Most other loans including the doctors loan will hit you with these fees. Standard underwriting guidelines and credit policies apply.
Physician Optometry Practice Loans From Bank Of America
bank of america doctor loan interest rate
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In some states the doctor loan product requires a pre existing depository relationship and is not available for properties located in alaska arizona hawaii and oregon please consult your loan officer for details.
Bank of america doctor loan interest rate. My wife and i used a doctor loan 2 years ago when it made sense for us to use it. My wife did have a guaranteed salary multi year contract. Bank of america physician mortgage loan basics.
However bank of americas program is anything but average. Loan approval is subject to credit approval and program guidelines. Adjustable rate mortgages have interest rates that may increase during the life of the loan.
Interest rate and program terms are subject to change without notice. Bank of america arms use libor as the basis for arm interest rate adjustments. We had to much student loan debt and didnt want to burn through all of our savings for the 20 down payment.
We used email protected bank for a 400k loan at 5 with 0 down. Prime rate or the london interbank offered rate libor. Although at least one doctors loan will waive this if youre willing to pay a higher interest rate a doctors loan rate is typically about 14 higher than a comparable fhava loan but could be anywhere from 18 to 1 higher than a conventional loan.
Like its closest competitors bank of america launched its doctor loan program to better serve medical professionals. Mortgage home equity and credit products are offered through us. This interest rate discount will be incorporated into final pricing upon loan approval which is subject to credit approval.
Not all loan programs are available in all states for all loan amounts. In addition to being available in all 50 states bank of america accepts a wide range medical specialities including. Bank of america practice solutions may prohibit use of an account to pay off or pay down another bank of america account.
100 percent mortgage financing will. Also called a variable rate mortgage an adjustable rate mortgage has an interest rate that may change periodically during the life of the loan in accordance with changes in an index such as the us.
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