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Message
Got an appointment with financial advisor Thursday.......
Posted on 1/14/13 at 4:59 pm
Posted on 1/14/13 at 4:59 pm
about my wife and me applying for our first home loan. (my meeting on thursday is free, i don't know what their subsequent fees will be) I'll be graduating medical school in May and am inquiring about a physician's loan (no money down, around 6% interest rate). My question for the board is........
Is seeking advice from a financial advisor about said subject:
1. good use of time.
2. waste of time
Is seeking advice from a financial advisor about said subject:
1. good use of time.
2. waste of time
8
Posted on 1/14/13 at 5:17 pm to geaux2008
You absolutely need a professional to give you advice and go over your personal situation.
I was similar to you as I was ready to buy my first home after fellowship; however, my advisor told me not to. It wasn't a good time in my professional life and he felt prices were too high. He likely saved me 100 K for that decision. Renting was perfect for me.
I am not sure that you are in a good position to buy a house at this time as there is a lot of uncertainty about your future. If you are about to start internship and then go on to residency, why limit your options by getting tied down to such a large purchase as a home? What if you want advanced training elsewhere? What if your job takes you away after training? Get someone to evaluate your position before you commit.
Good luck
I was similar to you as I was ready to buy my first home after fellowship; however, my advisor told me not to. It wasn't a good time in my professional life and he felt prices were too high. He likely saved me 100 K for that decision. Renting was perfect for me.
I am not sure that you are in a good position to buy a house at this time as there is a lot of uncertainty about your future. If you are about to start internship and then go on to residency, why limit your options by getting tied down to such a large purchase as a home? What if you want advanced training elsewhere? What if your job takes you away after training? Get someone to evaluate your position before you commit.
Good luck
Posted on 1/14/13 at 5:25 pm to geaux2008
quote:Translation- easy target (or will be perceived as one). The fact that you are looking to buy a house immediately with no money down only supports this stereotype.
I'll be graduating medical school in May
My gut feeling is that the meeting is a waste of time. Why get a loan with no money down now? Consider living like a resident for another year or so, getting situated with your new job and routine, and then make a multi-year decision like where you want to live.
Don't be offended by my frank comments. You are obviously sharp and hard-working to get through med school. But get in the habit of doing some of your own research, bouncing ideas off of trusted friends, and steering clear of investments you don't understand. Otherwise you will start hemorrhaging a lot of this newfound wealth that you worked so hard to achieve.
Best of luck, and congrats on finishing med school.
Posted on 1/14/13 at 5:41 pm to Bayou Tiger
Thanks for the input folks. Honestly, my gut feeling is telling me to rent right now. But my wife and I love the BR area and we will probably settle down in that area. I'm definitely going to sign anything right away, but if I can stop throwing money away renting without getting myself stuck in a bad mortgage would be great. After residency, there will be no more training.
Posted on 1/14/13 at 7:25 pm to Bayou Tiger
quote:
Why get a loan with no money down now?
Rates are incredibly low at the moment.
Posted on 1/14/13 at 7:38 pm to lsusaintsfan4life
quote:
I was similar to you as I was ready to buy my first home after fellowship
Didn't know they paid so good
Posted on 1/14/13 at 7:43 pm to foshizzle
. OP, go get the information...you're sure to learn something useful. But think this purchase through, and you might consider other options on the timing and method of purchase. I'd think rates are going to remain dirt cheap for the near future and if you can accumulate a good down payment , your terms will only improve. Why pay 6 percent for money when in a year you may qualify for 3.25 percent financing?Posted on 1/14/13 at 7:59 pm to OTIS2
Who needs a financial advisor to tell them if they need a house or not? That's crazy. Save up your money, like everyone else. Once you have your 20%, go get a house. Of course he's going to tell you to rent. He's probably going to try to convince you to put money in something safe that he happens to be making money off of.
Posted on 1/14/13 at 8:43 pm to geaux2008
Where are you doing your residency? Family practice in Lake Charles, or ortho in NYC? Buying a house straight out of med school sounds like a bad idea to me. Do you have loans from med school? Kids? Need more details to give decent advice.
My general advice would be to wait until you're done with residency to decide to buy a house or not. Get disablity insurance while you are young and healthy, but hold off on other things.
My general advice would be to wait until you're done with residency to decide to buy a house or not. Get disablity insurance while you are young and healthy, but hold off on other things.
Posted on 1/14/13 at 8:45 pm to guttata
Well, I'm talking to him because it is free for the initial counseling session. I'm well aware he is probably going to tell me to rent, but I also admit my weaknesses in the world of finances. It would be foolish of me not to take advantage of free advice from an expert on financial planning and investments.
