When becoming a loan consultant there are many mistakes that could make you unsuccessful in your business.

Mistake #1: Don't Study Updates

When you begin home loan consulting, you will need to initially study mortgages and mortgage rates in order to give accurate information to your clients. Do not assume that the information you learn in this initial learning will never change.

The financial world is always changing and this includes mortgage loans. As a mortgage consultant, when you are meeting with clients you need to be up to date on all current mortgage information. If you are not up to date, you will be useless to your client, and not only will you most likely not get paid for your work, you will not get referrals either.

Mistake #2: Not Asking Enough Questions

When you meet with your client it is important to learn as much about them as possible. Find out how much they are going to make for a down payment, how much they make at their current jobs and how much they think they will be able to pay monthly toward their mortgage.

It may also be important to know if they have children, how many children they have and what their expected expenses for their children. They may not be thinking in advance about college payments and you could do well to remind them of future expenses.

Mistake #3: Lack of Professional Appearance

Even when working for yourself, you should have a professional appearance when meeting clients about financial and other professional business. Make sure your hair and makeup is neat not distracting.

You should also keep your discussions professional. This does not mean that you should be unfriendly, just polite and clear. Think about what you want to say before you go to meet your clients and make sure it is appropriate.

Be very courteous and honest with your clients. If they feel comfortable with you, they will be more likely to give you more information that you could use toward getting them a loan.

Mistake #4: Not Worrying About Deadlines

If you tell a customer that you will get back to them by the end of the week, make sure that you have all the information back to them by the end of the week. When buying a house and getting a mortgage, time is very important to both the current homeowner, the prospective homeowners and to the bank offering the loan.

Getting back to the client quickly will ensure a good customer experience, which may turn into referrals for you. 

Mistake #5: Not Reaching Out to Realtors

When a client is purchasing a house and talking to their realtor, they may ask who the realtor recommends for loan consulting. The realtor will refer them to people they know will do a professional job to ensure that they get the sale for the house.

Make yourself known to realtors and do a good job for the clients you receive from them.

By following these simple rules, you could keep yourself busy with clients.