What Makes a Loan Pre-Approval? Understanding Loan Approval Amounts At the start of a home search, one of the most pressing questions on the minds of borrowers is how much can I be approved for? While it is a simple and straightforward question, the answer can be very convoluted, leading

FAQ on Doctor Loans Frequently Asked Questions Q: What are the benefits of a “Doctor’s Loan?” A: The Doctor Loan requires No Down Payment with No Mortgage Insurance. In addition, the Residents and Fellows deferred student loans do not count towards the debt ratio. Q: Who qualifies for the Doctor

Self-Employment and Buying a New Home. Self-employed? You’ve chosen a path which gives you the flexibility to determine your style and momentum of doing business – there is no doubt about the excitement in this. Being self-employed also comes with a different fiscal responsibility.There are many blogs and articles out

Why does anyone choose an ARM??? One of the first choices you come across when deciding on a mortgage is Fixed Rate or ARM. Most people will respond quickly with 30 yr fixed, some will say 15 yr and even less will say tell me about both. Let’s start with

The added pain of Financing a Condo There are added elements to buying a Condo Here’s what you need to know. Home buyers are paying with cash more than ever. In the first quarter, 43% of home sales used cash, according to RealtyTrac, the highest level since the data firm

Prequalification: Focus on Payment, Not Price If a lender tells you that you’re prequalified for a $275,000 purchase, then you’re qualified to buy any $275,000 property that you desire, right? When you talk with lenders, you want to ask about the maximum purchase price that you qualify for, don’t you?After

A Tribute to Physician Spouses This month seems an especially fitting time of year to celebrate physician spouses and significant others. Behind many a successful Medical Professional, is the love, teamwork and support of their partners.Below is my list of links to blogs written by Physician spouses. Here you can

Home Owners Insurance. How much is Required? How much coverage will your lender required for Home Owners Insurance? Home Owners Insurance is sometimes referred to as a “Hazard Insurance”. This policy is what your lender requires to cover your new home in case of fire or property damages.There are two

Fixed Rate vs ARM Doctor Loan? Market uncertainty has kept interest rates low. Over the last couple of months, several prospective Physician homebuyers may ask same question, “Should I take a Fixed Rate or should I consider an Adjustable Rate Mortgage?” While much depends on your personal financial goals and

Seller Concessions to Cover Closing Costs No one likes closing costs: I want to discuss “seller concessions” – these are funds that the seller can contribute toward your costs to take out a new loan. For the purposes of this blog I am going to use the scenario of “conventional”