Posted on 1/14/13 at 9:20 pm to geaux2008
quote:
free advice from an expert on financial planning and investments.
good luck,
I am 50/50 on financial advisors knowing anything. One terrible, one solid.
Ironically both seemed to know the products they made money on, the second one just seems to keep my goals and my progression in mind
Posted on 1/14/13 at 11:46 pm to OTIS2
quote:
if you can accumulate a good down payment , your terms will only improve. Why pay 6 percent for money when in a year you may qualify for 3.25 percent financing?
This is the central question. If he can qualify for a good rate right now, getting a house may be worth looking into. If not, it probably isn't worth it.
But 3.25% should make anyone
Posted on 1/14/13 at 11:48 pm to tigerfoot
quote:
Ironically both seemed to know the products they made money on, the second one just seems to keep my goals and my progression in mind
I personally would never use one that worked on commission.
Posted on 1/15/13 at 7:51 am to geaux2008
I think it's a good idea to go - I just started meeting with one over the past few weeks. You're at least sharp enough not to get taken advantage of, so who cares if this person will try to push their products? You don't have to say yes to anything you don't want to.
And they probably will advise you to keep renting, which sounds like your best option at the moment. I know it's painful to keep paying another year of rent, but honestly your first year of mortgage payments is nearly all interest anyhow, so it's not like you're missing out on a year of paying down a house. And if missing out on such low rates is your concern, these rates aren't going anywhere for a minimum of another year or two or more. In fact, you might even be able to get a better rate in another year as you'll be out of school and making more money and can qualify for a better rate than you could now.
In any event, seeing a financial advisor is just like seeing a doctor - some are good, some aren't - but they'll supply you with information and you can choose to listen to them or not.
And they probably will advise you to keep renting, which sounds like your best option at the moment. I know it's painful to keep paying another year of rent, but honestly your first year of mortgage payments is nearly all interest anyhow, so it's not like you're missing out on a year of paying down a house. And if missing out on such low rates is your concern, these rates aren't going anywhere for a minimum of another year or two or more. In fact, you might even be able to get a better rate in another year as you'll be out of school and making more money and can qualify for a better rate than you could now.
In any event, seeing a financial advisor is just like seeing a doctor - some are good, some aren't
- but they'll supply you with information and you can choose to listen to them or not. 
Posted on 1/15/13 at 8:18 am to NaturalBeam
quote:
You're at least sharp enough not to get taken advantage of,
My limited experience working with doctors is that they get taken to the woodshed on financial deals A LOT! I think it's based on them not worrying about the nickels and dimes in a deal but those add up over time.
Posted on 1/15/13 at 8:46 am to geaux2008
quote:
Well, I'm talking to him because it is free for the initial counseling session
I have a sneaking suspicion that he really doesn't care about you buying a house or not. He really wants to sell you some investments. BTW, is he in Broussard too?
Posted on 1/15/13 at 9:42 am to geaux2008
I'm sure it won't hurt goingto the first appointment, since it is free.
The best way to handle a relationship with financial advisors is to hold them accountable for what they say and do. Just because they seem like they know what they are talki g about, doesn't mean they actually do. I would seek multiple sources of info before ever making a decision with these guys. Find a guy you trust and challenge him to teach you why what he recommends is best for you. Don't just take his advice at face value. That is how a relationship with a financial advisor works best.
As somebody already said, I would suggest looking at disability now while you are young. Residents are lucky in that they can apply for it without being a full time doctor.
Best of luck.
The best way to handle a relationship with financial advisors is to hold them accountable for what they say and do. Just because they seem like they know what they are talki g about, doesn't mean they actually do. I would seek multiple sources of info before ever making a decision with these guys. Find a guy you trust and challenge him to teach you why what he recommends is best for you. Don't just take his advice at face value. That is how a relationship with a financial advisor works best.
As somebody already said, I would suggest looking at disability now while you are young. Residents are lucky in that they can apply for it without being a full time doctor.
Best of luck.
Posted on 1/15/13 at 9:43 am to C
quote:
My limited experience working with doctors is that they get taken to the woodshed on financial deals A LOT! I think it's based on them not worrying about the nickels and dimes in a deal but those add up over time.
Agreed. It is quite sad.
Posted on 1/15/13 at 9:54 am to Ric Flair
quote:This is my initial thought. Why don't you see where you match before you buy anything.
Where are you doing your residency? Family practice in Lake Charles, or ortho in NYC? Buying a house straight out of med school sounds like a bad idea to me
Posted on 1/15/13 at 11:26 am to GoCrazyAuburn
quote:
My limited experience working with doctors is that they get taken to the woodshed on financial deals A LOT! I think it's based on them not worrying about the nickels and dimes in a deal but those add up over time.
An advisor I work with worked with a doctor that got burned by Madoff. Lost hundreds of thousands
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