My wife and I bought our “big doctor house” with a 0% down physician mortgage about 1 year ago. Not ideal, but I had just super funded my kids’ 529’s and didn’t have the down payment handy when the “dream house” popped up in our target area with very low inventory.
We both have big/stable incomes and would now like to refinance to more favorable terms.
We’ve paid down about 10% of the principal in the first year, and have the cash to put another 10% into it over the next few months.
current mortgage: 15/1 arm (30 year total) at 3.625%, 1.4M at origination, currently 1.26 remaining
We would like to refinance to a 15-20 year fixed at a lower rate.
Does anyone have experience refinancing a physician loan of this size? Would we have to get to 20% equity before a refi would be possible? What kind of jumbo rates are people getting on refi?
Thanks in advance.
We both have big/stable incomes and would now like to refinance to more favorable terms.
We’ve paid down about 10% of the principal in the first year, and have the cash to put another 10% into it over the next few months.
current mortgage: 15/1 arm (30 year total) at 3.625%, 1.4M at origination, currently 1.26 remaining
We would like to refinance to a 15-20 year fixed at a lower rate.
Does anyone have experience refinancing a physician loan of this size? Would we have to get to 20% equity before a refi would be possible? What kind of jumbo rates are people getting on refi?
Thanks in advance.
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