The day of the loan, he called us and told us we could actually lower the interest rate that day if we wanted to wait a few days, which I don’t think many lenders would ever do. So it was a great experience, I’d recommend him to anybody.
Dr. Tricia and Derek Twelves
He gave us the best rate and our closing costs were comparable to the major banks out there. So you know, he was excellent, his rate was amazing and he’s just been a great person to work with. I have no complaints. We wish that we had gone with Drake sooner. We just had a really good experience with him and his team.
Dr. Steven E. P., University of Washington Boise Internal Medicine
We loved working with Drake. He was very prompt answering all of our questions and walking us through the loan process. I will definitely recommend him to others who are considering these loans.
James Jordan, MD, Neurohospitalist, Everett Clinic
I had a great experience! Sheila kept me in the loop with the whole process. No complaints at all. Thanks guys.
Tyler Anderson, Larson Financial Group, The Physicians Specialist
Medical professionals face several unique challenges when buying a home and applying for a conventional or FHA mortgage loan. Until recently, physician home loans or doctor mortgages were only available to M.D. and DMD, excluding many other medical professionals with similar needs.
Now medical professionals have options outside conventional and FHA loans to help them overcome these common challenges and in many instances borrow at lower total costs.
5 Facts You Should Know
1. Conventional and FHA loans require private mortgage insurance. Medical professionals often have more education and therefore more student loans and expenses, than most borrowers. This frequently means that medical professionals have not been able to save the traditional 20% down payment, which is required to remove mortgage insurance with conventional financing.
Mortgage insurance or PMI is a costly insurance that protects the lender, but is paid by you the borrower. These monthly insurance premiums typically continue for greater than ten years or for the life of the loan in many cases with FHA financing. Avoiding these monthly premiums when putting less than 20% down is almost always going to save you significantly.
Medical professional loans help you avoid the costly monthly and up front funding fees that are typical with conventional and FHA financing.
2. A medical professional loan will enable you to close before you start a new position. Many of our clients are looking to coordinate their new home purchase with the start of their new job. Obviously having the flexibility of closing on the new home, before starting the new job is important to most online payday NJ relocating families. Many times our clients are moving from one state to another and once they find a home they want, being able to close quickly is key to getting their offer accepted.
Our programs allow medical professionals to close up to 90 days prior to the start of their new position, allowing them great flexibility in the timing of their offer to purchase as well as the actual closing or settlement.
Additionally we have the ability to postpone the first month’s payment by up to 60 days (depending on when in the month your closing is scheduled).
We also have the ability to close as quickly as 14 days in many cases. This enables you to write a very compelling offer, with short deadlines that the seller will find very attractive.