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Recommended Physician Mortgage Loan company?

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  • SPlum
    replied
    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?

    Leave a comment:


  • FIREshrink
    replied




    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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  • SwanSong
    replied
    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.

    Leave a comment:


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

    Leave a comment:


  • Spatty99
    replied
    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).

    Leave a comment:


  • soundbyte
    replied
    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.

    Leave a comment:


  • ID Doc
    replied
    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.

    Leave a comment:


  • pickkles
    replied
    My husband and I used Curbside to help find the right lender for us.  We found that there are lots of banks out there that have physician loan programs.  With a new born and full-time job, we didn't have the time, bandwidth, or knowledge frankly to call each one and find out who had the best terms and rates.  Curbside did it for us and the process was pretty smooth.  We ultimately ended up with Suntrust with a very good rate and 10% down for a $1.5MM purchase in Silicon Valley. Hope this helps!

    Leave a comment:


  • JWeb
    replied
    I would talk to your local banks. They are usually much much more competitive. Especially, if you can get two of them to compete with each other. Wells Fargo and BOA were nearly a full percentage point higher than our local banks were. We only put 5% down, have a 30 year fixed standard loan at 3.5% and another "down payment" loan for 3.5%(from July 2015). We have no PMI.

    Leave a comment:


  • The White Coat Investor
    replied
    Remember when comparing rates that rates change twice a day or so. You can't compare the rate you got Tuesday from Suntrust with the Friday rate from 5/3 Bank for instance. Your initial process is probably fine, but I'd take the top two and play them off (politely and transparently-i.e. Suntrust is giving me 4.0%, can you beat that? Otherwise I'm going with them) each other to see if one of them will give you a lower rate, then lock it in and go with that.

    Leave a comment:


  • soundbyte
    replied
    Thanks for the input everyone. For the sake of transparency, I'll update this post when I get quotes back from everyone. Currently comparing the following 5 lenders:

    1. Sofi - 30 year fixed @ 4.5, 15 year fixed @ 4.0

    2. SunTrust - 30 year fixed @ 3.99%; Don't have a 15 year quote yet

    3. 5/3 Bank - Awaiting info

    4. Atlantic Coast Mortgage - 30 year fixed @ 4.375

    5. First Home Mortgage - Awaiting info

    Leave a comment:


  • hightower
    replied




    Hello all,
    I know many have used various banks for doctor loans for purchasing a home. I’m curious as to what companies people have used and what your experience has been. I don’t want this to be a thread debating the utility of doc loans, but rather a collection of positive and negative experiences from those who have utilized physician loans.

    So far, I’ve heard SunTrust and SoFi seem to be popular.
    Click to expand...


    I went back through my emails from 2008 to figure out who we used at that time to buy our condo.  We purchased a condo right after medical school and lived there for about 6 years.  We used Physician Loans to get a mortgage.  Apparently that's the same as Tower Mortgage in Columbus Ohio.  I talked to a gentleman named Frank Rondone.
    The whole experience was pretty painless.  I don't remember having any issues with any of it.  We ended up refinancing after 3-4 years because our initial loan was an ARM.  For the refinance we just went with a traditional mortgage company.

    Leave a comment:


  • Dreamgiver
    replied
    I used Josh Mettle to close on a house. Jumbo loan with 10% down (no PMI) with only 3 months of attending income history. We were crunched on time and he was able to close us quickly in about 2 weeks. No surprises, very straightforward and honest. Would recommend. Downside was that, while I got a great rate (3.625%), it is a 10/1 ARM loan.

    Other place I'd look at is Key Bank. Had positive interaction with them and they said they were able to do the same as Josh Mettle but with a 30yr fixed. Unfortunately, they could not close us in time to satisfy the requirements of our contract so could not go with them.

    Leave a comment:


  • The White Coat Investor
    replied
    Justin-

    You've posted a grand total of four posts on the forum. Each of them is primarily a solicitation of business. I know it can be a fine line to walk, but you're over it.

    Leave a comment:


  • justinroth1
    replied
    [Post edited due to violation of forum policies by moderator-WCI

    See forum policy # 2, reproduced here for your convenience:

    1. Forum participants are expected to clearly disclose their financial conflicts of interest. If you are a financial professional, author, professional blogger, or otherwise own a significant share in a relevant business, that information should be present in your signature and/or profile. It is okay to place a link to your site or your business in your signature, but it is not okay to publish posts or comments primarily as a method of soliciting business nor to send out multiple private messages soliciting business.]

    Leave a comment:

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