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Frequently Asked Questions (FAQ)

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Why Doctor Brownshoes?
First and foremost, Doctor Brownshoes, LLC is a physician owned and operated housing network built by doctors, for doctors. Now we are opening our services beyond the physician market to assist ALL PROFESSIONALS REGARDLESS OF YOUR FIELD. Our primary goal is to deliver the premier customer service experience that you deserve and expect. We take the same care and detail in matching you to one of our partners as a doctor would referring one of your patients to a specialist. There is NEVER any charge to you or your realtor to utilize our service. Give us a call and we are confident that you will be very comfortable with our advisors and the partners with whom we match you.

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Do I really need to use the 89.99% Jumbo Mortgage? What are the advantages and disadvantages between the 89.99% Jumbo Mortgage, FHA Loans, and conventional financing?

The Low Down Payment Jumbo Loan is generally the best option for professionals at any stage of your career. It gives you the option of not incurring capital gains taxes or growth opportunities to put more money down on your new home. However, if you have 20% to put down you should see what your lending match will offer you in terms of conventional financing options. The 89.99% Jumbo Mortgage allows for the following:

A) Move into a new home with much less of a down payment than conventional financing options. Whether or not your location is in a declining market will have a large impact on how much you will have to put down. Under the 89.99% product umbrella, our lending partners can work with loan amounts up to $1,000,000. With more conventional lending options, our lending partners can handle loan amounts up to $6,000,000.

B) Provides you with a loan with NO monthly Private Mortgage Insurance (PMI) or Upfront Private Mortgage Insurance as you would with FHA financing.

C) Allows you to close 60 Days before your first day of employment. Conventional financing generally requires 30 days of paystubs and FHA Loans usually require at least 1 paycheck. Neither of these options will allow you to close before your employment begins.

With this 89.99% lending product, you will actually have a very competitive interest rate because of the lending channel we have access to. Please feel free to ask for multiple options when you are discussing your specific situation. It is most important that you get into the best deal for you and your family. Regardless if it is the 89.99% Jumbo Mortgage (10.01% down) or an alternative method of financing, Doctor Brownshoes is confident that the lender we match you with will help you choose the right product.

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I actually have 20% to put down, is there still an advantage to using Doctor Brownshoes?
Yes, there is a tremendous advantage to using Doctor Brownshoes even if you are not in need of a Doctor Mortgage. We still match you with a lender suited to fit your needs. As we say throughout our website, choosing to team up with Doctor Brownshoes is the best decision you can make in your purchase/refinance process because we have partnered with the lenders that have both extensive experience and a deep understanding of the complexities and intricacies involved in handling the financing needs of physicians and other important professionals as well as their unique financial profile. Our partners appreciate the benefits of working within the high level clientele and accordingly, they will often provide you with very competitive pricing. More importantly you will get the Doctor Brownshoes "white-glove" service with any of our relationship partners.

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What is a declining market and how does it affect me?

A declining market is defined as a market where statistically the values are falling from Quarter A to Quarter B. For instance, a house bought for $500K in Quarter A would only be valued at $475K in Quarter B. If that decline was consistent throughout the area, then it would be considered a declining market. This is generally determined by the result of what is known as the Case-Shiller Index. Declining areas are defined by degrees of 1-5 with "5" being the most severe declining market. Currently areas that are considered a "2" or "1" are not treated as declining markets. Areas designated as "3" - "5" are declining markets and your minimum down payment may be increased by 5% or there may be a smaller cap on secondary financing. The lender you are matched with can discuss your specific area in greater detail with you.

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What's so different about the lenders you match me with? Why not just go down the street to the local branch?
When you walk into a bank and ask about a mortgage you are generally assigned to a random loan officer who works at that particular branch. Generally, the loan officer will not have any specialized experience with physicians or affluent professionals. Currently our pool of lenders focused on gathering the top talent who are accustomed to working with private bank level clients and complex housing situations on a daily basis. Additionally, there is no real long term accountability for the lender to provide you with the highest quality service and the most attractive pricing options available. You are not a long term client, merely an opportunity to get a deal at the highest rate you will allow them to give you. At Doctor Brownshoes, our partners are focused on you and are held to a rigid set of customer service standards. They have a vested interest in your satisfaction long after your loan closes. Because of this you are getting the best service and the most competitive rates in the industry. Quite frankly, anything less from our referral partners is not acceptable. Our expectation is that Doctor Brownshoes and our partners will add value to your transaction.

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It's a FREE service, what's in it for us?
Our goal at Doctor Brownshoes was to build a large client base of very satisfied physicians. As of June 1, 2014, our focused expanded to include professionals in any field. We build this one client at a time. We generate our revenue through our realtor referrals and other marketing ventures. Our success is determined by our ability to create a passionate and loyal client base. This creates, in both Doctor Brownshoes and our partners, a vested interest in your long term satisfaction, long after your transaction has been completed.

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I have a realtor, can I still use Doctor Brownshoes? Will it cost me or my current realtor anything to use your service? My realtor is really worried that you are going to try to charge her for your services.
We are looking forward to hearing from you whether or not you already have a realtor. We will never charge a realtor who is out of our network, as it is our privilege to serve you. We hope that after your experience you become a loyal client and your realtor is interested in joining our exclusive network.

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My credit is not so good, can you help me?
Bad credit is certainly nothing to be embarrassed about. We often find professionals who miss a loan payment or credit card bill because of the overwhelming nature of their busy lives both professionally and personally. If you have any credit issues, please let us know and we can see what we can do to assist you in raising your credit scores to their proper levels as soon as possible. We maintain a strong relationship with affordable and effective credit repair solutions. Our credit repair partner has been working successfully with physicians and affluent clientele since 2003 and takes new clients only via referral. There is no cost to you to contact us for a consultation regarding credit repair issues.

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I'm not looking to buy a house for the next year or so, should I wait to apply?
In this ever changing housing market, you should understand where you stand as soon as possible. If you are in great shape to move forward, you will know exactly what needs to remain the same in the months before you purchase. If you stumble upon some roadblocks that could prevent you from getting the financing you seek, you will have time to resolve these issues. Regardless, it is always best to start the process sooner than later. Our partners have a strong track record of working with their physician clients many months and sometimes two to three years before a purchase is made. Please let us know what we can do to assist you.

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