Re: Taking a gamble in life
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I have been a loan officer for the last four years, and if I could give you any advice it is this: Now is the wrong time to get into the mortgage business.
Rates will eventually go back up, and the loan officers who will make it either love to pick up the phone and telemarket for themselves, or have an established base of business. I live in a state that will continue to have a booming housing market, have a pretty established base, and I still worry every day about whether or not I am in the right position.
I do make a fair amount of money, but I also work very long hours. I often find myself wishing I could take a job like yours.
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This company specialized in home equity loans. They very rarely sell "straight" mortgages.
They have fallen into debt and want to find a way out. They want to remodel their home but dont have the money. The borrowers take out an equity loan to pay off their debts or make purchases. New cars, tuition, the people who can't get certain loans come to us.
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