When it comes to figuring out that career option which will provide you with some sense of security as well as a lucrative income, you do have a few options. One of the go-to avenues has been real estate and banking and becoming a mortgage broker is right up there among them. It takes years of experience and trial and error to become great at anything and this field is no different. You can learn a lot from those who came before you and here are some tips from some big names in the field:

If you are a good broker you do not have to go out looking for a lot of work. The work will come to you through referrals. This is the best way to gain new clients as a lot of the work has already been done for you. Word of mouth has long been regarded as one of the best ways to secure new business, as it costs you nothing and the level of trust and respect that paves the way for a healthy relationship has already been laid down for you. Most referrals occur between two people who know each other pretty well and they take that trust and loyalty they have with each other, to the table with you. If the borrower is making the selection than all you have to do is show up and do the best that you can do. You do not have to try and wine and dine them as the interest is already there. When you are a good broker and are not hungry for the business, you are able to give much more honest advice as you are not looking out for your bottom dollar as much as someone who is starving for business.

A good broker is an amazing financial planner, who can help properly fit a households financial situation and goals into their mortgage options. Figuring out what they best type of mortgage for that borrower, how much they should put down, should they pay point or receive rebates, should they take a second mortgage, should they buy mortgage insurance, all these questions and more will come your way and knowing the specific analytic tool to use to answer them is imperative. Giving an answer right off the bat shows that you are not calculating all the risks of this personal situation, its much better to take some time to think everything over and consider all the options for your client. Just like you wouldn’t buy the first car seat you came across for your firstborn, doing the research to find the wisest plan of action can make all the difference.

One of the best traits you can have is to be a good listener. Most of your job will involve listening and asking questions will help make your job easier in the long run. Being a mortgage broker is more than just handling money, its helping people make smart financial choices.