Why Physician Home Loans Fail
Advantage Media Group (Verlag)
978-1-59932-446-3 (ISBN)
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In the post-meltdown world of mortgage banking, physicians face more challenges and have a higher rate of underwriter decline than any other professional client we advise. It’s shocking but true. Spend a few minutes in physician chat rooms where the topic is “mortgage” and you are likely to read nightmare after nightmare horror story. It’s emotionally devastating to see what a botched home loan and closing can do to a family.
Within these pages, seasoned physician mortgage professional and fourth-generation Utah real estate investor, Josh Mettle, exposes the land mines and provides unique solutions to seamlessly overcome the pitfalls nearly all physicians face.
You will learn:
• How to avoid the landmines that most commonly lead to surprising last minute declines.
• How student loans (including IBR and deferment) affect how you qualify for financing.
• How to find a true mortgage and real estate specialist in your hometown.
• What specifically to look for in a real estate and mortgage advisor.
• A step-by-step guide, which virtually guarantees you a flawless home purchase.
The challenges you’re likely to face are commonplace within your field, but can be embarrassing, expensive, and painful to learn firsthand. There is no bigger disappointment than finding out your loan was declined by an underwriter at the last minute forcing you to scramble to find temporary housing. Avoid that agony by educating yourself with a few simple precautions contained within these pages. Physician home loans are a “niche” loan practice, which is why you won’t find the information contained in this book anywhere else. When it comes to securing a physician home loan you don’t need a general practitioner, you need a super specialist.
JOSH METTLE, A 12-year veteran of the mortgage business, he leads The Mettle Group, a professional mortgage practice based out of Salt Lake City, Utah. The group currently practices in eleven states advising physicians, dentists and PAs on how to prepare and flawlessly purchase their next home. Josh is proud father of Zander (4) and Aria (2), devoted husband to Hillary and regularly competes in Spartan obstacle races, where he is a perennial top 50 finisher. In his spare time…Josh co-owns and co-manages 100 rental homes and apartment units with his wife and his mother, Cynthia Hale, who blogs at: www.MotherOfAllLandlords.com You can find and follow Josh at: www.joshmettle.com
A NOTE FROM THE AUTHOR
FOREWORD by James M. Dahle, MD/AKA: The White Coat Investor
INTRODUCTION
Genesis of a Mortgage Debacle
Huge Confl ict in Mortgage Lending
Why Write a Book About Mortgage Loans for Physicians?
What Are the Danger Zones?
About the Author
CHAPTER 1: THE RENT-VERSUS-BUY CONUNDRUM
Problems and Challenges Physicians Face When Buying a Home
Common Challenges
What Criteria Should I Use to Choose a Mortgage Lender?
How to Navigate Through the Many Mortgage Products Out There
CHAPTER 2: WHERE DO I START? FIND A REALTOR OR A LOAN OFFICER?
Why Preapproval Is Not Enough!
Six Things to Do When Searching for a Mortgage Lender
How to Find an Awesome Realtor
How to Buy a New Home a Long Way From Home
CHAPTER 3: THE PHYSICIAN HOME LOAN
How Can I Find a Physician Home Loan Lender in My City?
What Is the Difference Between a Physician Home Loan and a Conventional Loan?
Physician Home Loan FAQs
CHAPTER 4: HOME LOAN OPTIONS FOR THE GRADUATING MED STUDENT GOING INTO RESIDENCY
Why Resident Physicians Struggle the Most
Typical Challenges Resident Physicians Face
FHA or VA Home Loan
Conventional Home Loan
Physician Home Loan
How Do I Know Which Loan Is Truly the Best Option?
A True Story: Dr. Schwartz’s Near-Disaster
Lessons Learned
CHAPTER 5: HOME LOAN OPTIONS FOR THE RESIDENT OR FELLOW GOING INTO PRACTICE
Typical Challenges New Attending Physicians Face
FHA, VA, or Down Payment
Conventional Home Loan
Physician Home Loan
A True Story: Dr. Gilbertson
Lessons Learned
CHAPTER 6: HOME LOAN OPTIONS FOR SELF-EMPLOYED AND 1099 CONTRACTOR PHYSICIANS
How Underwriting Views Self-Employed and 1099 Contractor Borrowers
Income Verifi cation for 1099 Contractor Physicians
Income Verifi cation for Self-Employed Physicians
Conventional, FHA, VA
Physician Home Loan
A True Story: Dr. Finkel
Lessons Learned
CHAPTER 7: WHAT TO EXPECT AT THE CLOSING
How to Prepare for the Closing
Important Communication Between Your Lender and You
Settlement Statement Review
Your Cash to Close
Timing of the Closing
Signs of Trouble: When to Ask Questions
Closing Remotely Before You Arrive at Your New Home
FAQs About Your Home Loan Closing
CHAPTER 8: COMMON MISTAKES WHEN BUYING A HOME
Failing to Insist on a Full Credit and Income Approval
Deciding on a Lender Purely Based on Cost
Missing Purchase Contract Deadlines
A True Story: Dr. Fish
Lessons Learned
CHAPTER 9: KEY POINTS FOR PHYSICIANS
Overview of the Life of a Loan
A True Story: Dr. Peters’s Perfect Transaction
Lesson Learned
Six Steps to a Flawless Home Purchase
1. Choose a Mortgage Professional Who Can Educate and Truly Guide You
2. Verify Your Lender’s Reputation
3. Obtain a Credit and Income Approval
4. Carefully Select Your Realtor
5. Stay in Communication
6. Be Proactive
APPENDIX A
APPENDIX B
| Erscheint lt. Verlag | 7.7.2014 |
|---|---|
| Verlagsort | Charleston |
| Sprache | englisch |
| Maße | 152 x 228 mm |
| Themenwelt | Sachbuch/Ratgeber ► Beruf / Finanzen / Recht / Wirtschaft ► Geld / Bank / Börse |
| Sachbuch/Ratgeber ► Beruf / Finanzen / Recht / Wirtschaft ► Immobilien / Grunderwerb | |
| Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung | |
| Wirtschaft ► Betriebswirtschaft / Management ► Rechnungswesen / Bilanzen | |
| Betriebswirtschaft / Management ► Spezielle Betriebswirtschaftslehre ► Immobilienwirtschaft | |
| ISBN-10 | 1-59932-446-6 / 1599324466 |
| ISBN-13 | 978-1-59932-446-3 / 9781599324463 |
| Zustand | Neuware |
| Haben Sie eine Frage zum Produkt? |
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