Mortgage Broker Earning Potential

Published on Sunday, 03 January 2010

Mortgage Broker Earning Potential A realtor is not the only means of earning money in the booming real estate market. If you are a person who loves financial considerations and like working in a competitive field whilst providing service to customers, a mortgage broker is just right for you.   As a mediator between homebuyers and lenders, a mortgage broker has a high earning potential. Basically, there is no fixed salary for mortgage brokers. Only those who apply via mortgage broker businesses can be given a salary.   The real deal   The best mortgage brokers don't have any salary at all as they work on a commission basis. They can earn quite a lot of money through commissions for generating loans and for overseeing loans generated by other brokers. The better the job done by the broker, the higher is their earning potential.   Sometimes, big banks and lenders may offer a salary to their brokers to help them start with their business. This salary is not much. Just sufficient to make ends meet.   Earning potential through other means   Once the broker starts earning at least as much as the salary in his commission, he will stop receiving his salary. There are also some companies that offer some advance payment and not a salary to the broker. This amount is later subtracted from the broker's commission.   As a whole, it is rather fruitful working as a mortgage broker. Though you have no fixed salary, the earning potential is much more than any salary a bank or lender may offer. But of course, you have to put effort into the work you do as a broker. This is the only way to take advantage of the earnings due to you as an expert.