Mutterkuchen

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Quick question for anyone in the know. Do B of A's (or other doctor loan) rates vary by the sales person selling you the loan? In other words, if I have 3 names of B of A reps who sell doctor loans, do I need to call all 3 to see if the rates differ. Or are the same within the same company?

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Andrea17

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The same thing happened to me, I've gotten many different quotes from people of B of A. Any input on this topic will be grateful.

Thanks,
 

Andrea17

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What I mean is that some officers at Bofa will offer you 100% financing, no pmi and no closing costs, and some other officers will offer you 5% down, o pmi, and no closing costs. It will definetly vary from officer to officer, this is at least my experience.
 

deucerp

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The Doctor Loan is a 100% down loan. If they are not offering this to you and are trying to get you to put money down, ditch them.
The doctor's loan is 100%, no PMI if you are buying in an area that isn't deemed a "declining market". If it's declining, you have to put 5% down.
 

DoctorWannaBe

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Quick question for anyone in the know. Do B of A's (or other doctor loan) rates vary by the sales person selling you the loan? In other words, if I have 3 names of B of A reps who sell doctor loans, do I need to call all 3 to see if the rates differ. Or are the same within the same company?

Thanks.
Different BoA loan officers can have different interest rates, even if you call within minutes of each other. I asked one of the BoA loan officers about this and she told me that some lenders use their commission to buy down the rate. Once you try to lock a rate, it might be worth it to call all 3 people and ask who has the lowest rate. The fees and terms should all be the same if you go through BoA.