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Mortgage COmpany
Started by yobabydoc
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Not Tower Physician Loans. Started using this company and ended up withdrawing our application. They were charging us all kind of extra fees.
I would recommend calling your program or talk to current residents at the program and see who they went with. Many times local companies can give you "doctor loans" that have much better deals. I found it much easier to go with someone local. 🙂
I would recommend calling your program or talk to current residents at the program and see who they went with. Many times local companies can give you "doctor loans" that have much better deals. I found it much easier to go with someone local. 🙂
Quicken Loans - if you have good credit and a nice down payment contact Michael Thomas at 18002266308 ext 57204 - this is not an advertisement, I used him and he was great at getting me into my house FAST!!!
Also, they have a no doc loan which can save yer butt when you don't want to go through a full doc mortgage.
I would have done a physician loan - but they want full documentation and can only get you in 60 days before residency starts which wasn't doable for me. I did pay KILLER (and trust me, I mean KILLER) closing costs WITH points to get my 6%, but I'm happy overall for the speed and monthly payment.
Also, they have a no doc loan which can save yer butt when you don't want to go through a full doc mortgage.
I would have done a physician loan - but they want full documentation and can only get you in 60 days before residency starts which wasn't doable for me. I did pay KILLER (and trust me, I mean KILLER) closing costs WITH points to get my 6%, but I'm happy overall for the speed and monthly payment.
Anyone use Bank of America for their physician's mortgage loan program? Good, bad, or ugly?
I posted this in another thread last week:
We are working with Drew Daniels of Compass Bank. He is based in Austin but I believe can work in other states outside of Texas. Similar to other doctor's loans, 100% financing, no PMI, 6.125% interest on a 5/1 ARM. We are getting a $219K townhome for $1330 a month. There is a 0.25% origination fee (compared to the 1% that BOA charges). They are also less strict on credit score and debt/income ratios than BOA is. Despite the 0.25% origination fee, we will be getting $1200 back at closing thanks to seller paying closing costs for us (this is seller dependant and not mortgage banker dependant). Note: for a 1% fee (1 point), the rate would have been 6%.
Also, for the REFUNDABLE price of 1/2 point (0.5% of the selling price) he will cap the rate at 6.125%, and give me the lower rate if rates fall between now and closing (also called a "float down"). The fee will be refunded at closing, and forfeited if we do not buy the property or go with another lender.
Give him a call if you are looking for a mortgage! And tell him Scott from UT-Houston sent you. His phone number is 512-419-3435, email is [email protected]. Feel free to PM me for specific questions. I also recommend "Buying a Home for Dummies" - it is a very good resource to become familiar with the whole process.
We are working with Drew Daniels of Compass Bank. He is based in Austin but I believe can work in other states outside of Texas. Similar to other doctor's loans, 100% financing, no PMI, 6.125% interest on a 5/1 ARM. We are getting a $219K townhome for $1330 a month. There is a 0.25% origination fee (compared to the 1% that BOA charges). They are also less strict on credit score and debt/income ratios than BOA is. Despite the 0.25% origination fee, we will be getting $1200 back at closing thanks to seller paying closing costs for us (this is seller dependant and not mortgage banker dependant). Note: for a 1% fee (1 point), the rate would have been 6%.
Also, for the REFUNDABLE price of 1/2 point (0.5% of the selling price) he will cap the rate at 6.125%, and give me the lower rate if rates fall between now and closing (also called a "float down"). The fee will be refunded at closing, and forfeited if we do not buy the property or go with another lender.
Give him a call if you are looking for a mortgage! And tell him Scott from UT-Houston sent you. His phone number is 512-419-3435, email is [email protected]. Feel free to PM me for specific questions. I also recommend "Buying a Home for Dummies" - it is a very good resource to become familiar with the whole process.
I should also add to the Quicken loans thing, that they have other types of mortgages too, PITI mortgages, short arms, etc etc - its not just interest only.
I'm getting a 191000 house for 770/mos by the way, the physician loan couldn't beat this, nor could my current mortgage company.
Also, check with LOCAL banks since they sometimes wave a lot of the fees.
