www.DoctorLoansPrograms.com is very helpful in providing reputable professionals that offer the Doctor Loan Program. This gives you a great start as there are so many options out there and it’s hard to know who you can trust.
To help you decide which lender is right for you, it’s good to have a few things in mind that are important to you when you talk to them. Here are some examples below, but you can always add others.
How responsive are they and how well do they communicate with you? Once you put in the inquiry you should get a response back from the lender pretty quickly. While these are busy professionals and a slight delay is understandable you should also hear back pretty soon and if you don’t you might start to wonder how hard it will be to reach them later in the process. Everybody’s personalities are different, so keep this in mind when you’re talking to a loan officer: do they answer questions? Offer suggestions? Listen well?
The products they offer are similar, however there are important differences to note.
Some examples are:
Loan to value– do they offer 100% financing and to what loan amount?
Product terms– do they have fixed rate options or long term ARM’s?
Bank fees– one of the few closing costs that are not estimates are the bank fees, how much are they?
They might be called application fee, underwriting, processing. Also ask about origination fee or points to be sure you are comparing quotes accurately.
Is there a relationship required with the bank?– some will require a checking account be set up but ask about direct deposit requirements, drafting of the mortgage payment, is minimum balance required?
It’s also a good idea to get a feel for the loan officer’s experience and process. Do they have a team? Who does what on the team and what can you expect going forward from the teammates. Have they been in the industry long and how long with the bank they are currently with? Will they be your point of contact at the bank after the closing? Do they have a pre-approval process and how long does it take?
By keeping these questions in mind it should help to determine which lender is right for you.