How to Become a Mortgage Broker without Any Qualifications

Thousands are interested in becoming a mortgage broker and it can in fact be quite a fascinating career. You meet hundreds of new people each year and you could potentially offer some assistance to those who require a little extra help finding a new home. However, is it possible to become a mortgage broker without any qualifications whatsoever?

The Basic Requirements

Ideally those interested in the brokerage field will need to have at least a high school diploma and some certification in finance. Now, if you don’t have either at the moment, there is still time for you to learn. For first things first, finish high school. If you haven’t received your diploma as yet then attend GED classes and gain your diploma via that route. Also, look into financial services training so that you can take your education further. A necessary element for mortgage brokers Melbourne is to have some sort of certification in financial services as you are dealing with these matters.

Undertaking Broker Training To Obtain Your License

Once you have the basic requirements of becoming a broker, it’s time to take your next step into the brokerage world. There are plenty of good mortgage broker training courses available from a variety of learning institutes. If you can’t attend regular classes then there are also online classes that offer the same training but with more flexibility. This will depend on where you live and how easy it is to get to the classes. However, once you are ready you can take your final exams and hopefully pass them. This is when you can obtain your mortgage broker license.

Start Off Consulting

When you have obtained the necessary broker licenses you should search for a placement with an already established broker. You could try setting up your own business now but most people want experienced brokers as they know the trade very well. It’s best to start working at a brokerage firm at the moment so you can build experience and get to know the broker business better.

Can You Have Mortgage Loans After Bankruptcy?

After bankruptcy proceedings, most people worry if there is hope to secure another credit. With traditional lenders, it is common that they will advise you to wait for two years. However, even a year may be too long to wait before securing mortgage loans after bankruptcy. You should be persistent if you are not at fault. If you want to get on your feet immediately, brace yourself for a high down payment and higher interest rate. Also, you will have to comply with other requirements that are imposed on clients like having suitable credit standing.

The Penalties

Under Chapter 7 of the United States Bankruptcy Code, the borrower who filed for bankruptcy will have to wait ten years before his or her credit record is cleared. If the Chapter 13 of the same Code is used, the credit record will bear the same mark for seven years. It would be very difficult for any individual to secure a new loan after the legal proceedings. However, for a person with patience and persistence, all hope is not yet lost as long as he or she has the resources to start anew.

Do Not Wait for Too Long

However, the waiting period may be reduced by citing the cause of bankruptcy. If it is something beyond the borrower’s control, it is logical you should provide it when you faced with, for example, a death in the income earner of the family, a divorce or a sudden illness. These are some of the reasons that need to be given weight. Even when the bankruptcy process is still in the final stages, the borrower is encouraged to write a hardship letter to the lenders for information on their mortgage loan application.

It must be noted that in 2011 there were around 1.362 million personal bankruptcy cases filed. Out of this figure, around 70% were put in Chapter 7 of the US Bankruptcy Code. This represents a big part of the market for mortgage loans after bankruptcy.

The Options

If you have just recently filed …

Before You Take Mortgage Loans for Recent College Graduates

There are many college graduates who aspire to have their own homes right after finishing college. They believe that after securing a good job, they are now prepared to go on a more challenging task to own a house. However, only a few have been able to save some money to meet the required down payments. Besides, those who lack the financial means may have failed to build their credit record while in college. In this situation, it is a little bit hard for recent graduates to have their own dream homes on credit. However, there are mortgage loans for recent college graduates that can meet your needs. Just keep on searching and you will find the best offer suited to your requirements.

Find the Grants

There are some states that provide assistance to college graduates such as grants that can help with getting mortgage loans for college graduates. Their home loan programs assist in defraying a down payment and closing costs required for mortgage loans. There are some requirements that college graduates should comply with.

One of their requirements is that the applicant must be a recent graduate within the last 24 months before the filing of the application. It is also required that he or she must have no ownership interest in a principal residential property for the past three years. If you are entitled to their grant, you are not obliged to pay them back unless you move out of the state.

FHA Loans

There is also the FHA loan that is there to meet the needs of recent graduates. It treats the last two years in college as the substitute for two years employment. This has given graduates a big opportunity to use FHA mortgage loans. However, there is one thing that fresh college graduates must deal with. They need to have at least a year of credit history in their name. Read more here.

Be Prepared

Many people mistakenly believe that graduates do not have to be in a hurry to work out mortgage loans. …