Available at 
Tweet
I wouldn't think it would affect it, but I really don't know. It's easy to call a bank and ask!
Here are the steps I took to figure out our information. The steps have overlapped a little as we get more info, and we're not done with the process yet:
1. Figure out your future budget so you know what you can afford for monthly mortgage payments. If you know the average income of people in your specialty in your area, you can get an estimated take home pay by cutting that salary in half! That estimate might be too conservative, but it was fairly accurate in our case. Later, when you have an employment contract in hand, you can ask the prospective employer for a sample pay stub with estimated withholdings.
2. Find houses in your area that you like, to get an idea what they cost. I started at realtor.com and used their mortgage calculator. Then I looked up the same houses on local realty web sites to see what the annual taxes were. Local sites also had more accurate monthly payment calculators - BIG difference!
3. Find a local realtor that advertises an in-house lender. This is how we've found the best deal and the most personalized service. I called the realtor and said I was interested in a physician loan of about $x amount, but I wasn't sure they were still available. A local bank called me back with a deal that was comparable or better. And they took a lot of time answering my questions.
4. Call around to other local and national banks to compare their deals. (If/when you call Bank of America, it may take a while to get to a loan officer. Ask if they can copy & paste their new doctor loan info into an email to you.)
Now we're at step #5 (which should have been step #1) - save as much as we possibly can! It's shocking how much money we need to have up front.
Here are the steps I took to figure out our information. The steps have overlapped a little as we get more info, and we're not done with the process yet:
1. Figure out your future budget so you know what you can afford for monthly mortgage payments. If you know the average income of people in your specialty in your area, you can get an estimated take home pay by cutting that salary in half! That estimate might be too conservative, but it was fairly accurate in our case. Later, when you have an employment contract in hand, you can ask the prospective employer for a sample pay stub with estimated withholdings.
2. Find houses in your area that you like, to get an idea what they cost. I started at realtor.com and used their mortgage calculator. Then I looked up the same houses on local realty web sites to see what the annual taxes were. Local sites also had more accurate monthly payment calculators - BIG difference!
3. Find a local realtor that advertises an in-house lender. This is how we've found the best deal and the most personalized service. I called the realtor and said I was interested in a physician loan of about $x amount, but I wasn't sure they were still available. A local bank called me back with a deal that was comparable or better. And they took a lot of time answering my questions.
4. Call around to other local and national banks to compare their deals. (If/when you call Bank of America, it may take a while to get to a loan officer. Ask if they can copy & paste their new doctor loan info into an email to you.)
Now we're at step #5 (which should have been step #1) - save as much as we possibly can! It's shocking how much money we need to have up front.
Comment