The job of the mortgage broker is to act as a third party between potential homeowners and businesses who offer mortgage loans
. Some people get mortgage brokers and real estate agents mixed up.
Even though they both deal with real estate, the mortgage broker stands to earn more from the real estate business. They have knowledge on selling mortgage products and packages for lenders. They are also good at helping individuals finding the right loan for their personal income budget.
Most mortgage brokers make their money by getting a commission for each product that is sold. The commission is usually around 1-3% of the total amount of the loan.
When thinking about the career of mortgage brokers Alberta, it is best to formulate a plan as to what you are trying to achieve. A basic real estate license is the best way to get into the business. It is the easiest and quickest way to be able to sell real estate. Most students will have to take a test and past an exam in order to become state qualified. The classes are often offered at community colleges and are the cheapest educational option. After receiving the basic real estate sales license, the agent will have to work under a mortgage broker Alberta or real estate agency for at least two years before taking another exam to become a broker.
Each state has its own license requirements, however there are a couple of basic regulations that each state must follow. To become a mortgage broker Alberta agent, the real estate agent must first gain two years of experience selling real estate. They must also find a school or licensing program that is approved by the National Association of Mortgage Brokers, also known as the NAMB.