Looking for additional sources of extra income? One of the fields where individuals can earn extra cash flow is in the mortgage broker business. But being a mortgage broker is a serious concern that all cannot penetrate successfully. If you want to become mortgage broker you need to provide a step by step guide for becoming a professional mortgage broker.
Mortgage broker plays an important role in the sale of a property. He acts as a mediator between the lender and the borrower, which makes it a rewarding job that you can do independently as an employee of real estate firm. Keep reading to learn some more tips for becoming an expert mortgage broker.
Tip 1: Official Training
To become a mortgage broker it is important to take some brokerage, real estate and finance classes at your local area. You need to be qualified for getting Certificate IV in financial services. This will help you to learn many mortgage aspects as well as the overall functionality of the real estate industry of Australia. You will come to know the different laws of the state regarding mortgage broker. There are many professionals providing mortgage broker training courses.
Tip 2: Get Membership of MFAA
After having qualification in the examination of financial services, the next thing you should do is to become a member of Mortgage and Finance Association of Australia which is often called as MFAA. Membership of MFAA provides a proof that you are accredited with a lender in Australia. The official training institutes also help you to apply for MFAA membership as well as practically help you put loan applications and client interviews.
Tip 3: Join an Aggregator
Once you have your MFAA membership and your professional indemnity insurance you need to join an aggregator for having a small start in the mortgage broker business. There are many good aggregators who will help you out to start your own mortgage broker business by giving you fair deals of many clients.
Well that’s all about how to become a mortgage broker, we hope that will give you enough information to get you started or at least point you towards the right direction. Australian real estate industry is a rewarding industry which requires hard work to take you far on an enjoyable and prosperous road.