Yes, it can be very profitable, but its not for everybody. For everywhere except the biggest companies, your income is directly related to your own marketing and sales. Some of the largest mortgage companies, Countrywide, for example, provide a salary and marketing for you. However, almost all of the Countrywide loan officers Ive ever met hated it and quit to work for a broker.

To really learn about the business, go visit a few mortgage brokers and talk to the loan officers. Here you must be very careful.

So you must be sure that if you do get a loan like this to make sure this is something you can actually pay. Some lenders like to collect a lot of fees for the mortgage itself and then sit back and wait to get the property through foreclosure.

If you were working with a Mortgage Broker to get your loan, that person was dealing with a Mortgage Company who actually gave you the loan. Most Mortgage Companies make the loan and then sell the loan as soon as they can after the loan closing. There is NOTHING unusual about this. It happens all the time.

It is no reflection on your loan. Your loan was sold as a normal course of business in the Mortgage Banking Industry. It has nothing to do with the mortgage crunch. In fact, one of the huge problems in the mortgage crunch is that loans could no longer be sold which resulted in mortgage companies having their money tied up.

Therefore, there was no more cash to lend and the business stopped. It could be that some mortgage companies might have exercised tighter underwriting guidelines and not loaned money as easily to borrowers who did not deserve it.

If the mortgage company had not made you the loan, then you would still have not been able to hold them liable for anything. Again, you have nothing to worry about. Just make sure you understand what will happen to your loans Interest Rate when it resets in 5 years.

Just make sure you understand the terms of your loan and plan accordingly. They will tell you up front what you will need in order to qualify for a home loan. This way you can get started now on qualifying for a mortgage BEFORE you commit or start looking for a condo.

Youll both need to have decent credit scores, a full time job and also a down payment. South Florida before the crash, Im sure if you look hard enough there will be plenty to choose from in your price range, as right now its a buyers market. It depends on where he is applying. They are a great place to start if you are new in the mortgage business.