Mortgage Minute - Rate Modifications for Physician Loans
Financial Residency
English - April 10, 2024 08:00 - 6 minutes - 4.52 MB - ★★★★★ - 295 ratingsInvesting Business Careers fellowship finance resident budgeting doctor financialplanning investing medical money physician Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
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Some banks, including BMO, offer rate modifications for physician loans. What this means is that you can close a loan today with the current market rate, but can later "modify" your loan to a lower rate if rates go down.
This option is cheaper than refinancing your loan and does not involve the hassle of getting a new appraisal or providing all the documents to get a new loan.
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