They provide clients realistic information that includes the amount of the loan they can be approved on, what would be the potential monthly payments for the mortgage, other expenses that needs to be settled like down payment and closing costs. Furthermore, Mortgage Brokers are also responsible for finding lenders that can provide the best rate, mortgage terms, and conditions for the client. All of these processes can happen within 24 hours. However, that is just the beginning of the mortgage-client relationship. After the pre-approval, a mortgage broker needs to wait for the client to find a house, and then he can file the documents and paper work and send these to the lawyer. .
It's daunting to imagine the knowledge and dedication required to become a mortgage broker. Not everyone is cut out for this sort of business. You have to be able to go through tough times, especially in the beginning of your mortgage career. Jeremiah is no different. He struggled to find a solid network and client base in the beginning. He had to go through months with little to no earning. He also had numerous sleepless nights wondering how he would be able to feed his wife and 2 kids. He dealt with rejections and objections from clients. Furthermore, because mortgage brokers are purely commission based, it was a struggle to manage the cash flow. Sometimes you will have overflowing money in a month, then a drought for a few months. In addition, having the competitive edge was difficult for Jeremiah as well. Besides networking, his competitions have the funds to advertise themselves, pay referral fees, and produce stacks of calling cards and brochures. So after all of this, how exactly did Jeremiah manage to overcome all these struggles?.
Jeremiah is a basketball coach on the side. He told me that life in this business is like a basketball game. You don't really know what the outcome might bring. However, there are things you can do to help yourself win the game.
