Mortgage Minute - Rate Modifications for Physician Loans

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. 

You can reach Doug at Doug.Crouse@BMO.com or go to www.DougCrouse.com.