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!
Showing posts with label physician loan. Show all posts
Showing posts with label physician loan. Show all posts
Tuesday, July 10, 2012
Wednesday, February 29, 2012
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.
Friday, August 26, 2011
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.
Thursday, March 10, 2011
Match Day 2011 - Physician Relocation Specialists
Match Day 2011 is less than 1 week away. Let us make your move easier.
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.
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.
Friday, June 11, 2010
Your Credit Score and the Physician Home Loan
Whether you are interested in a physician home loan, an FHA loan or a conventional mortgage, determining your credit worthiness (called a FICO Score), is a necessary first step. If you wish to qualify for a physician loan, it’s important to understand what a FICO score is and how it’s calculated.
There is often much confusion about how these scores are calculated. The data used in your credit report to calculate the score can be grouped into five different categories.
Category #1 Payment History (35% of your score)
It’s the number-one rule to having great credit: pay your bills on time. Payment history makes up 35% of your credit report, and breaks down into a few sub-categories:
• Account payment information on certain accounts such as credit cards, retail accounts, installment loans, medical school loans, mortgage, etc.
• Adverse public records such as bankruptcy, judgments, liens, wage attachments, collection items, and/or delinquency
• Length of the delinquencies
• Amount past due on delinquent accounts or collection items
• Recency of past due items, adverse public records, or collection items
• Number of past due items
• Number of accounts paid as agreed
Category #2 Amounts Owed (30% of your score)
Your existing debt also plays a large part in your credit report. However, with the physician loan, doctors are able to have all deferred student loans waived from their debt to income ratio. Other types of debts (mortgages, credits card debt, etc.) are still included in your amounts owed.
• Amount owing on accounts
• Amount owing on specific types of accounts
• Lack of a specific type of balance, in some cases
• Number of accounts with balances
• Proportion of credit lines used (proportion of balances to total credit limits on certain types of revolving accounts)
• Proportion of installment loan amounts still owing (proportion of balance to original loan amount on certain types of installment loans)
Category #3 Length of Credit History (15% of your score)
This is pretty straightforward: how long has your credit been established?
• Time since accounts/loans opened
• Time since accounts/loans opened, by specific type of account
• Time since account activity
Category #4 New Credit (10% of your score)
Constantly opening new accounts can be damaging to your credit score. Managing your existing debt and avoiding opening new accounts can positively impact your credit score. The areas examined in this category are:
• Number of recently opened accounts, loans, and proportion of accounts that are recently opened, by type of account
• Number of recent credit inquiries
• Time since recent account opening(s), by type of account
• Time since credit inquiry(s)
• Re-establishment of positive credit history following past payment problems
Category #5 Types of Credit Used (10% of your score)
This category takes a look at what kind of accounts you’ve got. A mixture of accounts usually generates better scores than reports with only numerous revolving accounts (credit cards).
• Number of various types of accounts (credit cards, retail accounts, medical school loans, mortgages, etc.
A few other things to note:
• A FICO score takes into consideration all these categories of information, not just one or two.
• Many banks offering the physician loan require a minimum FICO of 680. While there are some exceptions, it is extremely important to be aware of your credit score and manage it accordingly.
• The importance of any factor depends on the overall information in your credit report.
• Your FICO score only looks at information in your credit report. However, lenders look at many things when making a credit decision including your income, how long you have worked at your present job and the kind of credit you are requesting.
• Your score considers both positive and negative information in your credit report. Late payments will lower your score, but establishing or re-establishing a good track record of making payments on time will raise your FICO credit score.
• Most lenders offering the doctor loan will not count student loans from medical school against the physician to determine qualifying ratios.
To learn more about how your credit score can impact your ability to secure a physician home loan, contact us.
There is often much confusion about how these scores are calculated. The data used in your credit report to calculate the score can be grouped into five different categories.
Category #1 Payment History (35% of your score)
It’s the number-one rule to having great credit: pay your bills on time. Payment history makes up 35% of your credit report, and breaks down into a few sub-categories:
• Account payment information on certain accounts such as credit cards, retail accounts, installment loans, medical school loans, mortgage, etc.
• Adverse public records such as bankruptcy, judgments, liens, wage attachments, collection items, and/or delinquency
• Length of the delinquencies
• Amount past due on delinquent accounts or collection items
• Recency of past due items, adverse public records, or collection items
• Number of past due items
• Number of accounts paid as agreed
Category #2 Amounts Owed (30% of your score)
Your existing debt also plays a large part in your credit report. However, with the physician loan, doctors are able to have all deferred student loans waived from their debt to income ratio. Other types of debts (mortgages, credits card debt, etc.) are still included in your amounts owed.
• Amount owing on accounts
• Amount owing on specific types of accounts
• Lack of a specific type of balance, in some cases
• Number of accounts with balances
• Proportion of credit lines used (proportion of balances to total credit limits on certain types of revolving accounts)
• Proportion of installment loan amounts still owing (proportion of balance to original loan amount on certain types of installment loans)
Category #3 Length of Credit History (15% of your score)
This is pretty straightforward: how long has your credit been established?
• Time since accounts/loans opened
• Time since accounts/loans opened, by specific type of account
• Time since account activity
Category #4 New Credit (10% of your score)
Constantly opening new accounts can be damaging to your credit score. Managing your existing debt and avoiding opening new accounts can positively impact your credit score. The areas examined in this category are:
• Number of recently opened accounts, loans, and proportion of accounts that are recently opened, by type of account
• Number of recent credit inquiries
• Time since recent account opening(s), by type of account
• Time since credit inquiry(s)
• Re-establishment of positive credit history following past payment problems
Category #5 Types of Credit Used (10% of your score)
This category takes a look at what kind of accounts you’ve got. A mixture of accounts usually generates better scores than reports with only numerous revolving accounts (credit cards).
• Number of various types of accounts (credit cards, retail accounts, medical school loans, mortgages, etc.
A few other things to note:
• A FICO score takes into consideration all these categories of information, not just one or two.
• Many banks offering the physician loan require a minimum FICO of 680. While there are some exceptions, it is extremely important to be aware of your credit score and manage it accordingly.
• The importance of any factor depends on the overall information in your credit report.
• Your FICO score only looks at information in your credit report. However, lenders look at many things when making a credit decision including your income, how long you have worked at your present job and the kind of credit you are requesting.
• Your score considers both positive and negative information in your credit report. Late payments will lower your score, but establishing or re-establishing a good track record of making payments on time will raise your FICO credit score.
• Most lenders offering the doctor loan will not count student loans from medical school against the physician to determine qualifying ratios.
To learn more about how your credit score can impact your ability to secure a physician home loan, contact us.
Tuesday, March 20, 2007
$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
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
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