Brokers make money because they act as intermediaries in different business or financial transactions. Some brokers must obtain a license to practice their professions, such as real estate brokers, stockbrokers, and the recent ABH certification for mortgage brokers. If you are looking to make money as a mortgage broker, this article is for you.
A broker brings buyers and sellers together and gets a cut of the revenue when the two parties make a deal. In the case of mortgage brokers, who pay for the intermediation of their services is the bank, not the client looking for a loan. This profession is highly profitable in Mexico since it is the final client in other countries. that pays for their services.
If what you are looking for is to start generating money as a mortgage broker, the first thing we recommend is that you join a Master Broker since this will allow you to start operations almost immediately because you will have all the support and support of the master broker in your operations. Such is the case of Criteria, they have the most excellent brokerage experience in Mexico, and their affiliation is free of charge. The commission to earn per credit placed will depend on the office you work with. However, they offer the highest commission percentage in the market.
On the other hand, if you are looking to be an independent broker, we recommend creating strategic alliances with bank branches. You must have previous experience in placing loans from a bank, which will open doors for you in other financial entities that handle mortgage products. Likewise, you must constantly train yourself in the mortgage products that come onto the market and in housing and mortgage legislation.
For both cases, so that you know how to be a real estate broker in Mexico, we recommend you sign up for the ICHI courses, which in addition to preparing you for certification as a Mortgage Broker before the ABH, offer you other methods to develop your knowledge and skills in the sector. Real estate and appraisals thanks to the material created with the representatives of AMPI and the Mexican Institute of Valuation. You will find that at ICHI, the development of professionals is global.
If you need to know more about learning and strengthen a good mortgage broker, you can visit our page of frequent issues.
What is the difference between a mortgage broker and a mortgage lender?
A lender is a financial institution that makes loans directly to you. A broker does not lend money. A broker finds a lender. A broker may work with many different lenders.
Whether you use a broker or a lender, you should always shop to get the best loan terms and the lowest interest rates and costs.
Is it worth hiring free online brokers?
As we have been telling you throughout this page, the appearance of free financial intermediaries has increased in our country that work exclusively through the Internet in recent years. We summarize how their services differ from those offered by a payment mortgage broker:
- They inform about the products, but they do not advise. Some free financial intermediaries are limited to presenting the offers that best fit the client’s needs. You will most likely have to pay for it if you need advice.
- They do not deal with the procedures with the bank. Unlike what happens with a paid mortgage broker, most of the free ones do not deal with contacting the entity, and their work ends when they deliver the best offers they have found.
- They do not organize the signing of the mortgage. Another point to keep in mind is that free brokers do not schedule the signing of the mortgage contract or physically accompany you to the meeting.
In conclusion, a free broker’s support is usually more limited. Therefore, if you are looking for a complete service, do the calculations and assess the option of paying for it.