Is It Worth It To Get A Mortgage License?

The short answer is “yes”.

Are you looking to get a mortgage license to make a little money on the side
Or perhaps you are looking for a career change and being a loan officer excites you.

You might even be looking to buy your own home, and want to save the originiation fee on the loan for yourself.

There are many reasons for getting a mortgage license and almost all of them are good. And seeing how relatively inexpensive it is to get licensed, it’s almost always worth it.

What’s required to get a mortgage license?

In the United States, if you want to make money in mortgages, you have to get licensed. And in addition to a national test, each state has specific requirements you’ll have to meet before getting your mortgage license.

Each state has its own requirements, but generally speaking, aside from basic requirements like age, credit worthiness, etc., each state generally requires that you complete a certain amount of training or “classroom hours” and take a test prior to licensure.

For example, several states like Alabama, Lousiana, and Massachusettes only require 20 pre-license classroom hours while Nevada requires 30. Other states’ requirements will vary, but will be somewhere between 20 and 30.

Here’s the good news.

While you will be required to complete these “classroom hours” to get your mortgage license, you don’t actually have to attend a school or even leave your house to fulfil this requirement.

Most states will let you take home study courses, and you can complete them in your free time, at a pace that works best for you and your current schedule.

But, please be aware, not all pre-license courses are created equal.

Unfortunately, you can’t just go out and buy a “one size fits all” course and hope that your state will accept it. You must get one that your state has pre-approved and meets all of their specific requirements.

Further yet, there are a lot of courses available that may be state approved, but still fall short in effectively training their students. Keep in mind, even if you get through the pre-license education, you still have to pass the national exam, and perhaps even a separate state exam.

It’s worth it to invest in a good training course, so take the time and do it right. And better yet, get one that guarantees that after you’re through the pre-license hours, that you’ll pass the test(s) the first time.

Good training courses will run any where from $100 – $400 and are priced according to your state’s requirements.

What are your state’s specific requirements?

I’ve already done the research for you and compiled a complete list of what your state’s requirements are for getting your mortgage license.

So just select your state below, click the “Go” button and I’ll give you everything you need to satisfy your state’s requirements for licensure.

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