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cballowe t1_iyc04jh wrote

Reply to comment by MysteriousAndSleek in Need Help Reviewing Job Offer by [deleted]

Ah. A monthly breakdown would be interesting on that. The rush of new purchases and refinancing went up to about February or March and then slowed down a bunch (though there was some "rates are rising so buy now before they go up more" pressure carrying into mid year.) There's definitely a bunch of seasonal variation in that field (nobody wants to move in the winter, families prefer to move when school's out, etc)

That kind of role seems like it's really important to have a buffer of cash available to get through the leaner periods. You said 0.75% commission. With a median sale price in the US of $400k, you're looking at something a bit less than $750 per loan on average (people will have some down payment etc.)

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MysteriousAndSleek t1_iyc0fwr wrote

That’s very true, the market is very slow right now, but definitely not dead. Someone will always need to use their equity. In the new company I would specialize in refinancing only. HELOC’s and Cash-Out Refi’s only.

I’m not sure where you got the $750 from, $400,000 x .75% is equal to $3,000.

And yes you definitely need savings for this type of role, that’s why I’m considering the new company so much. There will always be a salary, it’s definitely not a lot, but it covers the essentials.

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cballowe t1_iyc16oh wrote

Oops...you're right on the number. Was thinking about 3 things at once and trying to decide whether to word based on $100k of loans or amount of loans for $75k of pay or average loan size or something... Then crossed wires in my head.

Refi is in the tank right now - anybody who bought more than a year ago could pull cash out and have their payment go up significantly, and most people who were paying attention refid into a <3% loan at some point in the last few years. Last year you could have gone through the existing loans and called them up saying "hey... We can put some cash in your pocket AND lower your payment", now the equivalent monthly payment has about half the buying power it had last year.

HELOC... Maybe? Though those are going to be much smaller credit amounts.

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