Doctor Loans and Working Capital
** Week of February 1, 2018 **
Attention, Physicians! Interest rates for mortgages are still crazy-low: where else can you borrow money so inexpensively?
4.0% (4.03% APR) for a 30-year, fixed-rate mortgage and zero (0) points, where the loan amount is > $625,000 (jumbo loan), down-payment is => 20%, credit rating is excellent, location is Los Angeles County. Rates may vary for different counties.
Please call me if you need assistance with finding the right loan, as many options are available. It’s not just about finding the lowest interest rate but doing so in conjunction with getting the best possible terms for your circumstances and goals.
Note: some of the newer doctor loan / physician loan products offer some very attractive interest rates and terms.
** There’s a great article by Diana Olick of CNBC on the topic of low interest rates.
Learn the difference between doctor loans / physician loans and conventional loans so that you can choose which one is best for you. Doctor loans are not always the best deals or the best option in highly-competitive sellers’ markets.
Physicians have more complicated finances than most professionals. This is one area in which I urge you not to rely on your friends as to what they did – their finances and situation are probably not identical to yours. Instead, call a trusted loan officer, someone who is a full-time financial professional, to review your finances to make sure you are home-hunting in the right price range. You will save a lot of time and disappointment this way.
PREP FOR BUYING A HOME JUST LIKE YOU WOULD PREP FOR SURGERY
It’s also my advice that you get a pre-approval from your lender, before you spend much time looking for homes. You will vastly improve your chances of successfully purchasing your dream home if you provide your tax returns and payroll information to your lender upfront for desktop underwriting approval.
COMMERCIAL LOANS AND WORKING CAPITAL
In addition to residential loans, I can provide you with experienced referrals if you are interested in expanding your practice and need working capital or require funds to purchase a medical building.
Monique Bryher, MSPH / Broker-Associate, Realtor®
Physician Real Estate Agent
Pinnacle Estate Properties, Inc.
© Copyright 2010-2018 Monique Bryher. The contents of this blog may not be copied or reprinted without written permission.
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