Are you a service member who wants to become a real estate agent? If so, you're in luck. Many national brokerages have teamed up to help veterans make their transition into the workforce. Some offer discounted or free real estate courses.
You may be able even to use your GI Bill benefits for a new license in real estate. According to the Department of Veterans Affairs you can use your benefits in order to pay for some or all of your licensing costs.
A free real estate license is no small feat, but it isn't impossible to obtain. Surprised to find out that your GI Bill can not only pay for your education in real estate, but also cover your certification exam fees and test fees.
You must take at least two classes and pass an exam to be able to earn money as a realtor in most states. These courses can be significantly discounted for those who are eligible to join the military.
The first thing you'll want to do is check with your state's real estate department to find out what its requirements are. Arkansas, for instance, requires applicants to submit a criminal record check. Applicants should contact the Arkansas Real Estate Commission for more information.
A good resource is the "Real Estate Candidate's Handbook". The book covers everything, from proper terminology to the best testing centres for getting your license. You will also get an idea of all the details that you will need before you complete your real estate education.
The obvious benefit is that your GI Bill can pay for your license. Your monthly rate for full time training may include the cost to take your exam, depending on where you live. However, the rest of your bill will still need to be paid.
Additional benefits include a waiver of your application fee and an exemption from the renewal requirements for your license for six months following your discharge from service. While these aren't the only options available, you'll want to talk with your state's real estate board or association before making any decisions.
The GI Bill reimburses approved tests. You'll be able take the same test multiple times. Of course, you'll need to score higher in order to recertify.
Even your GI Bill may be used to help you pay for a course that prepares your for certification tests. You should be cautious about what you hear from schools.
There are also many other resources out there for veterans who want to get into the real estate business. The VA's official site lists some of them. Also, you should check out the Department of Labor's Military Spouse License Recognition Map which contains all of the current legislation.
Lastly, you might want to consider a program like Operation RE/MAX. This program is designed to end veteran unemployment. You will be matched with a mentor who can assist you.
FAQ
How much does it take to replace windows?
Window replacement costs range from $1,500 to $3,000 per window. The cost to replace all your windows depends on their size, style and brand.
Should I rent or own a condo?
If you plan to stay in your condo for only a short period of time, renting might be a good option. Renting will allow you to avoid the monthly maintenance fees and other charges. The condo you buy gives you the right to use the unit. The space is yours to use as you please.
What are the disadvantages of a fixed-rate mortgage?
Fixed-rate loans are more expensive than adjustable-rate mortgages because they have higher initial costs. A steep loss could also occur if you sell your home before the term ends due to the difference in the sale price and outstanding balance.
Statistics
- Over the past year, mortgage rates have hovered between 3.9 and 4.5 percent—a less significant increase. (fortunebuilders.com)
- This seems to be a more popular trend as the U.S. Census Bureau reports the homeownership rate was around 65% last year. (fortunebuilders.com)
- Based on your credit scores and other financial details, your lender offers you a 3.5% interest rate on loan. (investopedia.com)
- It's possible to get approved for an FHA loan with a credit score as low as 580 and a down payment of 3.5% or a credit score as low as 500 and a 10% down payment.5 Specialty mortgage loans are loans that don't fit into the conventional or FHA loan categories. (investopedia.com)
- 10 years ago, homeownership was nearly 70%. (fortunebuilders.com)
External Links
How To
How to Rent a House
Moving to a new area is not easy. Finding the perfect house can take time. When it comes to choosing a property, there are many factors you should consider. These factors include the location, size, number and amenities of the rooms, as well as price range.
We recommend you begin looking for properties as soon as possible to ensure you get the best deal. Also, ask your friends, family, landlords, real-estate agents, and property mangers for recommendations. This will allow you to have many choices.