4 min read
Doctor Loans: Are Physicians Insulated from Financial Instability?
The country is mired in economic uncertainty while its citizens experience a global pandemic. Although this is a unique—and likely short term—event, there have been many times in history in which the economy has suffered a crisis which sends shockwaves through the financial (and mortgage) industry. With unemployment at a record high, buying a home is the last thing on most Americans’ minds. But partially due to the nature of this event and the overall stability in the medical industry, physicians are some of the least likely workers to be adversely affected by the economic instability we are facing. Considering the current financial outlook, you wonder if now is a good time to purchase a home, especially for doctors enjoying general job security.
There are always concerns when making large purchases during an economic downturn, and the housing and mortgage markets are often affected. However, physicians are poised to take advantage of the conditions with a doctor loan: mortgage rates are extremely low, and the housing market looks to have an excess of properties available. Therefore, if you are in a good position to purchase a home, now may be an ideal time. However, this is not the time to stretch your finances beyond reason, attempting to take advantage of a once-in-a-lifetime deal. Approach the purchase like you would in good economic times: have a clear price limit in mind, consider the location (do you want to live there for a while), ensure the home’s features meet your family’s needs and the terms of the financing fit your abilities now, and in the future. Don’t stretch yourself too thin now expecting it to become easier in the future.
Right now, mortgage companies are eager (to say the least) to garner your business. The lending industry is feeling the fallout from the financial crisis which has followed in the footsteps of COVID-19, and the large number of unemployed Americans no longer can afford to purchase homes. This gives you some bargaining power in the process of finding the right lender for a doctor loan. The lenders in this series have experience working with doctors, offer a variety of benefits for physicians, and with years in the industry can offer some guidance through the financing process.
Simmons Bank was founded in Pine Bluff, Arkansas. After surviving the Great Depression, Simmons grew only modestly for many years, the first in Arkansas to offer credit cards and an ATM in the late 1960’s and early 1970’s. The first overseas ATM transaction was made through Simmons Bank, from an ATM in Sydney, Australia. Simmons Bank has pursued a host of acquisitions since 2012, expanding its coverage to include locations in Kansas, Missouri, Tennessee, Oklahoma, Texas, and Missouri.
Features of the Simmons Bank Doctor Loan Program include:
Minimum Credit Score
Loan Amounts For Residents & Fellows
Loan Amounts For Practicing Physicians
Though it has expanded rapidly in recent years, Simmons Bank has remained dedicated to the local communities it serves, earning accolades for Best-in-State Banks and Best Places to Work (AR), in 2019 as well as hosting Simmons Service Month, donating $10 for every hour employees volunteer. In 2019, Simmons Bank donated more than $42,000 in this program! Offering a large menu of checking and savings accounts, investment advice, mortgages and consumer loans, and multiple business banking services, Simmons Bank may give the perfect balance of small-town attitude and big city offerings for your physician mortgage. Learn more about Simmons Bank by visiting their website. To browse our series of physician mortgage lenders, visit our site here.