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Credit & Loan So, you've been thinking about changing careers and becoming a loan officer and you're wondering how to go about it. No problem. I'll be able to tell you. My name's Adriel Torres. I'm the owner of Ultimate Credit & Loan Today. com. A loan officer or a mortgage broker are individuals who broker loans from lenders to their clients, to their borrowers. Now, the main difference between a loan officer and a mortgage broker is a mortgage broker has to have a license. A loan officer does not. Also, a loan officer can work for a lender or a correspondent lender without any licensing at all. They cannot work
for a mortgage broker business, unless they have a license. Where a mortgage broker, a licensed individual, can work for any lender where there's a lender or a correspondent lender or a mortgage broker business and even own their own brokerage business if they have their license for at least a year in the state of Florida. It depends on timing in some other state, but for the most part, in order to have your own business, you have to have a license. So, that's basically the difference between a loan officer and a mortgage broker and how to be one. Most lenders out there do have training programs for new loan officers. That's how you become a loan officer. Again,my name is Adriel Torres. I'm the owner of Ultimate Credit Today. Thank you very much. Hi. So, now you have your own business and you're wondering how to obtain credit for your business, otherwise known as corporate credit or business credit. Not a problem. I'll be able to answer that. My name is Adriel Torres and I'm the owner of Ultimate Credit & Loan Today. com. Business credit and personal credit are different in a sense of the personal credit is based on your own personal credit report and business is based on the business. Now,for a new business owner, it's a little bit harder to obtain the credit that you require or you require to either run your business or just to get credit for your business. Now,if you do have strong personal credit, a lot of lenders will give you a loan or a credit based on your personal. You will be a personal guarantor of the loan or the credit, but it will be in the corporation's name or in the company's name. And that's how you start to establish business credit & Loan. If you don't have strong personal credit, you may have to go to a secondary lender which you can find online. And they may give you credit, but it's going to be on much worse terms that it would if you had good personal credit. The interest rates can be a little bit higher or you may not get the loan amount that you need or the type of credit you're looking for. But you can still get it. Either way, that's a good way to start because once you have the first, it's easier to get the second or third type of credit where there's a credit card or loans. But make sure you always pay on time and you always pay it off. And that's how you obtain business either credit trade lines or credit cards on your business. My name is Adriel Torres and I'm the owner of Ultimate Credit & Loan Today. com. Thank you very much.
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