Exclusive loan programs help budding physicians
You made it through medical school and work long days as a resident at the local hospital. Your career and earnings potential are on an almost-guaranteed upswing, yet a lender just denied your application for a mortgage. Puzzling, isn’t it?
Heavy student loan debt prevents not only young physicians and residents, but also any 25- to 34-year-old recent graduate, from obtaining a home loan. According to the Association of American Medical Colleges, 84 percent of medical school graduates will carry a student loan debt of about $180,000 on average. Many banks won’t risk issuing a loan to an individual with six-figure debt.
Yet, many newly employed physicians and medical residents still want the benefits of home ownership. Fortunately, physician home loans make it easier for medical professionals to qualify.
Quail Creek Private Bank offers an exclusive program for resident and practicing physicians. For a first mortgage, the bank will fund up to 90 percent of the purchase price. With only a 10 percent down payment needed, saving for that first home is easier than ever.
Usually, mortgage lenders require applicants with less than a 20 percent down payment to pay private mortgage insurance (PMI), which drives up the monthly mortgage payments. PMI typically costs between one-half and one percent of the loan amount annually. Quail Creek Private Bank’s physician loans carry no PMI insurance. On a $100,000 loan, this saves you $1,000 per year.
Professionals with excellent credit history have the potential to receive 100 percent financing. Use your savings for that furniture that you’ve never had time to buy or for your first washer and dryer.
In most cases, a mortgage broker or bank will want you to have a certain amount in cash reserves. The lenders want proof that you have anywhere from two to 12 months of reserves on hand to provide a down payment, pay closing costs, and make upcoming mortgage payments.
The physician’s mortgage with Quail Creek Private Bank has no cash reserves requirement. It understands that new physicians and medical residents often spent their reserves to get through medical school.
Preferred services
As a member of Quail Creek Private Bank, medical residents and young physicians can also take advantage of its other premium loan and banking products. Its preferred checking allows you to make the most of your money. There is no minimum requirement to open or maintain a checking account, but you do earn interest on balances over $1,000.
Preferred checking also offers unlimited check-writing privileges, access to a wide network of ATMs with a Visa debit card, and convenient features such as online banking, mobile banking, mobile deposit, and bill pay. Avoid additional fees on ATM transactions over $100: Quail Creek waives ATM surcharges at any ATM nationwide.
As you grow your practice, take advantage of loan products such as practice acquisition loans, equipment loans, and personal and home equity lines of credit. Quail Creek Private Bank aims to make the loan process efficient so that you can focus on your practice.
As you embark on a rewarding medical career, choose a bank that understands your needs and recognizes your potential. With loan products targeted to medical professionals, Quail Creek Private Bank has you covered.