If you are looking for an enjoyable job with room for advancement, then a career as a mortgage specialist is something worth considering. As the economy recovers there will a growing need for mortgage specialists and mortgage brokers around the world. Banks and other financial institutions need mortgage specialists who can work with home buyers and commercial real estate investors in order to satisfy their mortgage needs. This task requires both excellent analytic skills, meaning an ability to sort through financial information and data, and good social skills in order to interact with clients.
As a mortgage specialist you will likely specialize in one or a few areas of mortgages, for example in home mortgages or in commercial mortgages. You might also specialize in specific types of mortgages, for example in reverse mortgages (which can be expected to gain in popularity with an aging population). It is likely that you will also specialize in a particular geographic region such as Cannect who specialize in private small business loans in Toronto, which is the city they are located in. It is possible, however, that you may not specialize, but will work with a variety of different mortgages.
As a mortgage specialist you will work with a variety of people. For example you might work with a bank in Toronto, a client in Oshawa and a Milton real estate agent. It is important to be able to understand the needs of the various people and that you be able to work with this variety of individuals.
There are a variety of different opportunities for mortgage specialists. You can work as a mortgage broker either independently or as an employee of a brokerage firm. In a position as a broker you are expected to look out for the interests of your clients in order to find them the best mortgage possible. You might, alternatively, work for a bank in which case your role is to sell mortgages to individuals. At a bank your job is also to evaluate applicants in order to determine if individuals can qualify for a mortgage and the amount that they should be eligible to receive. This requires the ability to understand financial details and to perform detailed financing calculations in order to measure the potential risk of these loans. A further option as a mortgage specialist is to work for a real estate company in order to advise their clients on their mortgage needs.
From the number of homes and condos being bought, the number of homes for sale and the number of commercial buildings being purchased, it is clear that there is potential for a long an lucrative career as a mortgage specialist. Here is the Steps to becoming a mortgage professional according to Canadian Mortgage Trends.