- Owning the perfect house requires many financial-oriented people to close the deal.House image by Gon?¡ìalo Carreira from Fotolia.com
Buying a house is a complicated financial process, from getting a loan to the closing settlement. Many job opportunities are available within housing finance. Career options may involve dealing with only financial matters, such as loan officers and mortgage brokers, or may handle only a small portion of the housing financial sector, such as a career as a real estate agent. Careers in housing finance also run the gambit salary-wise, ranging from full salary positions to full commission-based pay. - Loan officers and mortgage brokers work primarily for commercial banks, savings institutions, credit unions or other financial institutions, according to the U.S. Bureau of Labor Statistics. Loan officer responsibilities include helping potential home owners apply for mortgages, guiding the homeowner through the application process and determining the likelihood of the potential homeowner to repay the mortgage.
Loan officers are often offered on-the-job training and are required to have at least a high school diploma, although some employers require a bachelor’s degree. Bachelor’s degrees in finance, economics or related fields tend to offer necessary skills to loan officers that work with mortgages, according to the Bureau of Labor Statistics.
It is federally required for loan officers to be licensed, which requires 20 hours of coursework, successful completion of a written exam, a background check and no felony convictions. Continuing education courses are required for the loan officer to keep his license.
The average loan officer’s salary is $54,700 according to May 2008 data reported by the Bureau of Labor Statistics. - Real estate brokers and sales agents in all 50 states and the District of Columbia are required to be licensed, according to the Bureau of Labor Statistics. A real estate agent’s primary housing financial responsibility is knowing and advising potential homeowners which neighborhoods will best fit the client’s budget. Price negotiation between buyers and sellers and arranging financing from the lender to successfully close a sale are two other major housing financial responsibilities of a real estate agent, according to the Bureau of Labor Statistics.
A real estate agent must be at least 18 years of age and have a minimum of a high school diploma. A bachelor’s degree is not required, but highly desired. Although some colleges and universities offer degrees specifically in real estate, the Bureau of Labor Statistics also recommends marketing, finance, business administration, statistics, economics, law, accounting and English as strong backgrounds for the real estate sector.
May 2008 data, provided by the Bureau of Labor Statistics, reports that the average real estate agent’s salary is $40,150. - Homeowners insurance sales representatives prevent extra housing financial headaches by providing insurance before situations occur. Job responsibilities include preparing reports, maintaining records, seeking out new clients and settling insurance claims, according to the Bureau of Labor Statistics.
Homeowners insurance sales reps are typically paid in one of four ways: commission only, salary only, salary and commission or salary and bonuses, according to the Bureau of Labor Statistics. The typical income of a homeowners insurance sales rep is $45,430, according to May 2008 data.
Many companies prefer college graduates with degrees in business, finance or accounting. According to Consumer Action, the federal citizen information center, homeowners insurance is designed to protect a house against natural damages but does not normally cover flood and earthquakes.
previous post