Jun 16 2009
Mortgage Broker Pros and Cons
There are both positive and negative aspects to being a mortgage broker. Before you spend money on FHA training, you should consider your career path carefully to make sure this is something you really want to do.
For instance, as a mortgage broker your income will be entirely based on commissions you earn from lenders by setting up loans for your customers. This kind of income can be unpredictable and difficult to rely on, particularly for a mortgage broker just starting out. It takes a special and very dedicated type of person to be able to get past the awkward initial stage to where their income becomes more steady and reliable.
Of course, the con here can also be a pro — once you establish yourself as a mortgage broker and get through that awkward initial stage, you can actually earn quite a respectable income. The more connections you have and the better known you are, the more business you will get, and the more commissions you will earn.
But of course, the biggest pro here — at least in my mind — is the ability to work for yourself. With the proper mortgage training and licensure, you have everything you need in order to go into business yourself. And as your own boss, the only thing you really need to let rule your business decisions is your need to make a decent income. Time off, how many and which clients to accept, what hours to work — those are all decisions only you can make for yourself.
Like any job, how you weight the pros and the cons of being a mortgage broker ultimately depends on your personality and preferences. Are you really driven and have lots of time to dedicate to getting a business off the ground? If so, then you probably won’t find the commission-based income to be as much of a con as some people would. But on the other hand, if you like having a boss to tell you what to do, going into business for yourself won’t be as appealing a pro as it is for others.