2013 Match Day is Almost Here. Are you ready?

Anticipation is reaching peak levels with the NRMP Main Residency Match happening this Friday.  Yes, March 15th is almost upon us.  For some, it's come too soon.  But for most, it can't come soon enough.

Today, many received an email alleviating the fear of matching.  Now the anxiety almost becomes greater.  Will I get my first choice?  Or my second?  Perhaps my third?

Your entire life you've know you wanted to be a doctor.  Now that medical school is almost complete - the questions start over again:  Where am I going to live?  Should I rent a studio or 1 bedroom?  Will I even be able to find a rental?  Everyone says the rental housing market has gotten tight - what does that mean?  Will I need to find a roommate?  How much can I afford?  Does it make sense to rent or buy at this point?

Yes, it's very possible in many cities and states in the US to attain the American dream:  Having the best resources to guide you effortlessly through the process is critical to making your transition a smooth one.

At Physician Relocation Specialists we built a nationwide network of Realtors who are standing by, ready to help you.  They'll narrow down your selections and help you make an offer on your dream home.  We also have bankers, on speed dial waiting for your call, who have special doctor loan programs to allow you to maximize your leverage (borrow more money ;-).  And we can introduce you to financial planners who will ensure you stay fiscally fit and ensure you are getting a good deal.

Watch our video.  We look forward to helping you make this next move go smoothly.

Physician Relocation Specialists

Working with professionals makes an experience more enjoyable.  And typically, those experiences go smoothly and are less stressful.  

When buying a home for the first time, the team you surround yourself with is key.  They will ensure you are buying the right home at the right price, with the best mortgage that fits in your long term financial plan.  

At Physician Relocation Specialists, we realize that while starting a new phase in your medical career and buying a new home are both exciting endeavors, they can also be stressful. Our goal is to provide you with resources that make this exciting time a little less hectic.

Our clients have shared their feedback:

"The Realtor® you recommended was great overall. The contacts you provided were invaluable and really let me shop around for a mortgage efficiently. Thanks again for all your help. I think the service you provide is extremely helpful."

“The process so far has been wonderful. Our Realtor® was essential in this process—he did all the leg work for us and was a pleasure to work with. The lender you recommended was also tremendously helpful. She answered all of our questions and made the loan process streamlined and simple to attack from long distance. Barring any speedbumps, the process and people you set us up with have been wonderful, as have you guys. Thank you very much.” 

Reach out and let us help you.  Fill out our intake form:  http://physicianrelo.com/contact/ 

Closing the Loop

Many people think of closing the loop as a final step; it is, in our opinion, a step that is used to begin the cycle again, based on an analysis of what has been accomplished and learned up to that point.

When a physician client purchases a home through a REALTOR® we've recommended, we make every attempt to reach all parties to find out how the experience went - from their perspective.

Today, I received the following feedback:  "Howdy!  Thanks for your email. Your team was polite and helpful, and my husband and I love Mary Assadi. Thanks for making our transition easier!"


At Physician Relocation Specialists, we aim to please.  We also count on referrals from clients to "close the loop".  It's exciting to help physicians seeking a recommendation to a top notch REALTOR® or advice on which banker might offer a doctor loan program to suit their specific needs.

We wish Debia and Dan the best as they embark on their new adventure as homeowners in Davis.  And we thank Mary Assadi for taking excellent care of our clients!

Congratulations to the Medical Class of 2012!

Congratulations to the class of 2012! You are two days away from knowing where you are headed for residency. Now that you'll have an income, you can purchase your own home for residency! No more renting - that's exciting, right? We can save you a tremendous amount of time, energy and most importantly money when you purchase your home (we just can’t pack your boxes and label them for you).

Our goal is to put you in touch with the resources you need to purchase a home. Buying a home can be stressful enough and trying to find a mortgage lender and Realtor® that can help you can make it that much more difficult. We pride ourselves on finding both the lender and Realtor that can help you in your unique situation.

Working with a Realtor who is active, educated and experienced in today’s market is paramount. With home prices nearing bottom and interest rates doing the same, now is a great time to purchase. Working with an agent that can navigate through what can sometimes be a challenging process is key.

