Mortgage Advice

Discussion in 'General Residency Issues' started by Crusher, Aug 18, 2002.

  1. Crusher

    Crusher Member
    7+ Year Member

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    Hey folks,

    There was once a great thread going on mortgages on here. Extremely useful stuff. I should have posted this question then, but oh well--maybe someone will know now.

    Traditionally I believe one needs to have had a job for awhile, established credit, etc to get a mortgage. Well, for us that are going to be just starting residency do they make an exception. Furthermore, most programs start July 1 with compensation likely 2 weeks in. So, no paycheck until mid-July. But, it would be nice to be moving into your new place weeks to a month before you actually start. I wonder if this is at all possible? i.e. would they let you use loan money or other savings to pay for the first month or two mortgage until you get paid??
     
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  3. dr.evil

    dr.evil Senior Member
    Physician 7+ Year Member

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    I just went through this and it was quite painless. If you are able to use Bank of America, I highly recommend it. I was able to obtain a mortgage with my future income and move into my home 2 months prior to the first payment due. Very painless and so easy it was scary. All they needed was my resident contract (which you will get about 1-2 weeks after the match) and my signature. That was it. Great deal.

    I also recommend the 5/1 ARM mortgage for residents who will likely be selling their home in 3-5 years and moving. It gives you the lowest interest rate which is fixed for 5 years.

    I know there are multiple programs out there but this was just my experience. My interest rate was 5.9% BTW. You may be able to get better than that now.
     
  4. Crusher

    Crusher Member
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    Dr. Evil,

    Thats absolutely wonderful news....I knew the residency forum would be the place to go for real life info! Thanks again Dr. Evil and SDN.
     

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