When homebuyers want to ensure that they are making the right choice, they hire mortgage consultants who can help them find the best mortgage deals that best fit their needs and budgets. And since a mortgage is usually the biggest expense that anyone can have, hiring a mortgage consultant can be a wise move before purchasing a property.
The typical work duties of a mortgage consultant involve determining clients' needs and preferences, suggesting mortgage deals based on these parameters, and then helping clients apply for mortgages. Sometimes, they also help clients find financing options and gather financial documents required for a loan.
A mortgage consultant must have at least a bachelor's degree in business or finance, as well as adequate experience in a relevant role and an appropriate license. Moreover, they must have a good set of skills in communication, client relations, time management, and organization to succeed in this role.
If you are interested in pursuing this role, you can also take into account the salary, which is about $27,000 to $56,000 per year.
There is more than meets the eye when it comes to being a mortgage consultant. For example, did you know that they make an average of $19.36 an hour? That's $40,264 a year!
Between 2018 and 2028, the career is expected to grow 8% and produce 24,300 job opportunities across the U.S.
There are certain skills that many mortgage consultants have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed detail oriented, initiative and interpersonal skills.
When it comes to the most important skills required to be a mortgage consultant, we found that a lot of resumes listed 21.0% of mortgage consultants included customer service, while 13.9% of resumes included loan portfolio, and 7.2% of resumes included nmls. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.
When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the mortgage consultant job title. But what industry to start with? Most mortgage consultants actually find jobs in the finance and retail industries.
If you're interested in becoming a mortgage consultant, one of the first things to consider is how much education you need. We've determined that 52.8% of mortgage consultants have a bachelor's degree. In terms of higher education levels, we found that 10.2% of mortgage consultants have master's degrees. Even though most mortgage consultants have a college degree, it's possible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become a mortgage consultant. When we researched the most common majors for a mortgage consultant, we found that they most commonly earn bachelor's degree degrees or associate degree degrees. Other degrees that we often see on mortgage consultant resumes include high school diploma degrees or master's degree degrees.
You may find that experience in other jobs will help you become a mortgage consultant. In fact, many mortgage consultant jobs require experience in a role such as loan officer. Meanwhile, many mortgage consultants also have previous career experience in roles such as account executive or branch manager.