Important Things To Know About Home Loan For Doctors

Why Home Loan For Doctors?

The goal is to “get you in the door” and sell you other stuff down the road as your needs change. A medical student transitioning into residency with zero earnings history, no cash and a boatload of student loans would normally never qualify for a mortgage if it were not for Doctor mortgage loans. Benefits of Home Loan for Doctors are designed specially to meet the needs of medical practitioners with Eligibility Criteria for Doctor Loan.

Important Things To Know About Home Loan For Doctors

Get A Home Loan For Doctors

Doctor home loans are special portfolio loans designed to remove some of the common obstacles that incoming and existing residents, fellows and new doctors face when trying to qualify for conventional loan products. Banks which offer Doctor home loans have realized that Doctors make good loan candidates because:

  • If you have a firm idea of the kind of loan you are looking for and are serious about buying, a pre-approval is a very good idea. It is a far more in-depth look at your ability to secure a loan, with the lender usually requiring an application and paperwork documenting your income and expenses.
  • Since the lenders will definitely pull your credit score, a pre-approval is a clear message to the lender that you are a serious buyer. It will also give you a much more accurate estimate of what your monthly payments will be, as well as interest rate. All of this will make the home-buying process easier when the time comes to purchase. Still, as with the pre-qualification, nothing is set in stone and you can still choose to walk away before signing.
  • If this is your first home and you just need a ballpark estimate of what you can afford, taking the first step of being pre-qualified is a great first step
  • Once you are ready to secure a doctor home loan and move to the buying process, getting pre-approved is the way to go. It is a great way to make the next phase of buying go as smoothly as possible. In addition, having been in this exact situation many people can tell you that anything that takes some of that stress away can be invaluable.

Not all banks offer Doctor home loans and each bank’s guidelines are different, so you may not qualify for one but may be just right for another. As an expert in Doctor home loans, we are here to help you find a loan product that is perfect for you. We have already pre-negotiated exclusive discounts with our network lenders for all our Doctor clients.

When a doctor does not have to worry about payments coming in, he or she can focus entirely on helping others. There is little chance of a patient leaving a practice if customer service does not suffer because of payment issues. You can apply for a Doctor Loan which can help to all these issues. Doctors are extremely profitable lending customers. You take out big loans early in your career and usually pay them off.

Related posts

Leave a Reply