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Posted on Mar 15, 2018 in Why Physician Home Loans Fail
We advise our clients that prequalifying is just not enough and recommend they obtain a full credit and income approval prior to falling in love with a home and writing an offer.
So what’s the difference between a preapproval and a credit and income approval?
Posted on Mar 15, 2018 in Why Physician Home Loans Fail
It is paramount that you work with a mortgage professional specialized in your unique situation, just as it is important to go to an expert who specializes in your medical condition. In other words, I would not go to an orthopedic surgeon if I had a heart problem.
Posted on Mar 15, 2018 in Why Physician Home Loans Fail
It’s important that you understand the challenges that nearly all physicians face at three specific junctures in their career: I call these junctures “danger zones,” because it is during these transitional periods when most loans are declined,
Posted on Mar 15, 2018 in Why Physician Home Loans Fail
Obtain your credit report and FICO (Fair Isaac Company) score. The first thing you should do in preparation for the home-buying process is to start monitoring your credit. Start three to six months before you want to close on your new home to make sure nothing slipped through the cracks. … Continue reading
Posted on Mar 15, 2018 in Physician Loan, Why Physician Home Loans Fail
Choose a Mortgage Professional Who Can Educate and Truly Guide You If you just do one thing, ensure you start off on in the right direction by locating a mortgage professional who has experience with medical professionals and has done a good job with them in the past. … Continue reading
Posted on Mar 15, 2018 in Why Physician Home Loans Fail
Here is a real-life scenario based on a post I read in a physician chat room: A newly attending physician and his young wife are in the process of buying a new home and relocating across the county.