Let’s face it, physicians are highly prized customers for loan officers. Even though most physicians leave medical school with student debt, the promise of job security and the potential for a lucrative career are all reasons why physicians have access to loan arrangements that are not available to the average citizen.
According to Investopedia, physician mortgage loans, or doctor’s loans as they are sometimes called, are loans that have been specifically developed for medical professionals (including veterinarians and dentists). Loan officers realize the potential that those in the medical profession have to achieve a high-income, and although they may carry excessive student debt, this should not be counted against them in the same way as those persons pursuing more unstable career paths.
Physician mortgage loans offer their target audience competitive interest rates, low or no down payments, and will consider your unique career standing rather than a black and white assessment of your assets and liabilities. Your future employment may also be considered with the submission of employment contracts you have accepted. This can all add up to a favorable rate available to you and only you as a medical professional.
Things to look out for when seeking a physician mortgage loan include:
- Availability of the loan program in your state
- Ease of the application process (online forms are a plus)
- Qualifications required including years of practice or, if self-employed, years your practice has been up and running
- Credit score requirements, which can sometimes be high
- Availability of fixed rates, some programs only offer adjustable rates
- Whether credit union membership is required to participate
Overall, physician mortgage loans are a great program to take advantage of. Some of the banks that have received top marks for the programs available according to Investopedia are TD Bank, First National Bank, Flagstar Bank, Lake Michigan Credit Union, and KeyBank. Be sure to explore this option the next time you are in need of a loan or mortgage.