We work with mortgage bankers who have doctor loans designed for new MDs. Depending on where you are moving, we take the guess work out of which bank would best fit your needs. Each bank has a unique set of doctor loan guidelines that can make it almost impossible to sort through. We know each bank’s guidelines inside and out and can match your unique needs to the right bank. Physician loans are not "exclusive" as some companies might lead you to believe.

Never agree to pay a fee for the name of a lender. If any company attempts to extort you to be introduced to a lender with the incentive to use their "award winning realtor", we suggest you seek alternatives. Seems like a scam to make a quick buck, agree? We can put you in touch with a banker at fourteen (14) different institutions (location dependent) that offer doctor loan programs. No one else has done the research or has the relationships to help you get what you need.

Reach out and let us know where you are headed. Visit our site: http://www.physicianrelo.com to get started. A member of our team will be in touch within 24-48 hours to help you. We'll do our best to put you in touch with the best resources - all free of charge to you. Congratulations again and best of luck!

The Annual Migration

It's that time of year, when many physicians are preparing for an upcoming career change. Many are completing residencies and fellowships, while others are looking forward to Match Day and graduating from medical school.

Our clients tell us the task of relocating can be overwhelming. With a relocation in the next 90-120 days, it's never to early to get started. Our goal is to make your relocation as seamless as possible. With the right connections and introductions, we help make relocating very manageable. We will act as your advocate and only introduce you to professionals that possess the following three criteria: college educated, experienced in working with physicians, and very service oriented.

Regardless of where you are relocating, we will introduce you to an excellent Realtor as well as a banker or two that can finance your dream home.

Visit our site: http://www.physicianrelo.com to get started. A member of our team will be in touch within 24-48 hours to help you.

Second Home Financing for Physicians

Are you in the market for a second home?  If so, congratulations! Not only can you look forward to having a place to relax, you also can garner some tax benefits that will help you build wealth.

If you had enough money to pay off your mortgage right now, would you? Many people would. In fact, the ‘American Dream’ is to own your own home, and to own it outright, with no mortgage. If the American Dream is so wonderful, how can we explain the fact that thousands of financially successful people, who have more than enough money to pay off their mortgage, refuse to do so.

Let’s be clear, buying a second home can be a great investment. However, wealthy physicians should buy second homes with as little of their own money as possible, leaving the majority of their cash in other investments where it’s liquid, safe, and earning a rate of return. One of the biggest misconceptions homeowners have is that their home is the best investment they ever made.  Yet, a rate of return is always greater when physicians maximize the power of leverage.

If you are a practicing physician, have done a solid job managing your credit and have been successful in your saving efforts  - buying a second home could be advantageous in today’s market, especially since home prices have declined and interest rates are near bottom.

If you would like to purchase a second home with as little as 10% down, please let us know how Physician Relocation Specialists can help you.

Physicians Relocating to Portland, OR

At Physician Relocation Specialists, we're proud of where we choose to live and work.


For physicians evaluating doing residency or fellowship in Portland, OR this YouTube video from Travel Portland provides a quick 4 minute overview of what you can expect.

If you need assistance in choosing an excellent REALTOR® or finding 100% financing using a doctor loan, let us know how we can be of assistance.  We'd be happy to help you get settled into the best city in the USA.


The production company for the video, Sockeye, is local to Portland as well.  Nice work!

REALTOR® Representation is Critical to Physicians

Physicians have common reasons why representation is important to them:

• Access to entire marketplace of available properties.
• Market and general community information.
• Property Selection and Verification of Value.
• Offer Preparation and Negotiation.
• Financing Assistance and Direction.
• Property Condition Evaluation.
• Verification of Miscellaneous Property Considerations.
• Closing Process Coordination.
  
  
  
  

Jumbo Doctor Loans - Get Pre-Approved

All too often we receive calls from physicians who have found the perfect home yet their financing strategy has not been vetted.  Putting the cart before the horse happens to many of us mostly because we do not understand the process.  Don't worry, Physician Relocation Specialists can still help you.


