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Anyone use this service?

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  • #1

    Anyone use this service?

    www.physicianlending.com

    I came across it - I don't know, it says that you can get 100% financing without PMI....but my guess is that interest rates are really high..? Just thought I'd see if anyone here had used it?
    Loving wife of neurosurgeon
    Tags: None
  • #2
    I know that there have been people here in the past who have used them but that was way back at the height of the insanity.

    It can't hurt to talk to them though.

    Jenn

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    • #3
      We just got a physician mortgage from SunTrust. SunTrust banking is truly a PITA, but the loan is good. We put some money down (about 10%), but I don't think we had to. And they have no PMI.
      Julia - legislative process lover and general government nerd, married to a PICU & Medical Ethics attending, raising a toddler son and expecting a baby daughter Oct '16.

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      • #4
        There are several physician based lending services, including Bank of America and some outfit in NYC which I can't remember right now. If you are seeking a mortgage we had the best success with Frank Rondone:

        Frank "Franklin" Rondone
        Loan Consultant
        Tower Mortgage Corporation
        5880 Cleveland Ave., Columbus, OH 43231
        frankrondone@towermortgagecorp.com
        Phone (800) 918-5400 ext.5072, Fax (614) 340-5073
        Direct (614) 340-5072

        Best of luck,

        kelly
        In my dreams I run with the Kenyans.

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        • #5
          Well, anyone based in Lake Oswego has to be good people, so that's my input.

          When I was shopping for my mortgage, the two physician products I got quotes for were several percentage points higher than other conventional loans. SunTrust outright told me, if we had 5% to put down, we'd be much better off somewhere else.

          I'd look them up on SDN to see what the consensus is, but it doesn't hurt to get a quote. Just be sure to compare apples to apples (rates and points, and to a lesser extent fees, are where quotes will vary the most).
          Alison

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          • #6
            Originally posted by houseelf View Post
            There are several physician based lending services, including Bank of America and some outfit in NYC which I can't remember right now.
            I'm pretty sure that BofA is no longer doing physician loans, for whatever that's worth.

            I think Alison is probably right about the rates, but I was unable to convince my husband of that, especially since "shopping around" seems to involve paying fees to several different lenders, something we didn't want to do. Even bad rates are pretty good right now, though.
            Julia - legislative process lover and general government nerd, married to a PICU & Medical Ethics attending, raising a toddler son and expecting a baby daughter Oct '16.

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            • #7
              Yes Bank of America no longer offers them.

              Thanks for everyone's advice - we still have plenty of time... as we are just starting fourth year next month!
              Loving wife of neurosurgeon

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