Ice,
I don't think appraisers make shit. Have you ever seen them? The guy that came to my house to appraise it last time I refinanced was a 50+ y/o guy driving a beat up 15 year old Nissan Stanza (or something similar).
Commercial appraisers, I imagine, do pretty well. But you have to be licensed by MAI before anyone will consider using you and most of these guys are former or current brokers with a lot of experience (typically 10+ years).
I don't think appraisers make shit. Have you ever seen them? The guy that came to my house to appraise it last time I refinanced was a 50+ y/o guy driving a beat up 15 year old Nissan Stanza (or something similar).
Commercial appraisers, I imagine, do pretty well. But you have to be licensed by MAI before anyone will consider using you and most of these guys are former or current brokers with a lot of experience (typically 10+ years).
<TABLE cellSpacing=0 cellPadding=0 width="99%" align=center border=0><TBODY><TR><TD><TABLE class=rightpaneltd cellSpacing=0 cellPadding=4 width="99%" align=center border=0><TBODY><TR><TD class=content colSpan=2>What is a Mortgage Consultant?
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<!---->A mortgage consultant (or mortgage broker in some provinces) is an independent agent, an intermediary between you the consumer and the mortgage lender. The mortgage consultant will shop the available lenders to find the mortgage product that offers the best combination of features, options and rates to suit your individual circumstances. The best part - depending on your credit picture - there is no charge to the consumer for the service! The mortgage consultant’s fee is normally paid by the lender.
Why use a Mortgage Consultant?
With the fluctuation in interest rates of late, homeowners have become more aggressive in seeking out the best possible terms from a lender. The appeal of a mortgage consultant lies in the opportunity to effectively search a large segment of the mortgage industry for the optimum terms, rather than negotiate personally with only one or a few lenders. As a result, the popularity of mortgage consultants is growing. Last year, 25% of all mortgages placed in Canada were through a mortgage broker compared to 14% in 1999 (A CMHC survey predicts that by 2005, 50% of all mortgages in Canada will be through a mortgage consultant).
A mortgage consultant can also be a source of information and an unbiased help in wading through the myriad of options available in the mortgage industry today. Wondering about the advantages of refinancing? Want more information on the Home Buyers Plan? How about advice on adjustable term mortgages? Having problems getting a mortgage because you’re self-employed? Or maybe you need special help arranging financing for an investment property. These are the kinds of issues a mortgage broker can help with, and usually at no cost to the buyer.
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<!---->A mortgage consultant (or mortgage broker in some provinces) is an independent agent, an intermediary between you the consumer and the mortgage lender. The mortgage consultant will shop the available lenders to find the mortgage product that offers the best combination of features, options and rates to suit your individual circumstances. The best part - depending on your credit picture - there is no charge to the consumer for the service! The mortgage consultant’s fee is normally paid by the lender.
Why use a Mortgage Consultant?
With the fluctuation in interest rates of late, homeowners have become more aggressive in seeking out the best possible terms from a lender. The appeal of a mortgage consultant lies in the opportunity to effectively search a large segment of the mortgage industry for the optimum terms, rather than negotiate personally with only one or a few lenders. As a result, the popularity of mortgage consultants is growing. Last year, 25% of all mortgages placed in Canada were through a mortgage broker compared to 14% in 1999 (A CMHC survey predicts that by 2005, 50% of all mortgages in Canada will be through a mortgage consultant).
A mortgage consultant can also be a source of information and an unbiased help in wading through the myriad of options available in the mortgage industry today. Wondering about the advantages of refinancing? Want more information on the Home Buyers Plan? How about advice on adjustable term mortgages? Having problems getting a mortgage because you’re self-employed? Or maybe you need special help arranging financing for an investment property. These are the kinds of issues a mortgage broker can help with, and usually at no cost to the buyer.
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Have a mortgage consultant on my floor at work. They seem to do well but its alot of running around on the phone and silly paper work in my opinion. I bet the head guy makes 300K + and a girl around 30 makes $70K, lower manhattan
I know real estate appraisers as well, lower end around $50-$60K unless you own the place.
I know real estate appraisers as well, lower end around $50-$60K unless you own the place.
i've been in the mortgage business for 6 years. Given the current market climate, i think only LO's with a deep client database to fall back on are doing well because the market is very difficult for new originations. property values have plateaued and deals are tougher now than they've been in years.
certified residential appraisers definitely rake in money with a good base of referral partnerships. you have to be an understudy for alteast 2 years though.
If you really want to get into real estate, look at being a commercial broker or a residential realtor. Both are exclusively commission fields, but you can rake in cash in both if you are good.
95% of residential realtors are either idiots or part timers so the good ones do very well. No offense intended Joey, from what little I know of you, you definitely fall within the 5%. work a lot of weekends, but you do have flexibility in your hours and you can work basically as much as you want provided you are ok with the corresponding amount of money you will make.
The commercial guys I know work their asses off, but make major bank. If I knew then what I know now, I would have gone to USC and into commercial brokerage. Now would be the time to do this b/c you need to be a runner under someone for a while (typically a 18-24 months) and you won't make shit, so do it while you haven't become accostomed to a lifestyle.
95% of residential realtors are either idiots or part timers so the good ones do very well. No offense intended Joey, from what little I know of you, you definitely fall within the 5%. work a lot of weekends, but you do have flexibility in your hours and you can work basically as much as you want provided you are ok with the corresponding amount of money you will make.
The commercial guys I know work their asses off, but make major bank. If I knew then what I know now, I would have gone to USC and into commercial brokerage. Now would be the time to do this b/c you need to be a runner under someone for a while (typically a 18-24 months) and you won't make shit, so do it while you haven't become accostomed to a lifestyle.
