A mortgage broker acts as an intermediary between those looking to finance the purchase of a property and the banks who lend money to borrowers. Usually the broker works with a number of lenders in order to secure the best deal for their clients.
The main responsibilities of a mortgage broker are to act with the best ethical interests of the property buyer in order to help them to secure a loan. Their duties will include: reviewing the borrower’s credit report; finding an appropriate lender for the borrower; and negotiating the terms of loan on behalf of the borrower.
It is not essential that the job holder possesses a bachelor’s degree to work in this field, and it is possible to work within the role independently or as part of mortgage company. It is important that the job holder acquires a license to work as a broker, which involves passing a test. Persons working in this role should ensure that they are up to date with the latest market trends, interest rates and regulations.
The average salary for this role is from C
$30,000 up to C
$50,000-plus for independent brokers.