Case in point: two physicians contacted us today to help find financing after they had written offers for new homes, one for a $2,000,000 purchase in CT and the other purchasing a $700,000 home in IL.  These clients will be put in touch with a banker who can help them meet their goals - free of charge.


We have worked with many physicians (and their spouses) who become emotionally tied to a new home either they cannot find financing for or cannot afford.  In hundreds of cases, we have helped doctors find the financing solution they need.  Occasionally though, we run across clients who's expectations need to be reset - but that's the exception.


The following is the process we recommend when purchasing a new home:

Contact a REALTOR® through Physician Relocation Specialists

A relocation coordinator at Physician Relocation Specialists will introduce you to a full time, professional REALTOR® who can help you through the entire process of buying a home, starting with the mortgage and continuing right through closing – and beyond. He or she can help you shop for the best interest rate and terms and, if you wish, suggest mortgage lenders.

Get Preapproved for a Loan

The higher your FICO score, more loan programs become available to you like the doctor loan.  The REALTORS® recommended by Physician Relocation Specialists are able to help you understand the benefits of the different loan programs available. The lenders we recommend will give you the best deal.

Determine Your Price Range and Area(s) in Which You're Interested

By now you should have a good idea of how much home you can afford. This helps you narrow down your home search. You should also begin researching the neighborhoods in which you might want to live. Your recommended REALTOR® can help.

Decide Which Amenities and Features You Must Have – and Which Ones Would Be Nice but not Necessary

How many bedrooms and bathrooms do you want? Would you prefer a newer home or an older one with established landscaping? Are hardwood floors a must? Is an updated kitchen important to you? Walk-in closets? Which features would you be willing to give up if you find the otherwise-perfect home?

Begin Testing the Market

Your recommended REALTOR® will provide you with listings that meet your criteria as well as neighborhood data. Identify properties that seem to be fits for you, take an afternoon and go on a driving tour. See what's available in your price range and explore neighborhoods.

With Your Agent, Begin Seriously Looking at Homes

Your agent can add to the list of homes you've already identified – including ones that have just come on the market. Look at homes with a critical eye – does the floor plan work for you, is the property in good condition, would it be right for your lifestyle? In short, can you imagine yourself and your family living there?

Take notes at each home you visit. What do you like and not like? Narrow down your choices; re-visit homes in which you're interested. See them at different times of the day.

Make an Offer

When you've identified the home you want to buy, be prepared to help your agent prepare a written offer quickly. Your agent will be familiar with market values and will help you arrive at a price that gives your offer the best chance of being accepted.

At this stage, try not to become emotionally attached to a home. Your offer may not be accepted for any number of reasons. Have backup homes in mind. Be prepared to negotiate through your agent with the sellers.

Once Your Offer Is Accepted:

• You'll be asked to submit an earnest money deposit that usually isn't refundable.
• Begin making moving arrangements (select a mover, obtain change-of-address cards, inform friends and relatives).
• Have the property professionally inspected.
• If necessary, request repairs.
• Obtain homeowner's insurance.
• Contact utilities (phone, water, power, etc.).
• A few days before closing, stage a walk-through.
• Obtain a cashier's check for the down payment and closing costs.

At Closing:

• Make sure the terms and conditions of the loan statement are correct.
• Carefully read everything before you sign.

ENJOY YOUR NEW HOME!

Complimentary Service to Med Students, Residents and Attending Physicians

I'm always amazed when I receive a call from a physician who tells me they know all of the banks that have doctor loans and they are already working with a Realtor. Really? Then why have you reached out to us?

Doctor, we're here to save you your most important resource - time. That's why we make it our priority to provide you with prompt, knowledgable service. Read our testimonials. Physician Relocation Specialists services are free of charge to all physicians (residents, fellows, attendings).

Other services claim they have access to "exclusive physician loans". There's nothing exclusive about the loans. Elusive, maybe. But not exclusive. When any company attempts to extort you for an introduction to a lender, just give us a call at (877) 387-5734. We have the broadest network of bankers who specialize in their respective banks doctor loan program. We're happy to put you in touch with them, all free of charge.

