chapter 6: Understanding Your Mortgage Documents | 33 Understanding your mortgage documents - The Mortgage Agreement | 33 A security agreement or a borrower disclosure? | 34 You are not a borrower anymore – an owner or an investor? | 34 Chapter 7: How to Find a Good Mortgage Broker | 35 Three things you should know before choosing your mortgage broker | 36
Chapter 8: What They Want from You | 38 What do they want from me? (Why should I be interested?) When I was young, my grandfather used to tell me that there were three things they wanted me to know and understand. They wanted me to learn the fear and shame of being poor. They wanted me to understand the best use of my time and the benefits of hard work. And they wanted me to know that there was a way to get these things, but it would require my working hard for them.
How to Get a Good Mortgage Broker | 39 The right questions to ask your mortgage broker | 39
Chapter 9: Common Mistakes | 41 Common mistakes when getting a mortgage - Being unprepared will lead to failure | 42 Getting financed with bad credit is a mistake that could cost you thousands of dollars. It is easy to get a loan with bad credit and many lenders will openly do it. That’s because they want the commission. So if this is the stance they are taking, then they are not doing you any favors. They may make money, but you will lose money. Bad credit always leads to more expensive loans.
No lender wants to work with someone who can't afford the payments or has been in debt before.
Common Mistakes | 43 How to avoid common mistakes - Uninformed borrowers and mortgage brokers | 44
Chapter 10: Understanding MIP and PMI | 47 Understanding MIP and PMI - Mortgage insurance explained in detail. What is it, and why do I need it? | 47
Chapter 11: The Future of the Mortgage Broker Career | 49 Are you looking for a career that will take you where the money is? The job market is more competitive than ever before. Yet we continue to see thousands of people who are interested in making a career change or starting their own business.
Conclusion | 53
Additional Resources | 55
Data, statistics and graphs throughout the book.
International listings of Mortgage Brokers in the US and Canada. Databases showing results from all the mortgage brokers reviewed in this book. This can give you a good idea of which ones are doing well.
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