HOW TO
GET A BETTER RATE?

There are only 4 things that affect your interest rate for better or worse. They are

1. Down Payment amounts.

   • Usually you get a better rate in "brackets". Every lender is different but standard is 0, 3, 5, 10, 15, and 20% down. Meaning if you put down 4.9% vs 3% you won' get a better rate because you put more down.​

2. Credit Score.

   • ​Similar to down payment, credit score increases work in brackets of 20's usually. I did a "rapid rescore" on a client once (your loan officer can help manipulate your credit to get a better rate) with a 699 credit score. Got it up to 700 and saved them thousands in closing costs because of it. With physician loans usually as long as you qualify ~720 you won't get a better rate with an 800 credit score. They just have one criteria- you qualify or you don't​​

3. Keeping your loan amount below county loan limits decreases your rate- not pertinent to physician loans who are not bound by those standards. If you are considering a traditional conforming conventional mortgage and want to know the loan limit we have linked the website for you to search HERE.

4. Occupancy type- Physician loans only allow for owner occupied. You can transition it to a rental later, but physician loans don't do initial investment properties. When using a non-physician loan to buy investment properties, the rate is usually about 0.5% more if it is being bought non-owner occupied.