Mortgage Broker

Start-up costs: Under $500
Time required per week: Minimum 5 hours
Average earnings: $1,000 per week
Earnings potential: $6,000 per week

Business Description:

If you've ever obtained a mortgage loan for the purchase of a house, you have dealt with loan officer of a bank or mortgage company. In recent years mortgage companies have won more customers for mortgage loans than traditional banks have. Loan officers for these mortgage companies are paid on a very generous commission schedule. With a relatively minor amount of study, you could represent mortgage companies and tap into a very lucrative field.

Benefits of This Business Opportunity:

There are several key benefits to this business. First, it is a highly paid occupation. Commission can be between $1,000 and $5,000 per loan, depending upon loan size. Second, the hours required are relatively minimal. It takes roughly one hour to complete a mortgage loan application with a client. Third, you can work this business part time in the evenings if you so choose. Many people work days and are not available to go to the bank during normal business hours. By offering your services in the evening, you could reach a large segment of potential customers that is currently being neglected by traditional banks with traditional business hours. Fourth, the start-up costs are negligible.

Drawbacks of This Business Opportunity:

There are a few minor drawbacks of this business. First, you'll need to present a very professional image. A nice suite and appropriate transportation are important, as well as the ability to project yourself in a professional manner. Second, you'll only get paid when the loan closes and you'll inevitably end up spending time with prospects that do not qualify for the loan. This time is simply a cost of doing business, and you'll need to mentally prepare yourself for this before you begin, or you'll run the risk of becoming overly frustrated at times and possible burn-out. Third, because the commission schedule is so generous, more and more people are entering this field. You'll have more competition with each passing year, so you'll need to distinguish yourself in some manner (however, this is true for almost all businesses).

Recommended Resources:

Like any business or career endeavor, the more successful you want to be, the more specialized knowledge you will need. Students who want to become lawyers pay tens of thousands of dollars to go to law school to learn the details of the trade. It's the same for engineers, doctors, and accountants. Valuable knowledge costs money, but pays dividends for a lifetime. The following resources have a very minimal cost, but provide very valuable benefits.

Mortgage Broker Instruction Manual:

The best resource available to learn how to be a mortgage broker is the manual created by Biz Books of Las Vegas, Nevada. The cost is $59.95 and includes over 340 pages of detailed instruction, as well as an online audio/video course. One of the many valuable resources in this book is a complete list of lenders that hire home based mortgage brokers. For more details about this manual, go to Mortgage Broker Instruction Manual.

For more business resources regarding this or any other home business opportunities, we highly recommend you visit the largest source of business ebooks on the internet.