What are pros and cons of physician mortgage loans? What do you need to know before taking one out, especially during a crazy market and changing rates causing sticker shock?
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Doug Crouse, mortgage lender that specializes in physician loans and author of Hippocratic House: Do No Harm When Purchasing Your First Physician Home.
Historical 30-Year Mortgage Rates
Doug Crouse - Physician Loans at BMO Harris Bank
Hippocratic House: Do No Harm When Purchasing Your First Physician Home by Doug Crouse (Amazon)
Hippocratic House: Do No Harm When Purchasing Your First Physician Home (Free Copy)
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Daniel: What's up, everyone? Welcome to the Finance for Physicians podcast. I'm your host, Daniel Wrenne. Join me as we dig into what it looks like for physicians to begin using their finances as a tool to live better lives. You can learn more about our resources at financeforphysicians.co. Let's jump into today's episode.
Hey, guys. I hope you are having a great day. I am excited to have a special guest joining me today, and that is Doug Crouse. He is a mortgage lender who specializes particularly in physician loans. When it comes to physician loans, Doug pretty much knows all there is to know.
He actually even wrote a book about it called the Hippocratic House: Do No Harm When Purchasing Your First Physician Home. He offers that as a gift. I think you can buy it on Amazon, but he will offer it as a gift if you contact them.
Anyway, Doug knows physician loans backwards and forwards. We're going to be talking about some of the pros and cons of the physician loan and some of the things you need to know before you go about taking one out.
We'll also talk about some of the crazy market stuff going on with mortgages lately. If you haven't been paying attention, the rates are through the roof. We're going to talk a little bit about what's going on there and how that might change over time. Without further ado, let's jump into today's episode. Doug, what's up, man?
Doug: Hey, Daniel. Thanks for having me on.
Daniel: How you been doing?
Doug: Doing good.
Daniel: Are you surviving all this mortgage craziness?
Doug: It has been a little chaotic with the Fed move. It's a little shocking when I talk to some people and they see rates are two points higher than they were three months ago. That's kind of a sticker shock to some.
Daniel: I guess it's been two months, three months time has been up about 2% on average?
Doug: Yeah. I think, probably end of January, 1st of February, I had 30 year fixed rates hovering around threes, low thr...
