Doctor Loan – Fixed Rate Mortgage Offering
With a fixed rate mortgage, the interest rate does not change for the term of the loan; the monthly payment is always the same. Typically, the shorter the loan period, the more attractive the interest rate will be. The Doctor Loan program will always offer attractive rates for fixed terms and as Preferred Clients these rates are subsidized by the Bank.
Payments on fixed-rate fully amortizing loans are calculated so that the loan is paid in full at the end of the term. In the early amortization period of the mortgage, a large percentage of the monthly payment pays the interest on the loan. As the mortgage is paid down, more of the monthly payment is applied toward the principal.
A 30 year fixed rate mortgage is the most popular type of loan when borrowers are able to lock into a low rate. However, in recent years the 7 year and 10 year fixed/Arm's have prevailed as a more viable way for most borrowers to chose due to the large variance in rate of sometimes as much as -1.375% in rate.
Also, the 20 year fixed rate mortgage has recently emerged in 2013 as a great alternative to a 30 year due to the secondary markets variance of – .375% to – .500% in rate. Ask our Mortgage Officer to discuss this option and explain the savings.
Benefits:
· Lower monthly payments than a 15 year fixed rate mortgage
· Interest rate does not go up
· Payment does not go up, it stays the same for 30 years
Drawbacks:
· Higher interest rate than a 15 year fixed rate mortgage
· Interest rate stays the same even if interest rates go down
A 15 year fixed rate mortgage allows you to pay off your loan quicker and lock into an attractive lower interest rate. A 15 year fixed rate will typically be -.500% lower than a 30 year fixed and is considered the smartest way to finance property.
Benefits:
· Lower interest rate
· Build equity faster
· If interest rates go up, yours is fixed
Drawbacks:
· Higher monthly payment stays the same if interest rates go down
· Interest rate stays the same even if interest rates go down
The Doctor Loan – offered in the following States
Presently lending 100% financing in Alabama, Florida, Georgia, Tennessee, South Carolina, North Carolina, West Virginia, Kentucky, Missouri, Wisconsin, Michigan, Indiana, Ohio, Illinois, Pennsylvania, Texas, Colorado and Virginia.
Please complete the simple "Quick Assessment – Contact Me" featured on our Home Page of this web site so we can place one of our Senior Mortgage Banking Officer's in touch with you within 1 hour!
Doctor Mortgage Alliance has received high rankings for our ability to ensure that Doctor's receive only the very best in terms including low rates, low fees and outstanding customer service.
Thank you for considering Doctor Mortgage Alliance!
