Q: Do mortgage consultants make good money?

No, mortgage consultants do not make good money. A mortgage consultant makes decent money with an annual average of $40,000 a year ($19.36 an hour). At the end of the day, working as a mortgage consultant is a commission-based position, and as such, you get what you put into it.

Q: Is being a mortgage consultant a good job?

Yes, being a mortgage consultant is a good job. Working as a mortgage consultant is a purely commission-based position and is a great job for someone interested in finance and who is a real go-getter type. Not to mention that there is currently a high demand for qualified mortgage consultants.

Question 1

How does a mortgage consultant get paid?

Accepted Answer

A mortgage consultant gets paid by commissions or fees that the lender usually pays after the loan has closed. Mortgage consultants work as middlemen between borrowers and banks/lenders and, as such, can be paid by either party.

Question 2

How much does a mortgage consultant make per loan?

Accepted Answer

A mortgage consultant makes a 1% to 2% commission of the loan they find for clients. Overall, the mortgage consultant commission rate may vary slightly per loan, but it typically ranges from 0.50% to 2.75% of the loan principal. However, federal laws cap fees at 3% and require that broker fees not be linked to the interest rate.

Question 3

What does it take to be a mortgage consultant?

Accepted Answer

To be a mortgage consultant takes a high school diploma and a license. The license takes anywhere from 1 to 3 years to complete and requires hands-on experience working with mortgages. There are several steps you can take to give you what it takes to help you on your journey in becoming a mortgage consultant.

Question 4

Do mortgage consultants make good money?

Accepted Answer

No, mortgage consultants do not make good money. A mortgage consultant makes decent money with an annual average of $40,000 a year ($19.36 an hour). At the end of the day, working as a mortgage consultant is a commission-based position, and as such, you get what you put into it.

Question 5

How much does a loan consultant make?

Accepted Answer

A loan consultant makes, on average, $41.365 a year ($19.88 an hour). However, factors such as location and industry can impact how much a loan consultant can make - starting from as little as $29,000 a year to as much as $94,000 a year.

Question 6

Is being a mortgage consultant a good job?

Accepted Answer

Yes, being a mortgage consultant is a good job. Working as a mortgage consultant is a purely commission-based position and is a great job for someone interested in finance and who is a real go-getter type. Not to mention that there is currently a high demand for qualified mortgage consultants.

Frequently asked questions about mortgage consultants

Questions about becoming a mortgage consultant