If you’ve recently decided to make your move on the property ladder or buy your first home, you’re probably inundated with questions.
“How can I make sure this goes off just as I want?”
“What can I do to make the process as simple as possible?”
“What the heck do I do now?”
The fact is, purchasing your first home is a daunting task – and if you want to make the process as smooth, easy, and hassle-free as possible, it’s vital that you follow a few simple steps – which we’re going to outline within this post – so that it doesn’t get complex, or confusing.
So, let’s get started with the first tip:
Choose The Right Mortgage Professional
Choosing the right mortgage professional is far-more important that it probably sounds. The right mortgage professional will guide you throughout the process – giving you a helping hand where necessary, and offering you honest, impartial, and GOOD advice.
Bonus points if you can find a mortgage professional who specializes – or at least, who has dealt with medical professionals before. (This is because there’s a much better chance they’ll be able to recommend the most suitable physician-specific mortgages for you – and it could end up saving you a TON of money, both now, and later on down the line.)
Don’t be afraid to ‘vet’ a few different mortgage professionals – you are certainly under no obligation to choose the first one you come across – and this is one of these scenarios where it really can be worth taking it slowly, and not rushing into anything.
Obtain a Credit and Income Approval
When you’re purchasing your new home, getting pre-approved is great – but it’s simply not enough to secure your future on its own.
For this reason, it’s highly-recommended you get a FULL credit and income approval upfront – as, getting these documents into the hands of an underwriter EARLY on in the process will make the entire thing a whole lot easier…
And it will also ensure that any potential problems are found now, rather than weeks – even months later – when you’ve basically assumed that you’re going to get the mortgage you want.
You wouldn’t believe how many new physicians fail to take this simple step now, and end up going through the entire process, only to get turned-down at the last stage on some minor technicality. It may cost you a little extra time and cash now, but it’s almost ALWAYS well-worth it in the long-run.
Be Picky With Your Realtor
Almost anyone can list a house for sale…
Almost anyone can “be a realtor”…
But if you want the homebuying process to be as smooth, efficient, and cost-effective as possible, it’s extremely important you choose the right realtor – as doing so can save you a LOT of time, effort, and money.
Ideally, you want a realtor who’s experienced with physician relocation, as they’ll be in the best possible position to advise you – and they’ll also have a slightly better understanding of how mortgages for physicians work.
As Fairway Physician Home Loans expertly state:
“Your Realtor should, preferably, not be just someone who’s qualified in helping the average person move across town. You are looking for someone with relocation experience, ideally physician relocation. You should be able to find such Realtors through an online search, via referral from the medical department you are joining, a colleague who has recently relocated to the area, or a referral from a loan officer specializing in physician home loans. If you can’t find a Realtor with experience in physician relocation, then the next best thing is a Realtor who specializes in relocation, because that person will have more specialized knowledge of the potential pitfalls and be attuned to serving clients remotely.”
Last But Not Least: Don’t Panic
It’s going to be tough at times.
It’s going to be stressful.
Unfortunately, buying a new home is always going to take its toll on your, emotionally…
But, by following the advice above, and making sure you keep a cool, calm head at all times, you’re in a great position to make sure your first home-purchase goes down without a hitch.
Don’t be afraid to ask questions if you’re unsure of things – at ANY stage of the process – and remember, you can always get a second opinion, or ask friends or family for advice, if you feel as though you may be being pressured into a move that’s not the best for you.