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My husband is a loan officer with a mortgage broker office. He works only on commission. This office started about 18 months ago and no benefits of any kind. Just commission on the closings of each loan. The market in my area is horrible. Houses are not being sold, there are tons of foreclosures, banks got lots stricter with loans so all his pending deals have been falling through in the past three months. We are surviving on my teacher salary alone. What would be a good career move for him? I would want for him to have something stable with a fixed salary, maybe bonuses, but definitely a salary and health benefits. Would going to a temp agency be the way to go? What financial/career counseling do you have to offer? THanks!

I applied for an FHA mortgage loan.. Its is in underwriting right now and should have a yes or no tomorrow… But what are my chances of getting approve

* I make about $ 27000 gross a year
* My credit score is 655
* Never made any late payments
* First time home buyer
* Home is listed at 75,000
* Ive been at my job for 4 years & will be getting another raise in Sept of $ 200.00 on my salary!
*I have a $ 500 car pymt, & a credit card with a balance of 3,800 pymts about $ 100 a month!

my loan officer said everything looks good… but honestly im worried!

4 Thoughts on career change from mortgages officer to something stable?
  1. Reply
    BriATFU
    February 17, 2011 at 4:22 am

    I have no idea where you live, but I think the natural step for him would be mortgage servicing and/or operations. That is the field I am in. He already has a lot of knowledge of the industry, and there are many different areas to choose from like:

    Collections, escrow (tax and insurance tracking), payments, originations, foreclosure, bankruptcy, call center, etc…

  2. Reply
    mar c
    February 17, 2011 at 4:42 am

    stop worrying when the check they give you clears…nothing is certain

  3. Reply
    If you got it, flaunt it :)
    February 17, 2011 at 5:34 am

    maybe.

  4. Reply
    Pengy
    February 17, 2011 at 6:15 am

    Honestly, you are way out of your league and price range if you do get it, and would not be surprised if you lose it within a year. Hate to sound negative Lets look at the numbers your gross take home every month is $ 2250 after taxes at best $ 1800. Subtract car and credit cards you are now at $ 1200. Lets take $ 100 in electric, $ 100 cable phone and internet, water sewer and garbage $ 75, ok you are at $ 925 a month. Gas and car insurance $ 100, We are at $ 825 a month left. Add food and entertainment cheaply $ 400 a month you are left with $ 425. Without any problem or sudden expenses (repairs) does that cover your mortgage and taxes and insurance? You really need to raise your income substantially before you take on an endeavor such as a home. Just knocking you just trying to make you aware of what is involved in ownership. Before you end up losing what you have worked so hard for. Just being realistic.

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