anyone a mortgage broker?
im thinking about getting into this as a friend of mine recently started and reckons its pretty good, what would i need to do in terms of qualifications? just putting it out there to see if anyone can assist
cheers
You need to get accredited ... Which can be done on-line by completing some tests and things...Originally Posted by djvsa
If you are going to be working for yourself, then you have to set up the company, do a police check, and get in touch with the providers and set up an account ... It is pretty simple stuff...
Not sure if different states have different regulations though ..
hey mate
thanks for the info, its certainly something that interests me and im gonna be meeting a few people this week to discuss further, shall wait and see, are u a broker?
we like the bun
i got my mortgage through a broker. personally - and this is not a criticism at brokers - i don't see the value.
the guy i went to recommended st. george. it's like going to a broker and asking which supermarket to use.
they didnt' charge any fees (the bank pays them) so i went through with it but the guy didn't really tell me anything new or useful.
if you do it, you have to be prepared to work evenings. (your clients will have a job)
Yep ... Have been for a while ...
You will need to get someone as a supplier.. I am with Interstar ... They are one of the biggest money lenders... There is GE and a lot of people out there...
My advice, is to pick a market that you want to cater for.. We started out as more of a financial services group ... Where we would focus on making the customer money ... So we were selling apartments off the plan and being the mortgage provider (for negative gearing purposes) and have gone from there..
When people started to hold off on buying places, we were lucky that we were able to focus more on re-financing to make ends meet ... Now with the rental market booming in Sydney, most of our clients are looking for short term completion of apartments, so they can negative gear again ...
1 of the area's that I want to look at heading down is the 105% finance aspect.. There are only about 2 or so companys that will do over 100% finance at the moment, so it would be a good area to look at ...
Just remember tho, you may get trail and things like that from month to month, but as a broker, you will have to chase up anyone who has not been making payments, customer questions about deferred payments, account maintanence and all that.. It can result in a lot of long hours, that sometimes you don't think will ever be worth it ...
To start with, it is not going to be that profitable... But as you get clients on board, your borrowing interest rate will be lower, so your proffit will increase... Just hang in there, and if you work hard at it, you will end up seeing all the payback ...
yeah, I should mention.. There are brokers and originators.. A broker will usually just refer you to a product through an originator, or direct to the bank ... Me being an originator, is the better option ... more reward, more work, more satisfaction ...
Brokers will get paid either on up-front commision, and a small trail ....
thank u once again, that is awesome info, ive got a good job at the moment that pays quite well, but this is something that really interests me a lot, i think there would be a lot of satisfaction in making peoples dreams come true, i realise i wouldnt make much to start with, im looking at starting off part time and then going from there
what do u mean chasing clients for repayments? i would have thought that would be the banks job? or am i wrong?
cheers
Ask your friend what is required
does it bother u that im asking on here?
Not if you are the originator ... Then you take on the banks job as you are borrowing the money direct ... That is what I do ...
My main lender is interstar ... They fund people like wizzard home loans, and those medium to large businesses ... So yeah, if a client doesn't pay their monthly statement, we get sent a report, and have to start sending out letters and making phone calls...
But, as a broker, you would not need to bother about any of this ...
lol ... I guess sometimes it is easier to ask someone that you don't know.. It is easier to ask a stranger a silly question then to ask it of your friend...
not that any silly questions have been asked here ...
heheh, very truelol ... I guess sometimes it is easier to ask someone that you don't know.. It is easier to ask a stranger a silly question then to ask it of your friend...
not that any silly questions have been asked here ...
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