Mortgage Broker

Startup Costs: $2,000 - $10,000
Home Based: Can be operated from home.
Part Time: Can be operated part-time.
Franchises Available? No
Online Operation? Yes

Help people fulfill their dreams of home ownership by becoming an independent mortgage broker. The primary function of the mortgage broker is to bring together people who want to borrow money to buy real estate, with lending institutions that advance funds for the purpose of real estate purchases. It should be noted that the rules and policies for obtaining a mortgage broker's license differ among states and provinces, but you can contact the associations listed to find out about training and licensing requirements in your area. Once a mortgage broker has received an application from a client and checked credit and work references, the next step is to send the application to one or more lending institutions for acceptance or rejection. Mortgage brokers are typically paid a commission by the lending institution that advances the mortgage funds, ranging anywhere from a few hundred dollars to thousands of dollars, depending on the mortgage amount. Sometimes, however, in more difficult funding scenarios'second, third, or bridge financing, for instance'a mortgage broker will also charge the borrower a fee to cover the extra work involved in securing suitable financing. Most mortgage brokers handle finding residential mortgages for their clients, but you can also work with clients who want to renew their mortgages, increase their mortgage amounts, take out second or third mortgages, use equity for bridge financing, or purchase commercial properties, vacant land, income properties, or vacation properties. This is very much a business that thrives on referral and repeat business, so be sure to build working relationships with numerous real estate brokers and agents.

Mortgage Broker Ideas

Expense Reduction Analyst

Save people money as an expense reduction analyst.

Venture Capital Broker

Help entrepreneurs who need funding connect with VC firms.

Tax Accountant

Help clients organize their taxes to get the biggest return.

More from Business Ideas

Side Hustle

She Started a Side Hustle That Earned More Than $1 Million in Year 1: 'Manifest Your Best Life'

Nadia Liu Spellman, founder and CEO of Dumpling Daughter, wanted to honor her parents' success.

Growing a Business

At 24, She Was Fired From Her Advertising Job. Then an 'Incredibly Important' Mindset Helped Her Build a Multimillion-Dollar Business.

Melissa Ben-Ishay's brother Brian Bushell encouraged her to follow her passion — and it led to major success.

Side Hustle

More Than 75% of Americans Have Side Hustles During the Holidays — Here Are the Most Popular Gigs This Season

Many people expect retail prices to climb, and they're getting creative to save their wallets.