Electric Loan Officer

Category - First Homes

Steps To Take Before Buying a New Home


When you make that decision that you are going to buy a new home, it’s normal to want to go out and house shop. That is typically the most fun part of the home buying process after all. Before you go out and do that it’s important that you take the step of getting pre-approved for a loan. Below are 4 tips that will set you up for success and save you time.

1. No Credit Card Surprises

If you are like most people you probably haven’t checked your credit report in the last year or two. When going through the pre-approval process you will discover any credit report mistakes and find issues that could cause problems in the final stages of the loan process. It really makes for a stress free process by getting these details cleared before moving forward.

2. Understand Your Budget

We all want that three-story colonial with Viking appliances, granite counters and a swimming pool with a big back yard. Does that really fit your budget though? This is another area where pre-approval comes into play. You will have a estimate on your price range before you go shopping around.

3. Find The Best Lender in Your Area

You want to make sure you are working with the right lender at terms that work for you. A mortgage is a long-term commitment, so don’t rush through this step. Once you are pre-approved for a loan this is a great next step to take on your home buying journey.

4. Showing You Are Serious About Buying

A lot of people go to open houses, imagining how they would remodel the home to suit their tastes but don’t get pre-approved. If you actually go through the pre-approval process for a new home it shows the realtor that you have all your paperwork in order and are actually able to make the purchase. If you want a good agent to work for you they will want to make sure that you are serious about buying before investing their time and energy into finding your dream home.

Ready to Get Pre-Approved For a Home Loan?

If you are looking to buy a home in the Phoenix area then you will want to go through an experienced home loan officer to help you get pre-approved. All you need to do is visit the Justin Haines Team Website and take 10 seconds to fill out their form. Doing this will give you the chance to qualify for no money down loans and other programs potentially available to you.

Home Loans For Doctors in Phoenix Arizona

home_loan_for_doctors in phoenix arizona

Doctors looking to capitalize on Phoenix’s booming healthcare industry can take advantage of specialized loans.

Healthcare Professionals Flock to Phoenix

Phoenix has a lot of offer to a variety of home-buyers, but with a healthcare and biosciences industry expected to grow 31.9% over the next decade, it is a particularly appealing region for doctors and other healthcare professionals. Most physicians begin their careers under a massive pile of student loan debt, which, under normal circumstances, would make obtaining a home loan impossible. However, lenders realize that medical professionals, although initially saddled by debts, disproportionate to other career paths, go on to immensely lucrative careers which provide them with adequate income to repay that debt and afford housing. In addition, these doctors often find themselves in need of housing in order to begin their careers at the practices and hospitals which offer them employment, but before they have the paystubs to provide to officers for traditional loans. In response to this need, and with a desire to issue loans to well-qualified buyers, many lenders offer special financing options to doctors so that they can get settled into homes and begin their careers.

The Basics

Major lenders, such as SunTrust, Fifth-Third Bank, and Bank of America, offer loans specially designed to assist medical professionals, doctors, and other professionals in lucrative industries to obtain housing without meeting standard loan requirements. These loans apply to those who are recently graduated, in residency, or actively practicing medicine. So called “Doctor Loans” offer low-interest rates on loans up to $3 million with little or no down payment. Although excellent credit scores are required, the debt ratio for borrowers is calculated to exclude student loans and takes into account future income rather than past or current earnings.

Obtaining a Doctor Loan in Phoenix

Although “Doctor Loans” are offered across most major institutions, they are subject to the individual lenders terms and programs can vary depending on the market in which the doctor is looking to buy as well as their individual financial standing and outlook. Because these loans are tailored to a specific profession, those looking to obtain a “Doctor Loan” need to contact the institutions directly for program information as well as to apply. With the healthcare and bio-sciences outlook in Phoenix stronger than anywhere else in the nation, doctors looking to establish a successful career need look no further than Phoenix with its beautiful climate, strong housing market, and preponderance of tailored loans available to medical professionals.

To get pre-qualified please visit http://thejustinhainesteam.com.