A dermatologist who I first financed about 10 years ago became another repeat client. He recently called me to inquire about buying a new primary residence for $2,350,000. He told me he had listed his departure residence for sale but he is not yet in contract to sell it and he was concerned with how much he would need to put down and how much his mortgage payment would be. I discussed with him our Physician’s Loan and the ability to put 10.01% down on his new purchase without needing mortgage insurance. His income qualified him however he was still skeptical because he did not want to maintain that large of a mortgage for a long period of time. I said “no problem, once you sell your departure residence, we can recast your mortgage. Recasting means he will apply a large amount toward the principal and we will adjust the payment down based on the new loan amount. He was over the moon with not having to refinance once he sold!
Contact Dan (954-336-1922) for a free consultation!
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About Dan Campanella – Mortgage Specialist
Dan provides clients with years of proven experience and an abundance of financing options for their mortgages. His common sense approach and devotion to customer service is what sets him apart in the highly competitive mortgage industry. Dan prides himself on consistently delivering “referable services” to his clients, referral sources, and partners.