Do Physician Home Loans have higher rates and closing costs than conventional loans?
The answer is sometimes. It really depends on your particular situation. Oftentimes the Physician Loan products that we offer donâ€™t have mortgage insurance, so if youâ€™re comparing a conventional loan with mortgage insurance to a Physician Loan without mortgage insurance, your rate is little bit higher, but once you factor in that thereâ€™s no mortgage insurance oftentimes itâ€™s a better deal.
It also depend on where your price point is, or where your loan amount is. You see, your conventional loan limits are $417,000. But our Physician Loan products will go much higher. So if youâ€™re doing a loan at $400,000 you may be better off in a conventional program and just the specialized way that our Physician trained underwriters write your file. If youâ€™re at a $500,000 loan amount then you may be better off with a Physician Loan. So, so much depends on your credit score, what loan to value, what are youâ€™re in â€“ different counties have different loan limits, which could make a Physician Loan better than a conventional loan.
So really, my job is to take a look at your overall situation and then credit scores, down payment, location, loan amount, all of these different factors. And then I will tell you, I am prescribing a Physician Loan vs. a conventional loan and hereâ€™s why and hereâ€™s both proposals. So in some case you can expect to pay a little bit more for a Physician Loan, but oftentimes theyâ€™ll do things that conventional loans wonâ€™t. So again, it depends on your situation, but Iâ€™d love to give you a personalized plan, a personalized comparison between the two so you can see which is right for you and your family. Thanks so much for tuning in. It would be my pleasure to help you with the purchase of your new home or any questions that you have about Physician Loans.
For more information, please visit http://oregonphysicianhomeloans.com.
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