The cost of a Jumbo loan has dropped again generating increasing interest in high-end home sales across the country. If you earn a living with a real estate license, you are well aware that there is more money to be made in a higher end home. With luxury home prices at such low prices, lowering the cost of the loan to purchase them has sparked the interest of many homebuyers looking to secure their dream home at incredibly low rates. The drop from around 6% to close to 5% in jumbo loan rates means a savings for buyers of $375.00 a month on a $600,000.00 home, and thousands over the life of the loan.
The good news for luxury homebuyers is also good news if you have, or have considered getting, a real estate license. With the average commission of between 5-6%, the commission on a $600,000.00 home is between 30,000 and 36,000 dollars. It is that type of income generating possibility is what makes a career in real estate desirable; the ease of earning a real estate license is what makes it a great choice for anyone looking for a new career path.
As long as you are at least 18 years old, a high school graduate, and a citizen of the US, you have met the general requirements to take the real estate license exam in most states. The educational requirements are different from state to state; for the most part they can be completed in anywhere from just a couple of weeks to a few months. There are online real estate schools available where you can access the real estate course materials at any time, so no matter your schedule you can find time to study.
When considering a new career, you cannot underestimate the importance of cost. A traditional college degree could cost tens, or even hundreds of thousands of dollars to get started on a career path that can earn you the kind of income that a real estate career can. Once you have incurred all of the debt to earn your degree, there is no guarantee that you will find work in that field. The cost of the real estate training, applications, and licensing fees necessary to earn a real estate license also vary from state to state, but in any state, the combined costs are but a fraction of the cost of one semester of college. In most cases, they are less than the cost of a single college course; most of the time the cost of your real estate license in its entirety can be recouped in your very first commission check.
The drop in the cost of a jumbo loan is a win-win for both buyers and real estate licensees. If you have been looking for a new career, the increasing interest in high-end homes is just one more reason to consider a career in real estate.