Mortgages for professionals

Started by RxWildcat
Get help with your application

Use all the free resources available to you from SDN: articles, guides, expert advising, forums discussions, and school research.

Browse articles Compare schools My application plan Read Interview Feedback
Practice for interviews Ask an Advisor
RxWildcat

RxWildcat

Julius Randle BEASTMODE!
Moderator Emeritus
Verified Member
10+ Year Member
Verified Expert
15+ Year Member
Has anyone had any experience in obtaining a mortgage designed for young professionals? I have seen some of these for physicians but several of them won't loan to others like pharmacists, lawyers, etc. These were a lot more common a few years back but just curious to hear what others have done
 
RxWildcat said:
Has anyone had any experience in obtaining a mortgage designed for young professionals? I have seen some of these for physicians but several of them won't loan to others like pharmacists, lawyers, etc. These were a lot more common a few years back but just curious to hear what others have done
Click to expand...

Nope. I got mine through Wells Fargo...30 years, 4.25%.
 
My loan is a 5 year ARM at 3%, zero points and no escrow. Must say I'm pretty happy with it.
 
I got a 30 year 4.25% FHA loan in April of 09. And, in the great state of Oklahoma, you don't have to pay PMI if you are of Indian ancestry (you have to have an Indian card).
 
I got an FHA loan in Sept. It's 4.75%, fixed. PMI costs me $33 a month. I would recommend FHA if you have an excess of student loans and just graduated or are in school, because your credit score will probably be lower than an established buyer.
 
We just refinanced and as of last quarter FHA rates were lower than conventional rates. Unfortunately I waffled on the issue from November until December and rates went up 0.5%. We still got a great rate and really compared to when my parents bought their home in the 80s, we got an unheard of rate.

Of course I'd rather not pay PMI and even tried to refi to a shorter term (15 yrs) but they wouldn't let us do that without an appraisal and as everyone knows, home values are in the toilet so we had to refi at 30 years. So we just increased our payment amount and will still shave off a bunch of years and $$$.
 
Dr Wario said:
My loan is a 5 year ARM at 3%, zero points and no escrow. Must say I'm pretty happy with it.
Click to expand...

If you plan on buying a house and staying there for long term, go with a fixed rate mortgage. Rates are so cheap now compared to say like the 80s, when they were like 12%.

My wife and I refinanced ours about two years ago through Fifth Third Bank and we went on a 20 year loan at something like 4.85%.
 
wes011 said:
If you plan on buying a house and staying there for long term, go with a fixed rate mortgage. Rates are so cheap now compared to say like the 80s, when they were like 12%.

My wife and I refinanced ours about two years ago through Fifth Third Bank and we went on a 20 year loan at something like 4.85%.
Click to expand...

My loan will be paid off in five years, more likely in 3. The current amount is only about 160k, I know I should be putting my money into something with a greater return but I'm still pretty washy on the econ.
 
You must log in or register to reply here.