You probably read the title of this article wondering why you would want to become a mortgage broker in Indiana? Or you might already have a great reason to become a mortgage broker and you are searching for information on how to become a mortgage broker.
I am going to give you my top 5 reasons to become a mortgage broker no matter where you are, and I will explain why Indiana is such a great choice for mortgage brokers.
Reason #1 – The mortgage business is very lucrative
Think about it this way, a loan officer can make a six figure income each year, easily. If you have 4-6 of them working for you and they make six figures a year, think about what type of money you would be making. In order to make six figures as a loan officer you have to close 10-15 loans a month and create revenue for your company of about double what you make. That translates into an income for you, the broker, of over a half million dollars a year, not to shabby.
Reason #2 – The mortgage industry will never go away
The only way the mortgage industry will disappear is if, somehow, everybody can afford to pay cash for their homes. That will never happen. We will always need houses and we will always need financing to buy those houses. This is pretty good job security, don’t you think?
Reason #3 – The mortgage industry only requires 40 hours of work a week
If you set up your business correctly you can offer your loan officers a lot of freedom to come and go as they please. Plus you can do the same. There is no reason for you to be open more than 5 days a week for 40 hours total. This means no overtime and no weekends of work. You can spend that time with your family where you belong.
Reason #4 – Your advertising is simple and can be done by a third party or yourself
All you have to do to advertise is design a letter that is written to your potential customers. Then, you purchase a mailing list of homeowners in your area and send it out. Instruct your prospects to call your office if they are interested and then, sell the leads on one of your programs from one of your lenders.
I worked for a mortgage broker for 4 months and this is all they did. I sold more loans for them than I did for anybody else, and I never had to do any telemarketing at all. Loan officers will find their own referrals and lead if you don’t make them do any cold calling. You can also purchase leads online for a good price and sell those.
Reason #5 – You are able to help people with good or bad credit and you get a sense of pride from helping others
As humans we get a certain sense of joy from helping others. The thank you letters, hugs, and compliments you will get when you turn someone’s financial life around or help them buy their first house will amaze you. Sometimes this is enough and the money is just extra. This is by far the best reason to become a mortgage broker and the most rewarding
Now, why would I pick Indiana for my new mortgage broker business? Indiana is not flooded with mortgage brokers yet, which means the competition is not too crazy. Another great reason is because Indianapolis, Fort Wayne, Terre Haute, and Muncie are all growing and so are the smaller cities around those areas.
There are also a lot of rural areas in Indiana, which means that if you can specialize in rural loans you can really enter into a niche market. It is very hard to get a good loan in a rural area because so many loan officers and mortgage brokers don’t try hard enough to make these loans happen.
Now you have all my reasons for becoming a mortgage broker, and you have my choice for where I would open up at. Use this information along with some mortgage training and you will be well on your way to a new and very lucrative business.