It’s never easy to manage money, debts, and repayments. Not every person can manage their finances like a pro. This is especially true for medical students and physicians during their training period! Most physicians and medical practitioners, who are in their training period, have the promise of a high income. And one of the most important investments they make is purchasing a new home. And this isn’t an easy decision and task. It is here that you can count on the physician banks and the physician mortgage loan they offer.
What is a physician bank?
Simply put, any bank that sanctions a physician or doctor loan is a physician bank. And a physician mortgage loan is one that comes with a lesser down payment for dentists, physicians, and several other qualified medical students and practitioners. Such loans don’t ask for mortgage insurance. Frequently, it is taken to be a jumbo mortgage as it enables the physicians with an increase loan amount which traditional loans don’t allow. Hence, doctors and physicians today have the chance to compare the lenders and then opt-in for the loan. Get in touch with Physician Banks to know more.
How do physician banks work?
The working of physician banks is much like any other traditional bank. The only difference is that they work towards arranging the best physician and doctor loan for you. These banks usually work in the following ways:
- As physicians and doctors concentrate on their patients, the bank concentrates on the doctor or physicians
- The bank knows and understands that physicians and doctors in training and practice have various financial requirements to address
- The loans are to cater to the particular requirement of doctors and physicians. It is made available to them at the phase of their career.
- The physician banks provide a fixed pricing keeping in mind the consistent payments on a monthly basis.
- There’s no requirement for any origination or an application fee.
- There’s scope for no pre-payment penalties, zero credit life insurance needs and there are no hidden charges included here.
The application process
- Similar to any other bank, even the physician banks have its processes of the application. You will have to provide a set of details such as:
- Your current income sources
- Data on any financial obligations that you might have had, comprising payment and balance amounts
- Whether you have any brokerage or deposit accounts
- Relevant co-borrower information that might be applicable
The new age service providers
Today, with the advent of specialized physician banks and the emergence of other service providers, applying for a physician loan have become very easy. The truth is you can apply for this loan through your laptop or Smartphone device. When the company sanctions the loan amount, then a representative is going to contact you within about 24 hours to share details of going about the loan. The representative also informs you about the documents that you have to submit and will keep in touch with you so that he/she can collect any extra documents as and when required. For any queries, you can get in touch with the customer help desk of the physician banks and get your queries sorted.