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
Residency to Retirement: A Physician’s Guide Whether starting out or selling out, providers have lots of questions about money. The experts have answers.AUTHORS – Melanie Kilgore-HillPro athletes aside, some of the biggest paychecks in America belong to physicians. According to the U.S. Department of Labor, primary care physicians earn approximately
When can I lock my mortgage rate? So you’re doing your due diligence, and shopping around for mortgage rates and think you’ve found the best lender and decide to get a loan estimate to solidify things. You carry on with your home search and feel confident you have a great
You are ready to put an offer on a new home!!! You’ve found the perfect place, you have a motivated seller, and you can’t wait – you want to move yesterday!Your lender is going to be thrilled for you and they will want everything to go smoothly. You will have
5 Financial Reasons Physicians Should Buy a Home In 2013, The Managing Director of the Joint Center of Housing Studies at Harvard University released a paper on homeownership. In his paper, he revealed five financial reasons people should consider buying a home.Here are the five reasons, each followed by an
Advantages of Buying a Home during Residency Buying a home is a serious life decision for anybody, but in particular for new doctors in residency. During this period of transition for you – this time of reflection and new goal-setting for the next phase in your life and career –
Sourcing the Funds for your New Purchase You have decided to purchase a home and you have money put aside for this very big event. The money that you have worked so hard to save may be coming from your checking, savings, investment, or retirement accounts. Your lender will need
It’s that time of year again! There is a lot going on this time of year for people in the medical industry! Medical students are graduating, new residents are “matching”, some residents are choosing to continue their education with fellowship programs, and others are deciding which hospitals and/or practices will
Student Loan Solutions for Home Ownership Student loans allow you to invest in your future, and though that may at times feel overwhelming, the payments don’t have to be a burden. You may qualify for multiple options that will relieve you from such financial pressure as you take the next
How lenders see your income. W2 / K1/ 1099 Your income is a big piece of the puzzle when it comes to qualifying for a mortgage. The lender is required to calculate a monthly gross income figure using supporting documentation such as paystubs and tax returns. The calculated monthly income