As I stated before, I payed 4K in points (my choice) to get that interest rate since most interest only loans are at a higher interest rate. They're usually only good for people that have guaranteed income increases once the arm is over (like residents).
If anyone has any questions - you can PM me. I'd be glad to help since I found this whole process very confusing!
I'm getting a 191000 house for 770/mos by the way, the physician loan couldn't beat this, nor could my current mortgage company.
Also, check with LOCAL banks since they sometimes wave a lot of the fees.
As I stated before, I payed 4K in points (my choice) to get that interest rate since most interest only loans are at a higher interest rate. They're usually only good for people that have guaranteed income increases once the arm is over (like residents).
If anyone has any questions - you can PM me. I'd be glad to help since I found this whole process very confusing!
a 5/1 ARM is an adjustable rate mortgage that is 5 years in length and the rate changes every 1 year.
the rate change is based on the difference between prevailing interest rates in 1 yr vs now. the bank will use some benchmark like the prime interest rate or 5 year treasury rates.
you can lock in a rate by refinancing to a standard mortgage.
right now, from Mr. DrMom's perusal, 5 year ARM rates are so close to 30 year fixed rates that they probably aren't worth the risk of increased interest later.
you can lock in a rate by refinancing to a standard mortgage.
right now, from Mr. DrMom's perusal, 5 year ARM rates are so close to 30 year fixed rates that they probably aren't worth the risk of increased interest later.
btw: Mr. DrMom just corrected me a bit on the ARM definition
5/1 means that the rate is fixed for 5 years and then will change every year after that. Sorry. That's why I let him deal with the financial stuff 😳 😉
5/1 means that the rate is fixed for 5 years and then will change every year after that. Sorry. That's why I let him deal with the financial stuff 😳 😉
DrMom and Mr. DrMom explained it pretty well already. I went with the 5/1 ARM instead of the fixed 30 year mortgage becuase the fixed 30 year was 6.375, and we knew we would be moving into another place in 5 years.
As I said before, I highly recommend the "Buying a Home for Dummies" book. It is VERY useful!
As I said before, I highly recommend the "Buying a Home for Dummies" book. It is VERY useful!
DrMom said:
Dammit, I was hoping I would get to correct you on this.
To follow, I would have no problem with in 'interest-only' loan or ARM, because I will earn little to no important equity in a home during residency (our current home has granted us $5500 in equity after 40 or so months), and because I imagine that post-residency, my income will be enough to offset most any destabilization in the housing market (i.e. having to wait 6 months to sell, property value decline, huge interest rate hike - although ill still be locked in, it will be harder on the buyer)
Poety said:I'm getting a 191000 house for 770/mos by the way.
QUOTE]
Is that an interest only loan? Does that include insurance and taxes? I am currently going through this hell called looking for a home across the country from where I am currently living. AGGHHHH!!! Sorry, momentary lapse.
Flea girl said:Poety said:I'm getting a 191000 house for 770/mos by the way.
QUOTE]
Is that an interest only loan? Does that include insurance and taxes? I am currently going through this hell called looking for a home across the country from where I am currently living. AGGHHHH!!! Sorry, momentary lapse
Hi Flea,
That IS an interest only loan, with 45K down and NOT escrowing taxes or insurance - the little secret behind taxes and insurance: the banks only escrow it to make money off the interest. I haven't payed my taxes or insurance in my mortgage for 10 years - I'd prefer it in MY account compounding interest 😉 not theirs!
Poety said:
You don't have to put 45K down to get interest only. You can do zero-down and get the interest only loans. Hell, not too many of us can afford 45K down, if we could we wouldn't be going into medicine🙂 Usually the people that are putting bucks down are those who a) have invested wisely over the years, b) had a job in a former life and invested wisely, or c) are independently wealthy and have invested wisely.
My situation is that I have never had a fulltime career-job thing, been a student since I was five years old. So that being said I have nothing saved or invested. I have been looking into doing the 100% financed, 0 PMI, 5/1 ARM gig from a reputable organization. I am looking for a place in Michigan, but they don't have BOA, ING requires you to put money down (but they have some killer rates if you can afford money down), and I have heard mixed reviews about Tower Mortgage. If anyone has had success with a specific lender in/around Detroit, MI let me know. I am hoping to get this ball rolling soon.
