In today’s economy, information travels quickly. With that fast movement of news, many consumers are much more active in managing their financial situations.
Nowhere is that truer than with mortgages. Whereas previous generations simply locked in a rate and made their payments for 360 months, today’s homeowner expects more. The ongoing movement of interest rates provides lots of opportunities for alert borrowers to reduce their payments, shorten their mortgage terms, or both. It’s the easy access to news about the financial markets that makes this possible.
So what does that mean for you as a job seeker? If you have always had an interest in finance, and especially an education in it, a job with a mortgage company could be a real opportunity for you. The workload at Eagle Home Mortgage comes from both new purchases and refinancing, so there’s always a demand for more loan officers.
Don’t give in to the misconception that a soft economy causes the work to dry up for loan officers. All it does is change the proportions. When the economy is bad, interest rates are low. Homeowners notice the opportunity to save money, so they refinance. Consequently, lenders are kept busy during those times with a larger proportion of refinancing work, leaving plenty of opportunity for a great living even when homes aren’t selling. The alert actions of savvy consumers will help keep you busy as they work to constantly improve their position.
By the same token, a strong economy spurs mortgage activity. People are earning a better living with overtime earnings and sales commissions, so they look for a chance to move up to a larger home or a different neighborhood. They head to you to get the money to do it.
What’s best is the cyclical nature of this arrangement. Those buyers who are jumping at a new house during a hot economy are likely to be repeat customers when things cool off because at that time they’ll be seeking a better rate. Let the economy take off again and they’ll be considering another upgrade. They just keep on coming back, as long as you treat them right.
A career as a mortgage loan officer carries some of the best things you can ask for from a job. There is the opportunity to interact with lots of different people, and best of all, the opportunity to make them very happy as they buy a bigger home, save money, or do both. The career also insulates you from the ups and downs of the economy by creating a way for you to stay busy whether things are good or bad.
Finally, it’s just respectable work. It is the opportunity to use your knowledge to help people reach their dreams, to be the specialist that they need to work through a complex and confusing process. Watching people smile as they sign the bottom line of a great mortgage deal is a gratifying experience that will never get old.