How do I become a Real Estate Mortgage Broker in my state of Illinois?

Is this something that someone can get into without a finance back ground, but is familiar with real estate and development? Would anyone suggest places to find investors for small real estate projects in the Chicago-land area? Looking for investors willing to invest a very small amount (under $200,000) 12-16 months with a substantial return on investment.

By | 2013-08-24T11:23:09+00:00 August 24th, 2013|Mortgages Home Loans Interest Rate|3 Comments

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  1. K B August 24, 2013 at 1:43 PM - Reply

    You definitely need a license to do ANY mortgage business in IL.
    And good luck with that, IL is VERY restrictive, so much so that alot of Mortgage brokers have stopped doing loans there.

  2. dougzinboston August 24, 2013 at 12:47 PM - Reply

    First check with your state in case they DO have any legal requirements such as a license. Otherwise, with my experience, you do not need to have any kind of formal training to be hired by a company as a broker. I did it for a little bit, but it was my degree in Finance that helped me get in the door. Your background may suffice as enough experience to get you hired by a brokerage company.

  3. sclady62001p August 24, 2013 at 12:21 PM - Reply

    don’t no about your state but in south carolina you have to take classes at the technical collage and then when you feel you are ready you have to pass the state board of Realtors

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