2. Do my student loans have to be deferred for at least 12 months to qualify?
ANSWER: No, the 12 month deferment rule is typical with most banks, Fannie Mae, Freddie Mac, FHA and VA, but are typically NOT counted against you with the Physician loan products we offer at Utah Physician Home Loans.
3. How come PhysicianLoans.com has not replied to my inquiry?
ANSWER: PhysicianLoans.com does not offer mortgage loans. They are not licensed or in the business of giving loans. They are an online resource to connect Physicians with lenders from across the country. Truth of the matter is, not all Loan Officers are created equally and some just don’t respond quickly. Here’s the good news – we do respond quickly. If you don’t get a response from Utah Physician Home Loans within 24 hours, it means we did NOT get your message or the plane we were traveling in crashed…
4. What is included in a Good Faith Estimate? Does it leave out any fees like origination fees?
ANSWER: No, a Good Faith Estimate (GFE) is a guarantee of lender fees. Due to recently enacted mortgage laws NONE of the lenders fees can change from the time the GFE is issued and closing. However, the GFE does leave out the monthly payment with taxes and insurance, the cash to close or any credit for seller paid closing costs, and does not list cash deposits made when writing the offer (called earnest money or EM). We prefer to explain all the details of the transaction and EXACTLY what our clients can expect the day of closing with a Fee Worksheet. This is a standard form any lender can provide you with, so be sure to ask your lender for it.
5. Will there be any awful surprises when I go to close my loan?
ANSWER: This is like anything else, if you are dealing with a professional, someone with integrity, knowledge and a reputation, they are going to do everything possible to keep your transaction on track and close EXACTLY as promised. If you go to Jimmy’s Mortgage Loan Hut (sorry to all readers named Jimmy), you may save $500 on closing costs, but it’s a crap shoot if you will close as promised or close at all.
When looking for a mortgage professional
- ask friends and family for referrals
- Google the people who were recommended to you and research them
- once you have narrowed down your choices, ask the Loan Officer for Physician testimonials
If you take these three precautions, you should NOT be surprised at closing. Take it from a professional; there is NOTHING our team strives for more than delivering EXACTLY what was promised. You should expect nothing less from your mortgage professional.
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