My situation is that I have never had a fulltime career-job thing, been a student since I was five years old. So that being said I have nothing saved or invested. I have been looking into doing the 100% financed, 0 PMI, 5/1 ARM gig from a reputable organization. I am looking for a place in Michigan, but they don't have BOA, ING requires you to put money down (but they have some killer rates if you can afford money down), and I have heard mixed reviews about Tower Mortgage. If anyone has had success with a specific lender in/around Detroit, MI let me know. I am hoping to get this ball rolling soon.
Drlove9701 said:
I posted this on another thread regarding Bank of America. I used BOA and so have several collegues. The lender who helped us was Jennifer Whitley. You can reach her at 336-721-4145 or toll free number is 1-800-685-9398, option 2. Email at [email protected]. In my case, she got back to me immediately and answered all of my questions.
She did the 100% doctor loan with no PMI. They don't count the student loan as your debt, but you do have to have a credit score of 700. The only documentation they want is your match letter showing your placement, salary info and a bank statement. Hope this helps.
EM Junkie said:
I went with Drew also. I am not sure if anyone could have gotten me a better rate (interest only 5/1 on $222K - mortgage of $1112 a month!! i plan on paying extra principal once I can moonlight). Anyway, regardless of whether someone could have beaten the deal I got, Drew was awesome. Was available 24/7, on weekends and when I needed something faxed out of the blue at 7PM on a Tuesday, Drew got it done. Havent been this pleased with any service that Ive gotten in a long time. Tell him Patrick (and Scott) sent you.
Hey all
My fiancee is a mortgage banker with Direct Lendig. She just did the loans for a cuppla friends, and they're pretty happy with their rates. She's also doing our loan, of course, and our payment comes out to like $500 per 100K 😱
Not too shabby compared to some of the numbers I've seen around here.
If your interested let me know. Also, if you refer a successful loan, I think she gives you like a hundred bucks!!
Either way, she's always happy to help.
Disclaimer: Shes my fiancee, so of course, her benefit also benefits me. Even so, I know that she's done some amazing loans for quite a few classmates. G/L home hunting!!
My fiancee is a mortgage banker with Direct Lendig. She just did the loans for a cuppla friends, and they're pretty happy with their rates. She's also doing our loan, of course, and our payment comes out to like $500 per 100K 😱
Not too shabby compared to some of the numbers I've seen around here.
If your interested let me know. Also, if you refer a successful loan, I think she gives you like a hundred bucks!!
Either way, she's always happy to help.
Disclaimer: Shes my fiancee, so of course, her benefit also benefits me. Even so, I know that she's done some amazing loans for quite a few classmates. G/L home hunting!!
Drlove9701 said:
While one persons experience doesnt mean much, I can say that I had a pretty bad experience with BOA. I had been a BOA customer for 15 years(part of that was nations bank which BOA acquired) now I am completely changing my banking to Suntrust.
Specifically they refused to lock in a rate, despite several times over a few months when it was made clear to me that we were locked in to only find out at a later conversation that we were not. This started 3 months ago when rates were climbing daily. We initially talked and set a rate at 5.49. I paid the inital 300 dollar fees which include the credit check and application fee. Then a month later i recieved an email stating that my rate was now 5.78 and that they needed several items of information from me(all minor things) I called and after no response for a week the mortage officer finally called and stated that we cannot lock in until the package was complete. Then a month later when i went to house hunt he sent an email stating that my rate was 6.0 and that it could not lock in until there was a contract. After providing a signed contract I recieved yet another email stating that the rate was now 6.25 and that we had not finalized the package.
I had talked to suntrust bank at the same time i had talked to BOA initially. At that time Suntrust had verbally locked in a rate of 5.65. A bit higher than the quoted BOA rate so I tried to stay with my parent bank. Luckily I called Suntrust back and recieved approval at the quoted rate within 48 hrs.
I just felt like I was lied to on several occasions. After complaining I had the regional manager who had worked with my parent telephone. He tried to give me a lower rate but would not go back to the original quote. I told him I will never bank with them again after that experience. And to be honest it has nothing to do with the rate. Just the experience and principle.
