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The Top 10 Things to Look for in a Realtor

The first step in buying a home is finding that perfect house. In order to do that you need to find the perfect realtor.

Here are the top 10 things to look for in a realtor.

1. Get a licensed agent working full time. Part-time agents = part-time service
2. Get an agent with passion, enthusiasm and dedication. This is the agent who goes the extra mile to get the best results, even with the going gets tough.
3. Get an agent with market savvy. Consistent sales in a given neighborhood reveals geographic market smarts that can save money. Knowledge is key.
4. Get an agent who is creative. Look for someone who can write purchase offers that excite a seller and satisfy the buyer.
5. Get a tech-savvy agent. Most home transactions today begin on the Internet. All eventually get a technology assist.
6. Get a team player. A real estate agent with a network of professionals at his disposal can take the screws out of finding a good handyman, insurance agent, mortgage broker, home inspector or a variety of other home buying and owning professionals you will need.
7. Get an agent with a licensed right hand man or woman. You’ll often need someone to talk to when your agent isn’t available. A full time agent has more than one client.
8. Get a well-respected agent. Other agents make deals with agents they respect, trust and with whom they enjoy working.
9. Get the scoop on your agent. Ask to speak to past and present clients and ask to review multiple listing service (MLS) reports of his or her sales.
10. Get an agent you trust. It is imperative to select a Realtor who understands you.

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How does a Doctors mortgage compare to other mortgages?

1. Conventional 20% down mortgage– Often the best choice for a mortgage as it generally offers the most options (30 year fixed, 15 year fixed, ARMS etc), the lowest fees, and the lowest rates. It does require proof of earnings and a substantial sum of money to put down. That money, of course, becomes unavailable to invest elsewhere.
2. 80/20 and 80/10/10 loans– These have essentially disappeared from the scene since the real estate meltdown. The theory was that you would get an 80% loan at a slightly higher rate than on a 20% down loan, then get a 20% loan at a much higher rate. You would avoid PMI, replacing it instead with more interest. The 80/10/10 and 80/15/5 were variations on the theme, with a downpayment required.
3. Conventional mortgage with less than 20% down– These loans have higher rates and fees than a 20% down mortgage. They also require you to purchase PMI. It is rare for you to find one that is 0% down (in fact the best you can find since 2014 is 3% down for a first time homebuyer program through Fannie Mae or Freddie Mac), but 5% and 10% down are common.
4. FHA Loan– This loan has higher rates and fees than a 20% down loan. Most notably a 1.75% up-front mortgage insurance premium financed on top of the principal loan amount. A 3.5% required downpayment, and, since 2012, requires a monthly mortgage insurance premium (0.8-0.85% of the loan balance annually) for the life of the loan. FHA requires the lender to use the credit report amount of the student loan payment, or if none listed, 1% of the outstanding balance unless the borrower can provide documentation that the loan is in deferral. This makes this loan tricky for indebted residents to qualify for. The rates are generally, however, slightly lower than a doctor loan, but may not be when you add in the PMI costs.
5. VA Loan– This loan requires that you qualify for VA benefits, which disqualifies many.

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