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Recommended Physician Mortgage Loan company?

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  • #16
    On your list, we looked into SoFi and 5/3. The WCI contact for 5/3 never replied, and after doing the online application, someone from SoFi called me to follow up I think at least once/week, but often didn't know the answers to all of my questions (had several after reading Josh Mettle's book). They were supposed to have an underwriter call me, but that never happened. Ultimately we didn't pursue it as the rates weren't as competitive. SunTrust unfortunately wasn't available in our area.

    We ultimately went with Sandi Frith at Huntington Bank. Still in the process now, but so far it has been smooth and Sandi has been great. They have a 15/1 ARM that we went with - 3.95% on 0% down. You also have the option of getting 0.125% lower rate per 5% down payment. We had down payment money saved up, but stuck with the 0% as we have private loans at a higher interest rate that seem a better target for that money.

    We also looked into First National Bank, who was responsive and helpful, but not as competitive, and a local bank, who had the best deal for us prior to finding Huntington.

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    • #17
      Thanks for all the input.

      We ended up going with Atlantic Coast Mortgage, as they offered the best rate (3.5% for a 15 year). It was unique in the sense that SunTrust had a much better 30 year rate, but the difference between SunTrust's 30 year fixed and 15 year fixed was only 0.2%. Whereas with Atlantic Coast, the difference was 0.7% lower for the 15 year.

      Out of the companies we looked at, SunTrust was by far the most responsive in terms of customer service. Had they been able to match the rate, I would have likely gone with them.

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      • #18
        I used Suntrust, and the rate was an absolute steal, but the closing was a total nightmare.  I think in 99.99% of cases Suntrust will be competitive but not the best rate, with customer service probably about average.

        In my case Suntrust made a huge error (1% of $1m loan!) in my favor on the good faith estimate, making them by far the best overall rate (otherwise they were a distant second). They tried to begin the loan processing using a corrected GFE sent later, so they were not pleased by the fact that I caught the error and advised they were required to honor the original GFE.  From that point on they were horribly unresponsive and actually missed the closing date (by only 1 day, but that could have been critical under some circumstances).  I am fairly certain that there was some intense internal discord regarding the error and they were not in a hurry to process their mistake (about the only feedback I was receiving immediately prior to close was that they were waiting for additional manager approval/signatures for the file/error).

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        • #19
          We used Drake Bloebaum at Fairway after the deal with Bank of America went sour. Drake saved the day!

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          • #20
            Just thought that I would add my experience here with a US Bank physician loan given that we just closed.  I got a 10% down, no PMI jumbo loan, 30-year fixed at 3.625%.  Very responsive loan officer (Jonathan Brozek), though underwriting could have been streamlined a bit, it seemed.  Or perhaps that's just me, as my last purchase of a home was did not seem quite this complicated, though was also not for this amount.  They do take into account your student loans, so a little different than some physician loan programs.

            Closing costs were pretty reasonable, with a $790 origination fee.

            I also looked at Bank of America, Sofi, Midland Bank (whose rates have gone way up), and with local banks, but their rates were all quite a bit higher.  I initially got a quote for a 3.3% loan from a local bank, but that was just for a 5/1 ARM, which didn't interest me, and their other products weren't great. The rate I received was lower than I was getting for 20% down conforming loans from local brokers, so I'm happy.  A lot of people are mentioning SunTrust, and I had a previous mortgage with them, though they weren't available where I now live.

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            • #21




              Just thought that I would add my experience here with a US Bank physician loan given that we just closed.  I got a 10% down, no PMI jumbo loan, 30-year fixed at 3.625%.  Very responsive loan officer (Jonathan Brozek), though underwriting could have been streamlined a bit, it seemed.  Or perhaps that’s just me, as my last purchase of a home was did not seem quite this complicated, though was also not for this amount.  They do take into account your student loans, so a little different than some physician loan programs.

              Closing costs were pretty reasonable, with a $790 origination fee.

              I also looked at Bank of America, Sofi, Midland Bank (whose rates have gone way up), and with local banks, but their rates were all quite a bit higher.  I initially got a quote for a 3.3% loan from a local bank, but that was just for a 5/1 ARM, which didn’t interest me, and their other products weren’t great. The rate I received was lower than I was getting for 20% down conforming loans from local brokers, so I’m happy.  A lot of people are mentioning SunTrust, and I had a previous mortgage with them, though they weren’t available where I now live.
              Click to expand...


              That is exactly the deal we got from US Bank in March 2016. 3.625% 30 year fixed, 10% down, jumbo, no PMI. I actually got a small credit toward closing.

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              • #22
                In looking at Physician loans, US Bank is definitely coming in with the best rates. They are quoting 3.125 for a 15 y fixed, jumbo. This is significantly lower than Midland banks and the other local banks we have talked to.

                Any ideas why?

                But as SwanSong and FIREshrink have noted, US Bank has been good to work with.  With those rates we are likely going with them. Any tips on how to make the underwriting go more smoothly?

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