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Current Physician Loan Rates?

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  • Current Physician Loan Rates?

    Hi everyone, we are in the process of buying a home and planned to go the physician loan route, however want to make sure we take advantage of the competitive rates. We were recently quoted 3.375%, 0% down, no PMI for physician loan.
    Has anyone else received a quote recently? Wondering how competitive that is right now for physician loan?

    Also, has anyone received a conventional loan quote in the last week or two? We know the physician loan rates are a little higher, and we're okay with that. Just want to make sure there's not a crazy big difference, which would give us something to think about.

    Thanks!

  • #2
    3.25% last month.

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    • #3
      Is that a 30 year? Is that the rate or APR? Any points? Jumbo or conforming? You may also want an estimate of closing costs. Those may be negotiable.

      TD Bank is offering 2.875% on a 30-year fixed, 2.913% APR. Pulled up on bankrate.com. Print it up and ask your lender to match it or at least come closer. Make them work for your business.

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      • #4
        which lenders are currently offering 0% down? best I could find was 5%

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        • #5
          Originally posted by PAdoc2020 View Post
          Hi everyone, we are in the process of buying a home and planned to go the physician loan route, however want to make sure we take advantage of the competitive rates. We were recently quoted 3.375%, 0% down, no PMI for physician loan.
          Has anyone else received a quote recently? Wondering how competitive that is right now for physician loan?

          Also, has anyone received a conventional loan quote in the last week or two? We know the physician loan rates are a little higher, and we're okay with that. Just want to make sure there's not a crazy big difference, which would give us something to think about.

          Thanks!
          I was quoted @ 3.35, 0 down, no PMI. 7 year fixed interest rate, then reverts to ARM loan. Closing Costs $2500 on 450k home.

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          • #6
            What bank is that offering 0 down? Most I've seen are 5% down.

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            • #7
              Originally posted by EntrepreneurMD View Post
              Is that a 30 year? Is that the rate or APR? Any points? Jumbo or conforming? You may also want an estimate of closing costs. Those may be negotiable.

              TD Bank is offering 2.875% on a 30-year fixed, 2.913% APR. Pulled up on bankrate.com. Print it up and ask your lender to match it or at least come closer. Make them work for your business.
              Are you able to get this offer anywhere in the country especially if you are a first time buyer? Also could one get better rates if say I offer to put down 5-15% down payment, and with credit scores north of 800? Thanks

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              • #8
                Originally posted by owenjay74 View Post

                Are you able to get this offer anywhere in the country especially if you are a first time buyer? Also could one get better rates if say I offer to put down 5-15% down payment, and with credit scores north of 800? Thanks
                I just looked again on Bankrate. TD's rate nudged slightly higher to 3% on a 30 year fixed 0 points, this is already for prime borrowers with your credit score. Fed let the 10-year note climb slightly by stating they would allow for a little more inflation. So there is a chance rates may climb further unless we go into some economic freefall again, which is possible with recent talk of a weak fourth quarter. Watch how the 10 year trends in the near term.

                Zillow Home Loans is offering 3.125% on a 30 year with $1 lender fee. Amerisave is still advertising 2.25% on a 30 year, but I'm skeptical. You can contact them if you're ready to make the purchase soon.

                Not sure what down payment the lender rate would apply to - I never put down less than 20%. Unless it's a 0 down doctor's loan, most lenders require at least 3% down but prefer 20+%. I would guess the offer would be applicable anywhere in the country on a traditional single family primary residence, but those details would have to be discussed with the lender of course.

                Wish you well.

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                • #9
                  Originally posted by Jack_Sparrow View Post

                  I was quoted @ 3.35, 0 down, no PMI. 7 year fixed interest rate, then reverts to ARM loan. Closing Costs $2500 on 450k home.
                  Please tell me you intend to pay it off or move in under 7 years.

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                  • #10
                    Originally posted by VentAlarm View Post

                    Please tell me you intend to pay it off or move in under 7 years.
                    Plan is to move in 5 years or have it practically paid off in 7 years. Actually argued final interest rate down to 3.125 interest rate by the time I accepted the loan.

                    Mortgage is 1.3x Gross income. Not super concerned with interest rate spiking in 7 years. Probably look to refinance down to a 15/30 yr loan if we like the area and like my job.

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                    • #11
                      Originally posted by PAdoc2020 View Post
                      Hi everyone, we are in the process of buying a home and planned to go the physician loan route, however want to make sure we take advantage of the competitive rates. We were recently quoted 3.375%, 0% down, no PMI for physician loan.
                      Has anyone else received a quote recently? Wondering how competitive that is right now for physician loan?

                      Also, has anyone received a conventional loan quote in the last week or two? We know the physician loan rates are a little higher, and we're okay with that. Just want to make sure there's not a crazy big difference, which would give us something to think about.

                      Thanks!
                      I'm closing on a traditional 30 year tomorrow for 2.87% with First Financial Bank. They were able to get me an appraisal waiver since we have plenty of equity on the property and no other debt. It pays to be in a debt free position when shopping for loans and when you have a full 20% down or <80% loan to value.

                      If I were you, I'd skip the physician loan route and save up a full 20% down payment before shopping for a home. Rates are not going up any time soon so you have plenty of time to save up cash and get in a better position. The fed is keeping their rates low/zero for the foreseeable future.

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                      • #12
                        Laurel Road. Jumbo. 30 yr fixed. 3%. <20% down.

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