Financing in Palo Alto>Question Details

LL, Other/Just Looking in Palo Alto, CA

We want to refi our physician mortgage (lower our whopping interest rate) but are dissatisfied with BofA. Any alternatives?

Asked by LL, Palo Alto, CA Mon Aug 30, 2010

Dual-physician family, have made on-time payments since buying our home in 2008. We don't want any cash, we only wish to lower our rate, which is ludicrous. Can anyone recommend some options or help us? We have excellent credit.

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Matthew Goulden’s answer
Hi LL, I would agree with many of the other answers. You really need to talk with someone independent who will review your overall position and not just look at the refinance. To put in my referral, I would talk to Ed Diaz at FirstCal mortgage. He is wonderful at looking at the bigger picture and has many other resources at hand if you need to include a financial planner in the mix.

His number is 415.368.1149, let him know that I gave you his number.
0 votes Thank Flag Link Tue Sep 7, 2010
Hi LL,

There have been a lot of good suggestions on here which gives you options. I have current clients in a similar situation and want to buy. I have referred them to a mortgage broker I work with at Princeton Capital. I'll be happy to refer you, no obligation on your part.

The other piece of advice I offer is to work with a mortgage broker because they'll be able to look at several different lenders to find the best possible option for you. Going with one bank will limit you and may not give you the best rate. BofA can be a good lender as can Wells Fargo but neither may be the best or only option.

Give me a call at 650-947-2951 and I'll provide all the contact information for the mortgage broker I work with.

0 votes Thank Flag Link Fri Sep 3, 2010
LL, it's my understanding that BofA can indeed refi your Doctor Loan since it's already w/ BofA. However, MI would still be req'd. Contact me directly if you're still being told that it can't be done. I should be able to assist or steer you in the right direction. Good luck.
0 votes Thank Flag Link Tue Aug 31, 2010
Hi LL. Call Michael Childs at the number I listed below. Your situation sounds typical unless I'm missing something. Programs do change at banks, but the last doc-mortgage I did through SunTrust was very successful and my clients were happy.

0 votes Thank Flag Link Tue Aug 31, 2010
I'll clarify a bit. We currently have a physician mortgage from BofA because we are recent graduates and purchased our home just as we finished school/training. Thus, our LTV is above 80%. We are looking for an option to refinance ideally without PMI and at a reasonable rate with a reputable company who is interested in financing a mortgage (720K range) to reliable borrowers with solid income and future earnings (I'm still training, my husband is done). Credit scrores > 780 for both. We bought just before BofA changed their guidelines for their physician loans and thus were told we cannot refinance until the LTV is less than 80. Our current interest rate is incredibly/laughably high (we were assured a refinance option in 6 months before locking it, i won't that mistake again). It'd be great if BofA could work with us to lower our rate, but I can understand why they are in no hurry to do so.
0 votes Thank Flag Link Tue Aug 31, 2010
I would never go with Bank of America with financing. They're slow and have high rates. Contact a local mortgage broker who will shop your rate around to many different lenders and get you the absolute lowest rate.

Elena Ollick
Amerivest Realty
Faith Home Loans
skype: napleshomes
0 votes Thank Flag Link Tue Aug 31, 2010
If you are within the occupational groups such as MD's, Dentist’s, CPA’s, Attorney’s, BBVA can certainly obtain a 100% loan, NO MI, No prepay penalty, very low rate and the credit score required is 650 min.

The agents in my various Real Estate Offices have had recent success with a Senior Mortgage Officer / Tom R. Callahan /

I am sure he can arrange a refinance for you !

My sources report that the bank is still offering this special Professional type loan program and has NO intention of suspending it.
It is apparently great for building bank business accounts.

See below a recent example from a top producing agent of mine.
“Client just closed last week at 4.00%, 5/1 arm, no penalties, 1pt , NO MI , NO cash down. Seller even paid all his cost including taxes, etc.”
And 30yr fixed is around 4.875%, but my client was a Resident and will be buying a new home in 5-6 yrs.

In fact, another agent shared this morning that her client is getting a great deal on a 30 yr fixed, loan of $990k at 4.875%~, which is huge for what they call “Jumbo” money.

It is a wonderful program and I as a Real Estate Broker have received several referrals from prior clients because of this program alone, as they see us as the advocate with expert advice on it.

So they in turn refer their Doctor colleagues and Professional’s to my agents and Tom Callahan does an excellent job with customer service. It's Great !!!

Good luck to you
0 votes Thank Flag Link Mon Aug 30, 2010
I have seen you post multiple times and want to point out that by writing MD's instead of Physicians you are pissing off a whole group of DO's who might otherwise think of doing business with you.
Flag Sun Dec 8, 2013
Hi LL. My broker over at SunTrust does them all the time. Here's his info, please tell him I referred you!

Michael Childs
SunTrust Mortgage
Sr. Home Loan Consultant
561-470-3707 office
561-445-8502 Cell
561-470-3705 Fax\mchilds
Live Solid Bank Solid


Scott Miller, Realty Associates, Boca Raton, FL
0 votes Thank Flag Link Mon Aug 30, 2010
I second Louis, call Dave at Turn Key. He'll discuss your options without you having to air them here for all to see.
Web Reference:
0 votes Thank Flag Link Mon Aug 30, 2010
Dr. LL,
A typical physician's loan would be somewhat higher than market - but you may have obtained that a while ago. BofA's reluctance could be from a higher than normal loan to value, but if you would like me to review it, I will be happy to take a look for you.
With an address and a current loan balance we should be able to see where you stand with regard to loan-to-value and move forward from there. We can discuss by phone, email or I can arrange to meet with you at your home to make it easier for you both.
Best regards, John J Dutra
0 votes Thank Flag Link Mon Aug 30, 2010
Hi LL,

I have a question, are you currently upside down in your homes value? If so, please contact me and I would be glad to answer any questions you may have and refer you to someone you can trust.


Matthew A. Bartlett
Century 21 Masters
REALTOR/Financial Services/Notary
140 S. Grand Ave., Ste. H
Glendora, CA 91741
Office - (626) 610-1179
Cell - (626) 221-8252
0 votes Thank Flag Link Mon Aug 30, 2010
I send my family to Dave Setti of Turnkey Mortgage.
He is the only person I trust to take GREAT care of my family and friends.

Dave is not interested in selling you a mortgage. He will provide you with a financing solution that meets your long term financial goals.

I will take my career on Dave Setti doing an OUTSTANDING job for you today!

Dave Setti

Office:(408) 377-8876
Cell: (408) 605-1848

TurnKey Mortgage Solutions, Inc.
2542 S. Bascom Avenue, #203
Campbell, CA 95008

Tell him Louis Stone-Collonge told you to call :)
0 votes Thank Flag Link Mon Aug 30, 2010
LL, try calling Holly Brand with First Peninsula Mortgage. They are a branch of Wells Fargo so you get both Wells Fargo's products and you also have the ability to outsource in case there is a better portfolio lendter.

Holly's cell is 650-270-4800.

Good luck,

0 votes Thank Flag Link Mon Aug 30, 2010

Yes, there are other options in terms of lenders I would recommend contacting a mortgage broker/banker since they work with various investors besides Bank of America.

0 votes Thank Flag Link Mon Aug 30, 2010
I can either assist directly or provide guidance and referral to the best party to assist w/ your transaction. Contact me directly and we can discuss.
0 votes Thank Flag Link Mon Aug 30, 2010
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