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Posted: 3/20/2006 4:02:52 PM EDT
I'm graduating in May and just matched in Emergency last week. Finally looking at getting out of the apartment and into a house. What sort of interest rates would you guys consider competitive on a mortgage? Any suggestions for lenders?

IM me if you don't want to post somewhat personal info on the board. Thanks.

Anyone else can chime in if they want.
Link Posted: 3/20/2006 4:15:03 PM EDT
[Last Edit: 3/20/2006 4:16:03 PM EDT by yobo]

Originally Posted By LattimerII:
I'm graduating in May and just matched in Emergency last week.



Congrats!
Think of all those interesting cases you'll see coming through doors.
Oh, sorry but I don't know shits about mortgage or interest rates.
Link Posted: 3/20/2006 4:16:12 PM EDT
Isn't this more of a question for mortgage lenders than for physicians?
Link Posted: 3/20/2006 4:17:43 PM EDT

Originally Posted By thelastgunslinger:
Isn't this more of a question for mortgage lenders than for physicians?



+1

Link Posted: 3/20/2006 4:22:23 PM EDT

Originally Posted By thelastgunslinger:
Isn't this more of a question for mortgage lenders than for physicians?



....and he's going to be a doctor.
Link Posted: 3/20/2006 4:30:47 PM EDT
And I expect in a year or two you'll be screaming at some hospital CEO about how you need/want more money to "run" his/her ER.

Hint, talk to a MORTGAGE banker...
Link Posted: 3/20/2006 4:50:50 PM EDT
I am going to talk to a mortgage broker soon. I admittedly don't know shit about this sort of thing. Been a little busy learning medicine.

I guess what I was asking was what kind of deals people who had been in my situation were able to get. I just wanted a rough ballpark about what to look for when I do go talk to someone soon. I'll never make the mistake of asking for advice here again I guess. Damn.
Link Posted: 3/20/2006 4:55:30 PM EDT
Oh God another Newbie ER Doc for some poor Medic to break in.
Just remember Newbie Doc, Medics work the street where it's not clean, it's not pretty, and we don't have time to remember all the fancy medical terms we learned in Medic class. We speak plain street english.
If we call you while working a code from the local crack house while the roaches are crawling across our arms and up our pant legs we just may be a little short tempered.
For you mortage questions I suggest a good Financial planner they can hook you up to the right people. Oh I do suggest the planner/consultant, when I got out of the street medic job I had a $30K increase and they helped me in not paying stupid taxes.
Link Posted: 3/20/2006 4:58:26 PM EDT

Originally Posted By LattimerII:
I'll never make the mistake of asking for advice here again I guess. Damn.



Look at that, impatient and cocky already... you'll fit right in in your profession
Link Posted: 3/20/2006 5:00:07 PM EDT
Don't get testy. Everyone gets chewed up here sooner or later. 'sides, you're gonna be an ER doc. I/we like those folks just fine.

Now to your question- jumbo loan? ARM? How much down? Try to avoid mortgage insurance- generally incurred if you finance more than 80% of the sale price. 30 year notes are 6.2% here it depends on how many points you pay (1 "point" is 1% of the loan value).

My opinion and YMMV but I say go for a 3 to 7 year ARM with no points. It's going to be your first house after an apartment and you probably won't keep the property for more than the loan term.
Link Posted: 3/20/2006 5:04:45 PM EDT
Whats the housing market like in your soon-to-be home town?
In most cases housing markets seems to be slowing down except in large metro citieslike Boston, LA, etc. It is most likely that you will only stay at the new location till your residency is completed (3 yrs?) so I would suggest you rent during that time unless it is at Boston, LA, etc.
Link Posted: 3/20/2006 5:07:42 PM EDT

Originally Posted By yobo:

Originally Posted By LattimerII:
I'll never make the mistake of asking for advice here again I guess. Damn.



