During the home purchase process, your mortgage provider will order a Location Survey which will determine the boundaries of the property and identify any issues which could impact ownership or usage of the property. Sometimes, the surveyor notes a shared driveway, a fence encroachment or a utility company easement, all of which are typical and usually do not create issues of usage. If an issue exists, the lender may require the obstruction to be removed before closing or the title company can insure through that aspect of the title. The Buyer pays for the survey, and the cost is approximately $250.

A Boundary Survey or a Stake Survey differs. These surveys are required to determine precise location of property lines for installation of a swimming pool or fence. The surveyor will physically mark off or "stake" the lines with flags or pegs. Price range $400-$600.

If you have any questions regarding this or other lingo, email us themckeongroup@gmail.com

Myth: A Physician's loan can only be used one time.

Fact: A doctor/borrower cannot hold two Physician's loans at the same time, but if selling a current property, they can use a Physician's loan to finance the next purchase.

Fact: A Physician's Loan is a conventional loan type.

This unique mortgage program is designed exclusively for medical doctors, who may have limited assets, high earning potential, and typically high student loan debt.

• Who Qualifies?
• Medical doctors
• Dentists
• Podiatrists
• Ophthalmologists.
• Veterinarians

• What are the perks of using a Physician's Loan?
• Gives the option of bringing less cash to closing – as little as no down payment along with no mortgage insurance up to $650,000.
• Funds used toward closing costs can come from a variety of sources, such as gifts from a family member.
• Student loan debt is treated differently when evaluating DTI (debt-to-income ratio), helping applicants qualify for a higher loan compared to a traditional conventional loan.

Contact our Howard Hanna Mortgage Officer for more info