I'm going with a 5/1 ARM through ING with 10% down and 6.25% interest. Through their orange mortgage plan, most closing costs are paid (I pay only odd day's interest and a few other things). They've been very helpful and prompt so far.
lvspro said:
of course i'm gonna have to ask for some contact info 😉 cuz if i can get a loan for 500 bones per 100K, then i'm all for it. thanks man
KluverBucy said:
Thats about what mine is, but its interest only with a point purchased at closing. Mortgage of 1112/month on a 222400 loan, and I pay the taxes/insurance (i.e. no escrow). With principal and escrow, it would probably be impossible to get this loan under 1550.
yobabydoc said:
And we wonder why our housing market is in such a mess!
I found Jennifer Whitley's name on these forums and thought that since B of A had a "physician loan specialist" that they could get me a rate better than any of the other quotes I'd gotten. And that seemed to be the case. Jennifer promised me a 6.125% rate on a 30 year fixed Jumbo loan! This was better than the 6.5 to 6.75% rates I was quoted from other banks. I immediately locked in my rate with a $400 fee.
Jennifer was really sweet during the entire process. She was available by email and phone, even after hours and on weekends. 8 days before closing, as I faxed her the last of the information she needed and the loan documents were about to go to escrow, I asked whether I could get a better rate if they were to change in the week prior to closing. She told me I should be happy that I was getting an incredibly good rate, and she was even missing out on $1400 dollars of her commission to get it to me!! How selfless, I thought! An advocate for me!
The next day, after all contingencies were removed and my $41,000 in earnest money (my deposit) was no longer mine, she called to tell me there's a problem.
It turns out that the townhouse I bought here in Los Angeles (advertised as such on the MLS and on the lawn sign) is actually a condo!! Who would've thought! Here in Los Angeles, we don't make such distinctions, and I wouldn't have been able to tell you the difference before this month!
She told me she would have to raise my rate from 6.125% to 6.75%, a difference in more than $70,000 over the life of the loan! I couldn't back out of the deal, because all contingencies were off and I would've lost my $41,000 earnes money. It was too late to refinance, because rates had increased. She had me by the proverbial testicles. And it seems that the $1400 hit in her commission had all of a sudden been restored!
I am on faculty here at a large academic institution, and if I could give my students, residents, and fellows a word of advice: don't trust the banks-especially their teaser rates and the sweet talk of one Jennifer Whitley.
I found Jennifer Whitley's name on these forums and thought that since B of A had a "physician loan specialist" that they could get me a rate better than any of the other quotes I'd gotten. And that seemed to be the case. Jennifer promised me a 6.125% rate on a 30 year fixed Jumbo loan! This was better than the 6.5 to 6.75% rates I was quoted from other banks. I immediately locked in my rate with a $400 fee.
Jennifer was really sweet during the entire process. She was available by email and phone, even after hours and on weekends. 8 days before closing, as I faxed her the last of the information she needed and the loan documents were about to go to escrow, I asked whether I could get a better rate if they were to change in the week prior to closing. She told me I should be happy that I was getting an incredibly good rate, and she was even missing out on $1400 dollars of her commission to get it to me!! How selfless, I thought! An advocate for me!
The next day, after all contingencies were removed and my $41,000 in earnest money (my deposit) was no longer mine, she called to tell me there's a problem.
It turns out that the townhouse I bought here in Los Angeles (advertised as such on the MLS and on the lawn sign) is actually a condo!! Who would've thought! Here in Los Angeles, we don't make such distinctions, and I wouldn't have been able to tell you the difference before this month!
She told me she would have to raise my rate from 6.125% to 6.75%, a difference in more than $70,000 over the life of the loan! I couldn't back out of the deal, because all contingencies were off and I would've lost my $41,000 earnes money. It was too late to refinance, because rates had increased. She had me by the proverbial testicles. And it seems that the $1400 hit in her commission had all of a sudden been restored!
I am on faculty here at a large academic institution, and if I could give my students, residents, and fellows a word of advice: don't trust the banks-especially their teaser rates and the sweet talk of one Jennifer Whitley.
