Where to look for home loan?

i am not interested in ARM's, that's just what she sent me.

wife out of residency and practicing.

Look into USAA if you qualify

community bank and Ally have been great to work with and have very competitive rates. Plus awesome customer service.

you need a bank not a lender. jumbo loans are a lenders worse nightmare.

currently my bank offers a physician loan on a 20yr fixed up to 100% financing at 4.5% . you can do a 10/1 arm at 4% on a 30yr amortization also. bank closing cost are $925 so don't take a crappy loan just to cover so little of closing cost.

if you want someone to look at your possibilities shoot me an email..edhawk75@gmail.com

i meet 80% of my customers for the first time at their closing. Working at a bank you get more customers who want to come in and meet you.

Honest truth, anyone that sends a physician with a Jumbo Loan request 75% adjustable products is someone I wouldn’t really deal with. JMO. YMMV.

You make a fantastic income and I’m guessing you have great scores and a healthy DTI. These are all variables you aren’t really sharing so that makes it difficult.

But before I totally write off the litany of adjustable products you got offered by someone, what’s your goal with your house? Forever home? Are you building? Foresee yourself moving soon? Drastic increase in income coming within a 3-5 year period?

Conventional financing according to Federal Regulations is $417K (in some high cost areas I believe the limit is actually $625K but someone needs to confirm that for me). Anything above that is Alternative A Paper or just Alt-A, or a Jumbo Loan, named for the larger size of the Loan.

Just like anything else where money is being lent on credit to finance a large purchase, risk is expressed in part by the interest rate the borrower is required to pay. One of the stressors to credit matrices that lenders look at to determine interest rates and risk is loan size.

To put it more simply, when a $145,000 starter home’s loan defaults, it’s one thing. There’s is a much thicker market of potential buyers at this price point than properties that are financed with Alt-A sized loan amounts. Even after a default there will be lots of folks hunting for a deal on properties in this range.

When a house north of half a million defaults, it’s another. People who pay that much for a home can easily build a customized home to their liking and not have to search for a foreclosure like the higher loan size property. Which means it could sit longer on the market, require a higher reduction in price to move the property off the books of the lender, or simply just stay there on their books as a bad loan for longer than a smaller sized loan, etc.

jumbo rates are always higher than conventional rates. rates have been on the rise for the last few weeks. 4.5% on a 30yr jumbo fixed doesn't seem high to me.

Is this your first home purchase? The whole “physician loans” thing seems kind of gimmicky to me. Any kids? High cost of living area? If not, consider a smaller house on a 15 year loan just to get a feel for home ownership, and roll that equity as well as any money stashed away from the lower note into your next down payment. If you can live on a 2x residency income over the next few years, it will set you up for financial successs for the next thirty years.

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If you plan on trying to pay things off early or make extra payments in general, I personally like to have my mortgage with a bank that will allow me to do a re-amortization or re-cast.

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I’ve always wondered about this, but wasn’t sure what it was called or if it was a readily available option.