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Physician Mortgages Can Save Thousands in Fees
When shopping for physician mortgages, doctors may wonder what kinds of benefits they are receiving from lenders. You may hear a variety of claims, including better rates, higher loan amounts, and flexible underwriting. However, discounts in the form of a reduction—or absence altogether—of common fees associated with home purchasing are worth investigating! After all, you have spent a significant amount of time and money to earn your medical degree, why not get some benefits from it?
When budgeting for a physician mortgage, there is more to the final monthly bill than the cost of the home. Closing costs in excess of 2 – 5% of the mortgage cost (between $6,000 and $15,000 for a $300,000 mortgage), private mortgage insurance of up to 1% of the loan on an annual basis, and escrow fees of up to $1,000, can all add a huge chunk to your mortgage cost. Therefore, any discounts on these fees is certainly a reward for becoming a doctor! Lenders who provide loan services to medial professionals offer varying degrees of allowances for physicians who do business with them.
There are many options when deciding where to obtain your home mortgage. However, a select few lenders truly cater to physicians. These banks and mortgage companies understand what makes doctors great customers: from high income potential to a history of early repayment, medical professionals represent the kind of customer lenders want. In this series, we introduce you to these lenders, giving you a “leg up” in sorting through mortgage providers who can offer you perks based on your medical license.
Established in 1876 inside of a hardware store in Verona, Mississippi, BancorpSouth changed names and locations several times before settling in Tupelo. Since the 1980’s, it has been acquiring other institutions and expanding its presence throughout the Southern United States, with over 300 locations in 9 states. Small when compared to some of the leading lenders in our nation, BancorpSouth prides itself in remaining devoted to the communities it serves. By offering financial education to citizens, a specialized mortgage program for needy families, and services geared to small businesses, BancorpSouth is driven to improve the lives of the community members.
What Makes BancorpSouth’s Physician Mortgage Loan Program attractive:
Minimum Credit Score
Loan Amounts For Residents & Fellows
Loan Amounts For Practicing Physicians
BancorpSouth stands out for offering loans with no closing costs, escrow, or private mortgage insurance (PMI). Combined with generous financing terms and a liberal credit score minimum, this lender may be the right choice for you. To discover if a BancorpSouth branch is located near you or to learn more about other financial services they offer,visit their website. There are other outstanding lenders in our series who also offer attractive terms to physicians looking for a mortgage provider; discover other lenders we have covered here.