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”
Expectations of the loan process. Being on the same page with your lender about your responsibilities and timing for each step in the process is key. During the mortgage loan transaction, there are responsibilities of both the lender and the borrower. The mortgage process can anxious time for borrowers and
Understanding Closing Costs Homebuyers are generally responsible for making down payment on a new purchase as well as paying closing costs. These closing fees typically run between 2% and 5% of the home purchase price. Understanding more about what makes up these fees, will help you to compare rates and
Before you start your home search Searching for a home is a very exciting time, especially if it’s your first home. When you are ready to start looking, check off these 5 things before beginning your search. It will ensure you are prepared to buy the home, get a loan
Which lender is right for you and how to compare them? www.DoctorLoansPrograms.com is very helpful in providing reputable professionals that offer the Doctor Loan Program. This gives you a great start as there are so many options out there and it’s hard to know who you can trust.To help you
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 to a universal, it depends.
A Guide to Open Houses for Buyers On your home buying journey, attending open houses is part of the information-gathering phase. As you prepare to make one of the most significant investments of your life, open houses allow you to visit different neighborhoods and observe other prospective buyers reacting to
Some thoughts on Interest Rates Q2 With so little meaningful data relating to interest rates this quarter, It is a good time to discuss housing affordability. Interest rates are only half the equation when it comes to being able to afford a home. The other half of the equation of
Prequalification vs. Preapproval What is the difference? Regulation B (Equal Credit Opportunity Act) and Regulation C (Home Mortgage Disclosure Act) dictate in most cases what is appropriate: “prequalification or preapproval”. In simple terms preapproval suggests that there may be a property involved and the loan has been through the underwriting
