• AMA with Certified Student Loan Professional

    Join SDN on December 7th at 6:00 PM Eastern as we host Andrew Paulson of StudentLoanAdvice.com for an AMA webinar. He'll be answering your questions about how to best manage your student loans. Register now!

B of A Loan Rates

Mutterkuchen

Senior Member
15+ Year Member
Nov 28, 2001
793
3
Omaha
    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.
     

    Andrea17

    Junior Member
    10+ Year Member
    7+ Year Member
    Mar 28, 2005
    14
    0
      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.
       
      About the Ads

      deucerp

      Junior Member
      10+ Year Member
      5+ Year Member
      Mar 28, 2005
      145
      0
      40
      1. Medical Student
        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

        Senior Member
        10+ Year Member
        15+ Year Member
        Nov 16, 2002
        557
        1
        1. Attending Physician
          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.
           
          About the Ads
          This thread is more than 13 years old.

          Your message may be considered spam for the following reasons:

          1. Your new thread title is very short, and likely is unhelpful.
          2. Your reply is very short and likely does not add anything to the thread.
          3. Your reply is very long and likely does not add anything to the thread.
          4. It is very likely that it does not need any further discussion and thus bumping it serves no purpose.
          5. Your message is mostly quotes or spoilers.
          6. Your reply has occurred very quickly after a previous reply and likely does not add anything to the thread.
          7. This thread is locked.