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
Equities Day Trader
Experience Wall Street action without the suit trading stocks and commodities from home.
Venture Capital Broker
Help entrepreneurs who need funding connect with VC firms.
Leasing Agent
Connect clients with companies leasing the products they want.
More from Business Ideas
New Research Reveals the Most Profitable Side Hustle — and You Could Make an Extra $15,000 a Year From Home
If you're ready to start a side hustle, it pays to consider which one will give you the greatest return.
I Made $14,000 in 1 Week With a Spontaneous Halloween Costume Side Hustle — Here's How
Sabba Keynejad was in art school when he started to refine his entrepreneurial skills.
He Had $75 When He Immigrated to the U.S. as a Refugee. Then He Started a Business — and Grew It to $1.2 Billion.
Payam Zamani, founder, chairman and CEO of private equity firm One Planet Group, faced numerous challenges as an immigrant entrepreneur, but none of them deterred him from his vision.