Why the Mills Team?
We have spent many years assisting doctors in buying or selling their homes. As special financing programs became available, and our physician clientele increased, we established a reputation as specialists in assisting medical residents and students who wish to own their own home. We speak your language. We understand your situation and special needs and have tailored our program just for you. We have the experience and education to save you thousands of dollars and to help you avoid costly and embarrassing mistakes. In short, we are the Medical Resident & Student Specialists!
Frequently Asked Questions
Can you really buy a home in Indianapolis on a Resident's salary or with student loans for income?
Yes, Indianapolis has homes available that most medical residents and students can afford. We know how to assist you with financing to be able to buy a great home. We are fortunate that the Indianapolis area offers a variety of affordable homes. Many areas with medical schools or residency programs have no housing that you could afford to own during your residency.
Will renting or owning be best for me?
The time frame you plan to own the home and the economics are the most important questions (see next question). Other important questions to ask yourself:
- Do I want to control where I live, have more space and fewer distractions from neighbors, and a garage to park my car in?
- Do I wish to build credit for my future and equity for future home purchases? (Your mortgage credit history will greatly help you as you establish your life and practice.)
- Could I use tax deductions? Many accountants recommend home ownership.
I am only going to be here 4 years, does it make economic sense to own?
Let's compare two sample residents.
- Resident A rents an apartment for $1,000/month, pays renter's insurance of $20/month and plans on a typical 4% rent increase per year.
- In 4 years Resident A will pay $51,917 in apartment rent.
- Resident B purchases a home for $150,000 with no down payment at 4.5% interest with a payment of $948/month (this includes 1.5% for property taxes, homeowner's insurance, etc.) that is fixed for the time the resident plans to own the home.
- Using the low appreciation of 2%, the home will be worth $162,365 an equity increase of $12,365. These numbers do not reflect any tax deductions to which the Resident may be entitled.
In the final analysis, Resident B comes out $5,788 better than Resident A after paying all expenses, and Resident B owned their own home!!!
I don't have any money, can I still get a loan?
Yes, but be cautious. There are a limited number of options to get a no-money-down mortgage. Many of these programs cost considerable money to approve you for the loan and lack local resources to assist you. We have sources of financing that do not charge special fees to loan you 100% for your home. Why do they do this? Doctors have long been reliable members of the community; so this, coupled with your long-term income prospects, make good business sense to help you now.
I owe six figures in student loans; mortgage companies tell me I don't qualify for a home loan. Is this true?
For most lenders this is true, but for reasons stated above, we have sources that understand and will work with you in spite of your student loans.
Can you help me buy a new construction home from the builder?
Absolutely! We have helped many clients purchase or build new homes. Remember the builder is the seller and new home sales people work for the builder, not you. Most have no license or formal training to sell real estate, yet many of these sales people advise buyers as if they do. If you do not buy or build with their builder, they can't help you. We can represent you with any builder at no cost to you. The price of the home is the same whether we represent you or not. We have years of experience in purchasing new homes, and we will assist you in making good selections that will increase your appreciation and resale value. Be sure to tell your builder UP FRONT that you want to work with The Mills Team. After a simple registration process, we can get to work on your behalf!
I want to see a home; should I just call the agent on the sign?
No, the listing agent (name on sign) represents the seller, not you, and by Indiana law cannot be a buyer's agent. We are Medical Resident & Student Specialists and will work as your buyer's agent at no cost to you, coordinating your purchase and providing professional guidance throughout.
Another Resident recommended their agent; what's the difference?
Each year we meet one or two residents who bought a home with another real estate agent but are curious once they hear about our program. When it becomes clear they could have used The Mills Team program to save thousands of dollars in the purchase of their home, they are very disappointed. Other agents may claim they specialize in physicians, but we know of no other agents whose experience in serving physicians matches the Mills Team.
We can represent you as a buyer's agent. We can show you any home. We can represent you in the purchase of a new home. All at no cost to you. The safest first step is to talk to The Mills Team. We are the Medical Resident & Student Specialists, and we believe that one meeting with us will show you why!
More questions? Contact us! We would love to show you why we are the physician specialists.
All information is provided exclusively for consumers' personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties that a consumer may be interested in purchasing. All Information believed to be reliable but not guaranteed and should be independently verified. © 2017 Metropolitan Indianapolis Board of REALTORS®. All rights reserved.
Listing information last updated on October 17th, 2017 at 5:24am EDT.