Match Day 2011 - Physician Relocation Specialists

Match Day 2011 is less than 1 week away. Let us make your move easier.

We realize that while starting a new phase in your medical career, moving and buying a new home are all exciting endeavors, they can also be stressful. Our mission is to provide you with relocation resources that make this exciting time a little less hectic. We are a full service relocation company for physicians and our services are completely free to you. Other services claim exclusivity and charge doctors and their families a fee for services and connections we provide at no cost to you.

Physician Relocation Specialists connects graduating med students with mortgage bankers who can provide a physician home loan program with up to 100% financing and no PMI. Today, we work with nine different banks that all offer a doctor loan. Depending on where you are moving and your circumstances, you may be introduced to one or up to four of our banking partners.

We will also connect you with a pre-screened, active, and highly qualified (educated, experienced and full time) Realtor®. Choosing the right Realtor in today's market is just as important as choosing the right home. Luckily, we’ve done the work for you. We can match you with the perfect Realtor for your unique situation.

Our clients all tell us their goal after Match Day is to get comfortable and situated as quickly and easily as possible. We can help you do just that. By starting your home search early, we can help you get settled in your new home up to 60 days prior to starting your residency.

We look forward to meeting you and your colleagues at this exciting time in your personal and professional lives. We welcome referrals.

Bank of America Launches its New Doctor Loan Program

The Bank of America Doctor Loan is the most widely referenced and recognized loan program of its kind. When Bank of America canceled their program in March of 2009, many physicians were challenged to find alternate home loan solutions that would provide them with perks like no money down and no PMI.

We are pleased to announce that Bank of America has launched their Doctor Loan Program in all 50 states as of August 9, 2010. Below are the features of the Bank of America physician loan:

Who is eligible?
- Medical residents
- Existing or new licensed Medical Doctors (MD)
- Doctors of Dental Science (DDS)
- Doctors of Dental Medicine (DMD)
- Dental Surgeons specializing in oral and maillofacial surgery (DMD)
- Doctors of Optometry (OD)
- Doctors of Opthalmology (MD)
- Doctors of Podiatric Medicine (DPM)
- Doctors of Osteopathy (DO)

How much can I borrow, and how much do I have to put down?
- Loan amounts up to $850,000
- 95% LTV (5% down required)

While most physicians will be able to secure 95% financing through Bank of America, certain housing situations will require more money down. Factors like housing type, geography and declining markets may cause down payment amounts to go up. For example, physicians looking to buy an attached home (condos, townhomes, PUDs) in Florida will be required to put 20% down due to the state’s challenged real estate market.

What kind of loan products are available?
- 30YR Fixed
- 15YR Fixed
- 7/1 LIBOR ARM
- 10/1 LIBOR ARM

What are the reserve requirements?
Reserve requirements for loan amounts less than or equal to $625,500 require four (4) months principal, interest, taxes insurance and assessments (PITIA); loan amounts greater than $625,500 require six (6) months PITIA

Some other important things to note:
- Deferred student loans don’t apply to debt-to-income ratio
- You can use future income, as long as your employment start date is within 60 days of closing.
- Using future employment to qualify also requires additional reserves.
- The minimum 5% down required must be from your own funds. You can use gifts, however, for closing costs and reserves.
- The minimum credit score for all applicants is 720. If you and your spouse both apply, you both need a mid-FICO of 720.

Depending on your unique situation, certain restrictions to the above guidelines may apply. If you are interested in a physician loan, contact Physician Relocation Specialists. We can put you in touch with a mortgage banker who specializes in the physician loan at Bank of America.

$1,500,000 Home Loan for MD's (Physicians)

Great news! Our network of Physician Loan Specialists offer physicians a single home loan for $1,500,000!


Yes, you read that correctly: 100% finanancing, using only one (1) loan for up to $1,500,000. The program is exclusive to MD's and requires a mid-FICO score of 660. Get this: the program even allows you to use your future income!


The company I founded is focused on creating value to you: our client. Our philosophy is to work with the highest and best qualified professionals who are constantly thinking outside the box, being innovative, and demonstrating they value your relationship.


You can find out more about additional benefits to you at: Physician Relocation Specialists