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all the details come in and you can really get paralysis by analysis. But these forms are required by law and should be pretty across lenders. Apply to as many as you feel up to. Mortgage officers with different banks will know their approximate rates with different programs, so if you’ve reached out already, you can usually trust them. As you go, you’ll be able to weed out a few pretty easily (really high rates, closing costs, etc).Click to expand…
I’ve been working with several banks, and all of them need to see lot of documents prior to locking the rate, including the purchase contract. My situation may be a bit more complicated since I am not a W2 employee but rather a partner in a practice where I am paid by distributions, so this may complicate things (practice deposits money monthly on my LLC account).
Don’t start applying for mortgages until you’re under contract with a home. Then just go crazy applying to everybody. I got the best rate after applying to about 12-15.Click to expand…
OK. I’m about to go under contract. Do you basically try to get approval from all lenders and see who offers the best interest? The way I’m understanding the process is that until the actual underwriters look at your application, you don’t really know if you’re fully approved and what interest/conditions you’re getting. Therefore, I suppose it makes sense to try to get approved by multiple lenders to complete final numbers. Is this assessment correct?
My quicken rate for a jumbo is 4%. 15 year. Loan $650k, 25% equity, perfect credit. Rates apparently substantially higher where I live.Click to expand…
I didn’t realize rates were so location dependentJune 26, 2019 at 7:39 am MST in reply to: Any 15-year jumbo mortgages around low 3% out there ? #225414
I had to take a pass on this one. The fact that docs are living in $4.5M houses, paying $50k in property tax, paying 11% state income tax, etc. is so far from my experience and my world that I could not wrap my mind around the whole thing.Click to expand…
50k in property taxes not that extreme in certain areas in the country. Property tax rates over 2.5% are the norm in some counties in NY/NJ.
I got 3.25, Jumbo, 15 year fixed with Quicken Loans. I shopped around and this was the best rate with closing cost costs at 5k. Also liked I didn’t have to move money to WF or BofA.Click to expand…
Closing costs at 5k??? what was the purchase price? this sounds like a very good deal!June 24, 2019 at 8:00 pm MST in reply to: Any 15-year jumbo mortgages around low 3% out there ? #224947
If you’re early 30s and no kids, I’d agree with one of the posts above. I’d not buy a big house in the suburbs and would rather go to a nice condo in the city depending where in the country you are. As you start having kids then you can start reconsidering your housing situation.
What part of the country are we talking about? This changes the whole conversation. If he’s talking Manhattan, 3 million would get you a nice 3-br in a luxury building in a nice location, probably 2000 sq ft. For someone living with a partner, this is not unreasonable to have (1 master bedroom, 1 room for office, 1 guest room). Of course, you’re paying the premium of living in a good neighborhood in Manhattan and enjoying great amenities in the building.
Lifestyle creep happens very easily in south florida, so i can see how someone in his situation would spend a lot of money. Expensive cars, restaurants, houses, vacations, services, etc… He’s probably lived a rich person life, therefore the little savings.
Could you share the link where you found the list? It seems that the list only includes NYC physicians. I’d be curious to know how it looks in the rest of the country. I recognize several names on the list, and clearly these salaries are mostly coming from administration duties/leadership positions. Nothing wrong with that in principle.
As a side note, if you’d ask one of those guys on the list about the FIRE movement, I wonder what they’d say.
For similar salary, 1099 comes way ahead since your effective tax rate is much less relative to W2. Of course, depends how you structure your ‘business’, but that it’s typically the case.
As a follow up to my prior post, is that a general thing that someone going from 1099 to W2 should expect to earn more once switched to W2? I see so many advantages with 1099 (decreased effective tax rate, many tax deductions, lot of room for tax deferred accounts, etc…).
So are you supposed to be sending all pertinent documents (filling out applications, credit check, bank statements, etc…) every time you’re getting quotes? Most of the physician lenders require me to do that prior to give me any quotes. With the bigger banks not the case.
When I was shopping for my mortgage about 15 mos ago, I applied for both physician and conventional mortgages with and without 20% down. The best interest rate and lowest closing costs offer I got was from a physician mortgage with 0% down. YMMVClick to expand…
better rates with 0% down vs 20% down? I’m a little surprised.
Hopefully you were able to get some salary increase to account for the change from 1099 to W2? That should compensate for the losses in extra taxes.
spending less than 100K a year is not impressive.
it’s impressive that people spend 1500 a month on groceries. that’s impressive. my monthly grocery bill is probably closer to 300 (can’t say for sure, but i do grocery shopping and i’m estimating that’s what it is)Click to expand…
Spending less than 100k is impressive if there are several kids involved and you want to send them to a good private school. As I said, depending on where you live, it’s not uncommon to pay 30k/year for private school. If you have 3 kids, that’s already 90k.
Regarding groceries, the same thing. Are you talking about a single person or a family of 4 or 5? Where do you buy your groceries? Personally, food is very important, and there is no way you can buy good quality food for less than 300/month.