Physician, conventional, or jumbo?

Compare like with like

Ask for offers using the same property, loan amount, down payment, term and rate-lock period. A physician loan with no monthly PMI can still carry a different rate or higher total cost than a conventional offer. Jumbo is a loan-size category; some physician loans are also jumbo loans.

Use your Loan Estimates

• Check whether the interest rate is locked and when the lock expires.
• Compare origination charges, discount points and lender credits.
• Review projected payments, estimated cash to close and the APR.
• Check for an adjustable rate, balloon payment or prepayment penalty.

Think about how long you will keep the loan

Paying points to reduce the rate may take years to break even. A lower upfront cost may come with a higher rate. Consider your expected time in the home and your cash priorities rather than assuming you will be able to refinance later.

Include other eligible programs

Physicians who qualify for VA financing should compare that option too. FHA and conventional programs may also be relevant. Have Sasha explain why a proposed loan fits your scenario and what you give up by choosing it.