Look at that, impatient and cocky already... you'll fit right in in your profession



Sorry. I typed my original question in a hurry. Didn't express what I was wanting to know very well. First time to ever be flamed and first time tohave my intelligence called into question based on something I typed in like 30 seconds all in one post.
Link Posted: 3/20/2006 5:10:22 PM EDT
[Last Edit: 3/20/2006 5:13:09 PM EDT by LattimerII]

Originally Posted By JDeere_1530:
Don't get testy. Everyone gets chewed up here sooner or later. 'sides, you're gonna be an ER doc. I/we like those folks just fine.

Now to your question- jumbo loan? ARM? How much down? Try to avoid mortgage insurance- generally incurred if you finance more than 80% of the sale price. 30 year notes are 6.2% here it depends on how many points you pay (1 "point" is 1% of the loan value).

My opinion and YMMV but I say go for a 3 to 7 year ARM with no points. It's going to be your first house after an apartment and you probably won't keep the property for more than the loan term.



Thanks. That's more what I was looking for. I don't mind getting insulted by the regular crack addict in the ED, but I took it pretty hard a minute ago being flamed here by people I feel like I have more in common with.

I will be in the house at least 4 years. I have nothing to put down and owe upwards of $130,000 for school (this is why I aimed my question at physicians since they were once in this position).
Link Posted: 3/20/2006 5:14:16 PM EDT
[Last Edit: 3/20/2006 5:17:22 PM EDT by JDeere_1530]
A serious question you need to ask yourself is will you be keeping the house for longer than your residency? If that's not the case, you should probably rent (IMHO). Keep in mind, you're gonna be an awfully busy resident and you need to determine if you have the time to keep up a house.

Where are you doing your residency?

I just saw your edit. 4 years in the house and you MIGHT break even after paying realtor commisions when you sell. I'd also talk to a financial planner at this point. Your income will rise dramatically after you complete your residency but the odds are that your life situation will change (marriage, kids, relocation, etc.)
Link Posted: 3/20/2006 5:19:04 PM EDT
[Last Edit: 3/20/2006 5:23:03 PM EDT by LattimerII]

Originally Posted By JDeere_1530:
A serious question you need to ask yourself is will you be keeping the house for longer than your residency? If that's not the case, you should probably rent (IMHO). Keep in mind, you're gonna be an awfully busy resident and you need to determine if you have the time to keep up a house.

Where are you doing your residency?

I just saw your edit. 4 years in the house and you MIGHT break even after paying realtor commisions when you sell. I'd also talk to a financial planner at this point. Your income will rise dramatically after you complete your residency but the odds are that your life situation will change (marriage, kids, relocation, etc.)



Thanks. Getting married in June and she says no to renting any longer. The financial planner thing is on my "to do" list also.

Mississippi. Fiancee has a job here she really didn't want to leave, and I actually like being in Mississippi. I'm sure others would disagree, but that's me.
Link Posted: 3/20/2006 5:22:50 PM EDT
Depends on where you will be locating.

I'm a Podiatry Resident...have moved several times (also have no money to put down on a house) during school/residency.

Buying vs. renting for the 4 years is smarter (generally) financially....however, it can also tie you up a bit when you complete the residency and are getting ready to move.

In the area you are going to...

Does it have a healthy rental market?
Fast turnover on houses?
Reasonable appreciation in housing values?
Not over-valued?

Will you have time to deal with normal housing issues given residency schedules? Will you have sufficient income to deal with repairs?

All things you need to think about before buying.

AFARR
Link Posted: 3/20/2006 5:30:19 PM EDT

Originally Posted By LattimerII:
I am going to talk to a mortgage broker soon. I admittedly don't know shit about this sort of thing. Been a little busy learning medicine.

I guess what I was asking was what kind of deals people who had been in my situation were able to get. I just wanted a rough ballpark about what to look for when I do go talk to someone soon. I'll never make the mistake of asking for advice here again I guess. Damn.



We're just giving you a hard time. Its good natured, I assure you.
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