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A Quick Guide To Doctor Mortgage Loans

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A Quick Guide To Doctor Mortgage Loans

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  1. A Quick Guide to Doctor Mortgage Loans Everyone knows about loans but what’s so special about Doctor Mortgage loans. In this blog we’ll discuss how physician mortgage loans work, what are the alternatives and how can you decide on the best loan for you. Doctor Mortgage Loans The doctors are extremely profitable customers. They go for big loans in the start of their career and pay them off almost surely. Most of the doctor mortgage loan in Georgia or anywhere else get the early career doctors in their fold by lending them more money with fewer conditions than their competitors. They are usually termed as “special” mainly for the physician community.

  2. So What Is So Special About The Mortgage Loans? These mortgage loans are different from the other loans in the following ways: • Some companies require zero or minimal down payment • There is hardly any PMI • When you go for any additional loans, there is no rate increase • They are issued only when the doctors have the signed employment contract • Some companies are less stringent of student loan debt which may be already running

  3. What About The Borrowers & Lenders? These loans are meant for the doctors. So the borrowers that qualify for the loans are the medical resident. Those doctors whether fellow or attending ones with a signed contract for the employment are the principal borrowers. They may come from various disciplines of medicine. When it comes to lenders, there are just too many companies offering the doctor mortgage loans. The list is growing every year as many businesses are identifying the importance of lending to the physicians. The Expenses of These Loans Whether you are looking for a doctor mortgage loan in Florida or somewhere else, the expenses are more or less the same. These costs are: Interest The interest which you have to pay depends on the rate of the interest, loan balance, and the loan repayment term. Cost of Closing Although it is a one-time expense paid at closing, it is usually included in the loan balance or present in the loan in the form of slightly higher interest rate.

  4. Mortgage Insurance For this monthly fee is usually paid until you reach the 20 percent equity. Contact Us Doctor Mortgage Alliance Dallas, TX 75024 Chicago, IL 60611 Ph: 800-385-0766 Emai Id: doctormortgagealliance@comcast.net Website: https://www.doctormortgagealliance.com/

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