Mortgage Minute: What is a Loan Modification and why you want the option when rates go down

07/18/23 • 5 min

Interest rates are very high right now, but most experts expect them to go down in the next 1-3 years. Some banks offer Loan Modifications, which allow you to pay a flat fee when rates go down to lower the rate on your existing loan. This saves you the money and hassle of refinancing your loan.

You do not have to go through underwriting again (i.e. providing all your financial data), new appraisals or pay closing costs.

Doug goes into more detail here and advises you to check with your lender when getting a new mortgage now to save you money in the future.

You can get a free copy of Doug's book Hippocratic House: Do No Harm When Purchasing Your First Physician Home at www.DougCrouse.com.

You do not have to go through underwriting again (i.e. providing all your financial data), new appraisals or pay closing costs.

Doug goes into more detail here and advises you to check with your lender when getting a new mortgage now to save you money in the future.

You can get a free copy of Doug's book Hippocratic House: Do No Harm When Purchasing Your First Physician Home at www.DougCrouse.com.

Previous Episode

Grand Rounds: Dr. Melissa Leimkuehler talks about her venture called Belvoir Winery and Inn

Dr. Melissa Leimkuehler and her family started a labor of love many years ago, which is a winery, inn and event space.

She talks to us about how she had to learn about business, obtain loans to renovate their property, juggle the demands of being a physician and business owner, while carefully balancing the personal relationships with her husband & other family members who are involved with the endeavor.

She shares the joy of being able to give back to the community and charities that have supported her over the years.

To learn more about her winery and inn, you can go to www.BelvoirWinery.com.

Next Episode

Financial Vitals: Start A Direct Care Side Hustle Today Without All The Risks. with Dr. Paula Muto

The busy lives that physicians lead rarely allow for side hustles and projects.

But this guest made it work.

Dr. Paula Muto is a 25+ year vascular surgeon veteran with an extensive array of methods of work that put her and her team amongst the best treaters of vein disease in the world.

It'd have been awesome if we stopped at that, but Dr. Paula is also the founder and CEO of UberDoc - an online booking platform that helps patients find the best doctors in their zip code area.

If you're a physician looking to earn extra money by leveraging your already existing expertise - Dr. Paula has paved the way, and we'll spend all of today's episode dissecting her playbook.

Links: Muto Vein Center UBERDOC For physicians who want to join UberDoc Contact Finance for Physicians Finance for Physicians