5 Relocation Mistakes Made By Physicians

By March 12, 2018Real Estate

5 Relocation Mistakes Made By Physicians

Moving your home as a physician can seem as though it’s a never-ending set of hurdles, which you and your family must jump through to make the move a success; while it’s true you will be faced with a unique selection of challenges, by understanding some of the main mistakes physicians make, you can avoid making them yourself – which is why, in this post, we’re going to look at the top 5 mistakes made by relocation physicians.

Relocation Mistake #1: Not Knowing Where to Start

Relocating can seem daunting – and the technical side of things can make things even more confusing. One of the biggest mistakes made by relocation physicians is not understanding the process involved with actually securing your dream home – and if you want to begin the moving process the RIGHT way, it’s crucial you get pre-approved before you start looking for that *perfect* home.

Pre-approved means you’re verified by the bank – it’s basically proof that you can handle a loan – and if you don’t have this document, you will NOT be able to put in a serious offer on a property…

So you could find the perfect home… at the perfect price…

But if you don’t have this document ready, you’ll have to wait to be pre-approved, meaning someone else could snap up the home you’ve set your eye on.

Relocation Mistake #2: Not Having a Concrete Plan

Of course, having a plan in place is something almost anyone does before even contemplating a move – but to make the move as hassle-free and easy as possible, it’s vital you have a proper plan in place so that you can find your perfect home fast.

For example, you may NEED 3 bedrooms… but you envisage your perfect home as having 4. Sure, it’d be nice – but is it a priority?

Build yourself a clear property profile that outlines exactly what you NEED… and what you WANT… and then look for a home that fits all of the “Needs”, with any of the “wants” being added bonuses.

This not only helps you refine the choice you’ll be faced with, but it’ll also help your realtor and loan officer hasten the process so that you can get the ball rolling as quickly as possible.

Relocation Mistake #3: Lying on a Mortgage Applications

This is hands down a complete no-no… regardless of how “small” the lie you may tell.

Lying on a mortgage application is a federal crime, and almost always results in jail time, along with a hefty fine – and your home is also likely to be repossessed.

Now, you may be reading this thinking “I’d never lie… that’s not something I need to worry about”

But even things as simple as stating your new home is going to be your primary residence – when it isn’t… or not being transparent about where ALL of the down payment money comes from counts as lying…

So ALWAYS, ALWAYS be honest with your realtor and loan officer.

The consequences of not doing so are severe.

Relocation Mistake #4: Not Understanding Mortgage Terms

You don’t need to become an expert in mortgage contracts or study like a realtor, but it does help to have a strong grasp of how mortgages work… and the various terms associated with them.

One common mistake made by relocating physicians is thinking that a deposit is the same thing as a downpayment. This is simply NOT true, and just because you’ve put down your deposit, it doesn’t mean you should go and spend your down payment.

This is just one example – but it’s a good example of why a basic understanding of your mortgage will enable you to enjoy a stress-free, more fluid move.

Relocation Mistake #5: They’re Too Careful

You find a perfect home, at a perfect price…

But for whatever reason, it’s just not quite right.

Or, it’s just a tiny bit more than you wanted to spend…

These are, of course, valid points to consider – and your new home is where you and your family will live… of course, you want it as perfect as possible…

But the fact of the matter is that today’s housing market relies on decisiveness. The people getting the best homes, at the best prices actively make offers… get pre-approved for mortgages…

And they don’t wait around ‘thinking’ for weeks on end, only to find their dream purchase has been snapped up.

It’s always wise to be careful… but avoid being too careful, or you could find yourself delaying your move by months, if not years.

Here at Physician Banks, we understand the stresses associated with moving, and that’s why we offer relocation services exclusively for physicians.

There’s no charge for our services – we recoup them from realtors – and you could earn up to $3,000 cashback just for using us…

Interested in learning more? –> Click Here

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