Announcement

Collapse
No announcement yet.

Physician Loan - Positive Experience & Thank You to Forum

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Physician Loan - Positive Experience & Thank You to Forum

    I feel I owe the forum some gratitude as I benefited greatly from good ol' fashioned research on this forum...along with the various articles elsewhere on the site.  After absorbing all I could, I called Ross Zimmerman at the Mettle Group and he took my wife and I from start to finish in a very nice, clean, and transparent way.

    My info: 6 years out of fellowship, 10% down, Live in large metropolitan area, $1+ million loan - New construction

    No surprises.

    No drama.

    Easily done while the pregnant wife and I were working full time/overtime.

    Anyway, the pros on this site/forum should be trusted by those with large financial decisions to be made.  And the pros at The Mettle Group should be trusted as well.  Ross is a good and honest guy and can be found at http://fairwayphysicianhomeloans.com

     

  • #2
    Not surprised. My mortgage with Mettle was just as slick 7 years ago. He didn't even seem to mind when I paid it off early.
    Helping those who wear the white coat get a fair shake on Wall Street since 2011

    Comment


    • #3
      Appreciate your taking the time to post the information -always nice to get first-hand reports and always looking for good referrals.
      Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

      Comment


      • #4
        are they typically most useful for first time physician buyers?  unusual employment arrangements?

        what are the main benefits to using them, once sufficient work history and credit are established?

        cheaper?  faster?

        thanks!

         

        Comment


        • #5




          are they typically most useful for first time physician buyers?  unusual employment arrangements?

          what are the main benefits to using them, once sufficient work history and credit are established?

          cheaper?  faster?

          thanks!

           
          Click to expand...


          I can't speak to Mettle group specifically, but in general a physician home loan allows you to put less money down and not have to pay PMI. Many of them will get the mortgage going with only a contract rather than paystubs (ie your first job out of residency), though most here wouldn't recommend buying right away after training

          Comment


          • #6
            Wondering if these would be helpful for refinancing, with cash out?  15 year rates competitive?

            Comment


            • #7
              I think they can really customize to almost any situation. My situation was a little different as I was looking at a jumbo loan and I’ve been out in practice for 7 years with some money for down payment. I would guess most of their business is for residents or new attendings with little to no down payment and a large amount of student loans.

              Comment


              • #8
                Most of our local banks jump at the chance to give physicians a mortgage. They don’t sell them and they usually give a half point or point for physicians. Sometimes cost free refi if done in first year.
                I’m just curious whether there are other ways to save money.
                I don’t think in twenty years I’ve ever paid pmi. Just had two mortgages when needed. Never had a jumbo loan.

                Always glad to hear there are good options for though

                Comment


                • #9




                  Wondering if these would be helpful for refinancing, with cash out?  15 year rates competitive?
                  Click to expand...


                  The rates are generally slightly higher than you would get with a conventional. Plus, they're used when you don't have 20% down. Hopefully that's not an issue when refinancing and when cashing out. Cashing out your mortgage down to 0% equity seems like a great way to get underwater in a down turn.
                  Helping those who wear the white coat get a fair shake on Wall Street since 2011

                  Comment


                  • #10







                    Wondering if these would be helpful for refinancing, with cash out?  15 year rates competitive?
                    Click to expand…


                    The rates are generally slightly higher than you would get with a conventional. Plus, they’re used when you don’t have 20% down. Hopefully that’s not an issue when refinancing and when cashing out. Cashing out your mortgage down to 0% equity seems like a great way to get underwater in a down turn.
                    Click to expand...


                    That's what I suspected about the rates on physician loans.  We have around 40% or more equity in our house right now. If we do a cash out it would only be up to 80% loan to value and we would be going from a 30 to a 15 year term.  Consolidating some house related debt is the reason.  Not sure if we want to though now that mortgage interest deduction will no longer help us with taxes (we'll be taking the standard deduction).  A 3.1% interest rate on a 15 year loan would be tempting though.

                    Comment


                    • #11
                      I too had a good experience procuring a physician loan.

                      Bank: BB&T

                      City: Charleston

                      Type: 15yr Fixed @ 3.5%, no PMI

                      Home Cost: 800-900K, 5% Down

                      Loan officer was excellent.  Little to no hiccups.  Would definitely work with again in the future for real estate investments.  Reasoning for 15yr fixed vs 30yr fixed - according to the amortization schedule over the course of the 15yrs, we will be paying 1.25mil total including principal and interest.  For a 30yr fixed @ 3% the schedule called for us to pay 1.75mil total.  I decided that the 500k was steep and we like the psychological boost of having earlier full equity since we plan on being here for a long time.

                      For those wondering, the options offered were

                      0% down, no PMI for ARM, 15yr, or 30yr for up to $650,000

                      5% down, no PMI for any type loan for up to $850,000

                      10% down, no PMI for any type loan for up to $1,000,000

                      Comment


                      • #12
                        Is the usual difference in rates around .2-.3% for a jumbo vs regular loan? We were quoted 3.2 for regular and 3.5 for jumbo 15 yr fixed a couple of months ago(with 20percent down).

                        Comment


                        • #13
                          Really appreciate the kind words and we love hearing about your experience with our group.  We literally exist to treat our clients as we would want to be treated if our roles were reversed and nothing makes me happier than hearing we've executed on our mission.  Thank you!

                          Please message me or visit our website with any questions - we'd be honored to serve you and to compete for your business in the future.

                          Fairway Physician Home Loans - www.fairwayphysicianhomeloans.com
                          Josh Mettle, Director of Physician Lending at Fairway Independent Mortgage Corporation | [email protected]

                          Comment

                          Working...
                          X