Have you ever had a terrible experience while trying to close on a home and mortgage loan – or do you know someone who has?
In the post mortgage meltdown world of mortgage lending, doctors face more challenges and have a higher rate of underwriter decline than any other professional client we work with. It’s shocking but true. Spend a few minutes in physician chat rooms where the topic is mortgage and you will read nightmare after nightmare horror stories. It’s truly scary what a batched home loan and closing can do to a family.
So what can you do? You can educate yourself, you can be more prepared, and more aware than your peers. If you follow these Six Steps to a Flawless Home Purchase, you’re virtually guaranteed to come out the other side unscathed.
1. Choose a Mortgage Professional Who Can Educate and Truly Guide You-
If you just do one thing right, find a professional with vast and obvious experience financing doctors.
2. Verify Your Lender’s Reputation-
Once you think you’ve identified a good loan officer, verify his or her reputation. Look for past client testimonials and don’t be afraid to ask how many doctors they have worked with in the past few months and how many they are working with currently.
3. Obtain a Credit and Income Approval-
A Pre-Approval is simply not enough for you to gamble your family’s new home on. You must get a full Credit and Income Approval. The importance of getting all credit and income documents into the hands of an underwriter as early in the process as possible cannot be overstated.
4. Carefully Select Your Realtor-
It is of paramount importance that this is not just someone who’s qualified in helping the average person move across town. You are looking for someone with relocation, ideally physician relocation experience. I witnessed more transactions blow up from bad real estate representation and transactions management, than you can possibly imagine.
5. Stay in Communication-
Make sure everyone is on the same page and has the same dates in mind for the loan approval, wiring of closing funds, loan document signing and move-in date. This is especially important for relocating physicians who often have movers scheduled and a relatively short timeline to move in and get settled before starting their new position. Make it a point early in the transaction, even before you write up your offer or go house hunting, to get your loan officer and Realtor on the same page. This is important that these two advisors are in communication about loan type, financing and appraisal deadlines, as well as the all-important closing and move in date.
6. Be Proactive-
Take responsibility for the deadlines you sign on your purchase agreement and ensure you don’t lose your earnest money. This is ultimately your responsibility and all you have to do is to be aware of your inspection, appraisal, financing and settlement deadlines. I find most home buyers rarely even know the deadlines in a purchase agreement even exist.
Follow this advice and you have a 99 percent chance that your transaction will be a successful and enjoyable one! If you would like to further your knowledge, I have made my book titled “Why Physician Home Loans Fail – How to Avoid The Landmines For a Flawless Home Purchase” available to you for free. Please follow this link and request your complimentary copy here: http://physicianmtg.com
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