Is it too late to get in the mortgage or real estate industry?

I am thinking about working in the mortgage industry, but I keep hearing that the market is changing fast and that houses are not selling and rates are going up. Last month I read that over 1 million people was going to be laid off. Is this just hype or what... What should I do?Is it too late to get in the mortgage or real estate industry?
It is not too late to get into the mortgage industry. That said, be forewarned that is a very cyclical industry. Layoffs and rehires are extremely common. I have been in the business for ten years and through two refinance booms. My mom has been in the business for about 25 years, and I've seen her get laid off and rehired numerous times. It's never anything personal, it is just the way the mortgage business operates.





It is also depends on what area of the country you are in. I am in New York City and there is always a very large demand and not enough supply and that in and of itself sustains the mortgage business here. One of my good friends works as a closer for a title company in Seattle and just got laid off last week.





It is true that the housing market is starting to cool off. However, the economy is starting to slow and there are fears of inflation. For this reason, the Fed (the Federal Reserve) has not decided to raise the prime lending rate (this is what credit card rates, home equity lines of credit amongst other things base their rates on). While this doesn't always have a direct effect on first mortgage rates, it does show that the economy is starting to soften, meaning that first mortgage rates are going to start coming down as well. Rates are raised to try to stimulate the economy (high rates means the U.S. economy is doing better), but certain things are bringing rates down again: consumer confidence reports are down, unemployment is up and the 10 year bond yield is down.





We are also going to see a lot of people refinancing their loans to get out of ARM (adjustable rate mortgages) and interest-only products. Foreclosures are also on the rise because people aren't able to handle the payment shock when the interest rate on their loan changes or when the interest-only period ends and they are now paying principal and interest.





So, in response to your question, it's not too late. But just know, refinances don't last forever. You need to go out and solicit as much purchase business as you can. A lot of people made a boatload of money off the refinance boom, but these people also weren't able to sustain their business because they relied solely on refinances to boost their loan pipelines. Any loan officer will tell you that purchases are your bread and butter even during the lean times. So, if you are willing to put in the work, and go out and solicit realtors, real estate attorneys, etc then you should be fine. If you just want to sit on your laurels and wait for the refinances to come to you, you'll never make it. Hope this helps and good luck!Is it too late to get in the mortgage or real estate industry?
No,but it will only cost more to get started.
I fear there will never be a shortage of this type of job opportunity.
Choose something more stable -


like Hotel Management,
It's never too late! Yes the market changes, but it could get better as well. It's a hard business to make money in and you really have to be super head-strong and work lots of extra hours.





Good Luck!
The mortgage industry is always chaning, just like the stock market. If it is something you want to do go for it. Work hard and smart and you'll make money in any industry.
Why would you think it's ';hype';? If you are thinking of going into that industry haven't you read what is happening?





Foreclosures are up because too many who really couldn't afford a house went out and got an ARM, now that rates are up, they are paying the price and usually can't afford it.





Too much building too fast took place in some areas, example; Florida's condo/townhouses are crashing. Some other areas in the U.S. are feeling the pinch too, others are holding but houses are selling more slowly and sellers are having to price accordingly and offer perks.





I suggest you prepare yourself for the next up-swing, which may not be for a while and get your real estate license but keep your day job.
Joe, good news! the mortgage industry is about people needing money, not buying houses. What's the one thing people will always need? (ok, besides that...) yes, cash. When housing is tight, tap into the debt consolidation market, or network with financial planners and cpa's who have clients needing to restructure their assets.


Real Estate and mortgage lending are two different careers, but both still good. Email me if you'd like some ideas. Good luck!
You should try it as a part time thing until you see what it is like. It will take a while to obtain your credentials and get started anyway. Once you decide if you like it and if you can support yourself then you have to make the decision of what to do.