Want to be a mortgage broker? What will your day be like?

In broad strokes, most people have a pretty good idea of what it’s like to be a mortgage broker. People want to buy homes, and it’s your job to help finance them, so you work on putting people in touch with lenders who can provide financing. That’s the quick one-sentence description, but it doesn’t really answer the fundamental question: What are you really doing with your time? What is a day in the life?

A lot of people get into the mortgage broking profession without seriously considering this question. When they get out of bed each morning and trudge to the office, what do they find themselves doing with their day? What sorts of tasks do they take on, and what are the major challenges that come up? Before making a big career move and diving into the mortgage business, you may want to consider these questions.

A busy day for a mortgage broker

Everyone understands the basics of the job, but what are the nitty-gritty details of how to be a mortgage broker? What’s your day like? According to The Finance Institute, you have to be prepared for a wide range of challenges. They may include:

  • Developing new business: There are always new clients to reach out to, building relationships and angling to make deals.
  • Connecting with lenders: It’s not easy to get banks, insurance companies and other financiers in your corner. This takes persistence on a daily basis.
  • Building your network: The more colleagues and business partners you have, the more opportunities you’ll find for referrals.
  • Hunting for new loan solutions: When you have a spare moment, it’s good to analyse applicants’ finances and look for new opportunities to offer better more profitable loans.

There’s never a dull moment when you’re juggling all of the above responsibilities (and then some). The hard part is balancing them all.

Dealing with challenging clients

On a good day, you’d be able to settle into a comfortable routine and simply knock out all of the to-do items listed above. But when you become a mortgage broker, you discover that not every day is good. Sometimes, a particularly difficult client will come along, and you’ll have to spend a whole afternoon working with them just to get a basic mortgage deal done.

MPA Magazine pointed out that with the more problematic borrowers, they may need to hear your sales pitch in a different way, or hear it more than once. Getting someone across the finish line to sign for a loan might require sending them written material rather than a verbal pitch, or passing them to another broker so they can hear a fresh new voice. Alternatively, you may just have to hang up and call back tomorrow.

Working with Redrock

If you’ve decided you’re ready to be a mortgage broker and handle all the challenges that come with that, we’re ready to work with you at Redrock. Handling the daily grind of being a broker can be tough in the beginning, but we aim to simplify the process and help you adjust as easily as possible.

When you partner with Redrock as a broker, you’ll discover many benefits, including uncapped potential earnings. There’s no limit to how much you can achieve when you work with us