Posts made in March 2017

Signs You Should Refinance Your Home With a Physician Home Loan

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Perhaps you bought your home ages ago before you realized there are special physician mortgages that offer you a better deal. Maybe you joined the medical community later in life after you already took out a mortgage on your home. Maybe you’re buying your second home thanks to the job security offered by your career in the medical industry. If you want to spend less, watch for signs that you should apply for a physician home loan instead of going through the traditional banker route.

You Need a Lower Interest Rate

The primary advantage of physician mortgage loans is their often-lower interest rates. The less interest you pay, the more money you’ll have available to pay back medical school debt or send your own kids to college. If you continue to make payments at the same rate as you currently do, you’ll pay off the mortgage sooner if the rate is lower, too.

You Want to Pay Less

Lower monthly payments are possible with home loans tailored for physicians. However, in a sense, it’s also possible to “create” cash when buying a second home because you could qualify for a lower down payment or even a zero dollar down payment, meaning you’re free to spend more of your money on other things instead of investing it all into the house upfront.

Your Mortgage Is Decades Old

Unless you locked in a stellar mortgage rate, chances are, you missed out on a number of better loan opportunities in the years since if your current mortgage is decades old. If you’d rather invest your cash or, due to a medical school loan, you don’t have the extra cash to spare to pay off the mortgage, refinance with a physician loan instead.

Contact Physician Mortgage Specialists at (800) 667-9516 to learn how you can get your physician home loan fast. With lower interest and low down payments — sometimes even zero dollars down — it makes sense to take advantage of the special considerations offered to you as a medical professional. Call us or fill out our online form today.

3 “Bedside Manner” Characteristics of a Good Home Loan Offer

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As a practicing medical professional, you’re more than familiar with “bedside manner” and how much better it is for your patients when you’re sympathetic, patient and understanding. As a person who does so much to help other people, you should be able to expect that from the businesses you patronize.

When looking to secure a home loan, consider a loan program tailored to medical professionals that exhibit some of those “bedside manner” characteristics that work so well in your office.

Flexibility

The biggest advantage of physician home loans over traditional loans is that these loans often offer lower interest rates, lower monthly payments, and lower down payments — sometimes even zero-dollar down payments. Just as your medical office works with patients to offer payment plans and financial aid as needed to get them the treatment required to make them feel better, the best loan offers are flexible to meet your needs.

Fast Service

The longer a patient goes without treatment, the worse her medical issue becomes. The longer you have to wait to get the mortgage you need, the more problems you’re likely to face, like missing out on the house of your dreams and extending a rental agreement you didn’t want to extend. Fast approval and service is key when looking for a mortgage.

Open Communication

Your office is always available to answer your patients’ questions. Your loan program should also be clear about everything you can expect and eager to answer any questions you have. With Physician Mortgage Specialists, you get another team of professionals to assist you and make sure you’re confident in the loan you choose.

Contact Physician Mortgage Specialists at (800) 667-9516 to get the ball rolling on your physician loan mortgage application. We provide access to some of the most competitive mortgages in the country, specifically those that offer something extra to medical professionals. Get your free consultation today.

How Physician Mortgage Loans Work

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Physician mortgage loans are a specific loan that many young doctors and physicians are not aware they are eligible for. To learn more about how these loans work and if you qualify, please read on!

Who Can Get a Physician Loan Mortgage?

Anyone who is a medical resident or a licensed medical doctor is eligible for a physician loan mortgage. Some of the types of doctors or physicians that qualify are as follows:

  • Dentists
  • Ophthalmologists
  • Osteopathic Physicians

The reason a lot of banks are willing to give a physician loan mortgage to doctors or physicians are because of their future or current earning power. As long as your credit score is decent, you will most likely qualify for a physician mortgage loan.

What You Will Need to Apply For a Physician Loan Mortgage

The documents you need when applying for a physician loan mortgage will depend on the bank but some of the typical documents are:

  • Social Security Number
  • Government-issued photo ID
  • W2’s from your employer
  • Documentation of Personal Tax Returns
  • Proof of Employment
  • Documents of Past Payments (utility bills, phone bills, car insurance, etc.)

 

For more information on obtaining the best physician loan mortgage for you and your family, please trust in the experts at Physician Mortgage Specialists. To learn more about how our high quality services can help you, please give us a call today at (800) 619-2174.