By Josh Mettle - Fairway Physician Mortgage Loans
It’s no secret, getting your real estate offer accepted in today’s hyper competitive real estate market is no simple task – especially in the highly sought after neighborhoods most physicians are competing in. Inventory is low in most areas of the country and the competition for the best homes is fierce.
Most buyers you will be competing against (and their Realtors) only know one way to compete, which of course is with price. But like any game, there are rookie tactics and there are insider expert tactics for getting the job done.
Before I share the 7 insider tactics with you, allow me set the stage as to where we are today with the national real estate market and what you need to know to be competitive.
Gin Albanese | Luxury Residential & Commercial Real Estate | Gin.Albanese@SothebysRealty.com
Medical professionals may be eligible for a mortgage up to $750,000 without a down payment or private mortgage insurance needed.
PhysicianLoans, an Ohio-based mortgage lender offers “Doctor Loan” to medical doctors, dentists, and veterinarians. The company lends in 18 states, including Georgia, Michigan, Minnesota, Pennsylvania, Ohio, Texas, and Wisconsin, among others.
“Today’s young doctors would like to both pay down their debt and buy a home,” says Tal Frank, PhysicianLoans president. “While a post-residency doctor making six figures has the cash flow for both, they do not yet have the down payment required by a traditional bank.”
“Doctors completing their training now have to pay more for a home than they did five years ago, which would translate to an even higher down payment with traditional banks,” Frank added. PhysicianLoans has offered zero-down loans for doctors previously but increasing the loan amount to $750,000 helping more homes in reach for new doctors who recently completed training.
You’ve probably seen the ads promising online mortgages in a flash. Sounds good, because who isn’t busy these days? But wait. Would you buy your next car in a flash? Imagine filling out a form on a website, taking the car presented to you without being offered any options, and paying whatever the dealer asked?
Most people probably aren’t in that much of a hurry to purchase a new vehicle, never mind a long-term commitment to pay up to $150,000 or more. I can testify that many homebuyers have had safer, less stressful experiences when teaming up with a mortgage loan professional. Here are six reasons to consider working with a loan officer that lives and works in the same community you do:
Doug Mitchell, CLU
Ogletree Financial Services, LLC
Most physicians take good care of themselves. Knowing how important it is to be healthy and setting the example for their patients leads them to be clear examples of how to take care of oneself. However, it’s always a convenient precaution to assure our beloved ones a stable future, and the best way to fulfil this is by buying a life insurance policy just in case.
Buying a life insurance policy is surely one of the most important decisions people can make in their financial lives. Whether you have some knowledge of Term Insurance and Whole Life Insurance or not, deciding is never an easy task since it requires careful consideration of your needs, concerns and priorities.
Once the decision is finally made, it brings a sense of relief and comfort to most people, sadly, this is not an everlasting feeling. It will only last until they have to face the agonizing process of deciding which kind of life insurance to buy.
Regarding life insurance, the amount of different options can make this process a bit daunting and overwhelming, however, proper recommendations and tips will help you choose right.
The Summer issue of PracticeLink Magazine is out and with it comes an extremely helpful article on Physician Relocation. Contained in that article are quotes from Senior VP, Ron Davis, and references to MD Preferred Services.
Take a few minutes and check it out!
For any medical practitioner, having a business continuation plan can make the difference of whether your business survives the death of a key person, partner, or owner. Most small medical practices are owned by a single owner or a partnership. Regretfully, medical practitioners die unexpectedly, and for unforeseen reasons, just like anyone else so it makes excellent financial sense to provide a defined business continuation plan that includes key-person insurance to ensure the survival of the business if the worst should happen. There are various ways to accomplish this, all of which can be funded with affordable term life insurance.
Mosaic Financial Associates
We’ve had thousands of conversations over the past 20 years with clients and attendees of the many resentations hosted for residency and fellowship programs. Universally the question is asked, “What are the things I should do while in training?” Generally, resources are the primary factor in whether people are able to execute these items. However, if someone does have the resources, they should strongly consider the following two strategies.
Over the past 20 years or so, we’ve observed doctors making numerous mistakes at all stages of theircareer. We have taken our observations, as well as enlightening discussions with well-established doctors, and compiled this list of critical errors. Our hope in providing this list is to continue our mission of helping doctors and their families grow their net worth tax-efficiently while minimizing exposure to litigation.
In our experience, few physicians understand how to take full advantage of the opportunities afforded them through PSLF (Public Service Loan Forgiveness), which could cost them upwards of $20,000-$40,000 per year depending on the amount, type of debt and personal circumstances.
On average new physician client begins medical residency with a staggering $250,000 of medical school debt (range of $0-$400,000). This is occurring during a time when how physicians are employed and the incomes they earn, are in flux2
The first step for a graduating student is to learn how to navigate and understand the government programs for loan forgiveness. There are several options to choose from but each requires an understanding of your distinct circumstances. It is not a simple decision as life changes.
Here are some considerations: