Key Bank Physician Loan Comparison and Refinance

Key Bank offers a competitive interest rate of 4.25% APR, which is lower than many other lenders in the market. This can help physicians save thousands of dollars in interest over the life of the loan.

Key Bank's physician loan allows for a high loan-to-value ratio of up to 90%, meaning physicians can borrow a significant portion of their medical school debt. This can be a huge relief for those with large debt burdens.

The loan has a flexible repayment term of up to 20 years, allowing physicians to choose a repayment schedule that fits their financial situation. This can be especially helpful for those who may need to pay off other debts or expenses.

To be eligible for a KeyBank physician loan, you typically need to be a working medical professional in the US with an average or above average credit score.

KeyBank offers a competitive physician home loan with the option to supply 0% down, making it a good option for those who can't afford a down payment.

You'll need to meet KeyBank's requirements, which are similar to those of a conventional loan, but with more flexible guidelines for medical professionals.

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To review eligibility criteria for a physician mortgage loan, you'll want to check if you meet the basic requirements. KeyBank's program is open to residents, fellows, and attending doctors and dentists.

You can apply 90 days before your start date if you have an employment contract. This is a great option for those starting a new job.

KeyBank serves borrowers in 37 states and the District of Columbia. This is a significant advantage for those looking for a specialized home loan program.

The loan program is only open to MDs and DOs, as stated by US Bank. This means that other medical professionals may not be eligible.

KeyBank offers a competitive physician home loan with the option to supply 0% down. This can be beneficial for working medical professionals with average or above-average credit scores.

KeyBank has limited visa eligibility for their physician loan, only considering candidates with an H-1B visa.

Unfortunately, this means that if you have a different type of visa, KeyBank isn't a viable lender for you at this point in time.

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KeyBank's physician loan offers a range of benefits that can make homeownership more accessible and affordable for medical professionals.

KeyBank's physician loan is available nationwide, making it a great option for those who want to purchase a home in any state.

One of the standout features of KeyBank's physician loan is that it doesn't have a minimum or maximum years in practice requirement, allowing you to apply for a mortgage at any time in your career.

You don't need to be a US citizen to qualify for a KeyBank physician loan, as it's available to permanent residents and those working in the US on an H1B visa.

KeyBank's physician loan allows you to go higher than the maximum loan amount listed, with some borrowers able to obtain a mortgage for over $2,000,000.

If you're receiving a gift towards your down payment, KeyBank's physician loan allows you to include it in your application.

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You can also obtain a KeyBank physician loan with proof of employment up to 90 days after your closing date, and your future income will be considered for approval.

KeyBank's physician loan uses special formulas to calculate your debt-to-income ratio, which can be beneficial for medical professionals with high student debt.

Here are some of the interest rate options available with KeyBank's physician loan:

One of the perks of KeyBank's physician loan is that there are no prepayment penalties, so you won't be charged extra fees if you repay your loan earlier than planned or make extra monthly payments.

To be approved for a KeyBank physician loan, you'll need to show proof of reserve funds, which can range from 2 to 6 months depending on the loan amount.

Flagstar Bank is a great option for medical professionals, with over $90+ billion in assets and almost 400 branches across the US. They offer a competitive adjustable-rate loan option and allow interested party contributions to help with costs.

Flagstar's list of qualifying medical professionals is long, including doctors, pharmacists, nurses, and veterinarians. Regions Bank, on the other hand, has stricter guidelines but offers excellent customer service and doesn't charge PMI on physician loans.

Regions Bank has a large reach with over 9 million customers and allows loan closings with an employment contract before starting work.

Reaching out to a representative is the next step in the process.

Once you confirm eligibility, you can start this step.

A KeyBank representative will walk you through the KeyBank physician loan process. They will guide you through the necessary steps and answer any questions you may have.

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Fifth Third Bank has a long history, having been around for a century and employing over 20,000 employees.

They offer a unique physician loan program that provides financing for doctors with no down payment, up to $1 million, and with a low down payment, up to $2 million.

Their New Doctor Loan Program caters to interns, residents, fellows, and newly practicing doctors, while the Established Doctor Program is designed for doctors with at least one year of practice experience.

Fifth Third Bank's physician loan program is available to a wide range of medical professionals, including MDs, DOs, DPMs, DDSs, DMDs, DVMs, and ODs.

Their underwriting guidelines are stricter than other banks, which can help prevent doctors from taking on too much debt.

Here are the key features of Fifth Third Bank's physician mortgage loan:

Fifth Third Bank's BBB Grade is A+ and their JD Power Score is 815.

First Horizon has been around since 1864, providing doctors with affordable loan options.

Their underwriting guidelines are a bit stricter than other lenders, but they don't require an income history to qualify – just an employment contract.

First Horizon offers loans to a variety of medical professionals, including MDs, DOs, DDSs, and DMDs.

They allow both new and established physicians to qualify for their loan program.

First Horizon's loan program is a great option for doctors looking for a low-down-payment loan.

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First National Bank has been around for over 150 years, offering a range of banking products that cater to different needs.

They're particularly well-regarded for their customer service, which is a big plus for anyone looking for a hassle-free banking experience.

First National Bank doesn't charge Private Mortgage Insurance (PMI) on their physician loans, which can be a significant cost savings for eligible borrowers.

Physicians have access to fixed and adjustable-rate loan options through First National Bank's physician program.

The program is open to a variety of medical professionals, including MDs, DOs, DDSs, DVMs, and DMDs.

Flagstar is a significant player in the lending market, with over $90 billion in assets and almost 400 branches across the US. This scale of operation suggests a level of stability and reliability.

Flagstar's Physician Mortgage Loan program is designed specifically for medical professionals, offering competitive adjustable-rate loans. This type of loan can be a good option for those who want to take advantage of lower initial interest rates.

Flagstar's list of eligible medical professionals is quite extensive, including most doctors, pharmacists, nurses, and veterinarians. This means that many medical professionals will qualify for the Flagstar Bank Professional Loan Program.

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Truist Bank is a top 10 bank in the country, and its physician loan program in South Carolina offers doctors loans with no PMI. This is a significant advantage for medical professionals looking to purchase a home.

Truist Bank offers its loan program to doctors, including MDs, DOs, DPMs, DDSs, and DMDs. They also consider other medical professionals like pharmacists, nurses, and veterinarians, but the article doesn't specify their eligibility.

Truist will overlook your student loan debt to qualify you for the loan, making it a more accessible option for doctors with high educational expenses.

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Regions Bank is a great option for physicians looking for a mortgage loan. They don't charge Private Mortgage Insurance (PMI) on their physician loans.

Regions Bank has a large reach with over 9 million customers, making it a convenient choice for many.

One of the benefits of working with Regions Bank is that you can close your loan with an employment contract before starting work.

LendingTree is a popular online lending platform that allows you to compare rates from multiple lenders in one place.

It offers a wide range of loan options, including personal loans, mortgages, and credit cards.

LendingTree's network includes over 100 lenders, giving you a large pool of options to choose from.

Their platform is free to use and doesn't affect your credit score.

LendingTree's website is user-friendly and easy to navigate, making it simple to find the right loan for your needs.

You can get pre-approved for a loan in just a few minutes, which can be a huge time-saver.

LendingTree's customer service team is available to help you with any questions or concerns you may have.

They offer a variety of tools and resources to help you make informed decisions about your loan.

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Citizens Bank is a large US bank that offers a physician loan program in South Carolina. Residents and doctors can apply for a physician loan with low down payment requirements, typically 5% to 10% down on the home.

One of the key features of Citizens Bank is its 24/7 customer service, which is a big plus for busy physicians. This means you can get your financial questions answered at any time, not just during regular business hours.

Physicians can close on their loan before their employment contract begins, usually within 90 days. This can be a huge advantage for new doctors looking to get into their dream home quickly.

Citizens Bank is a prominent bank with over $226+ billion in assets, so you can trust that your loan is in good hands.

Evolve Bank & Trust is a lender that offers physician loans in South Carolina. They've been in business since 1925.

One of the key features of their physician mortgage loan is that it doesn't require a down payment. This can be a big advantage for medical professionals who may not have a lot of cash on hand.

Evolve Bank & Trust is open to many medical professionals, including doctors with great credit. They also lend to self-employed doctors who have at least two years of experience.

Their underwriting guidelines are more relaxed than other lenders, making it easier for physicians to qualify for a loan. However, you may need a high credit score to qualify.

Here are some key facts about Evolve Bank & Trust:

Physicians can borrow up to $2 million on single-family homes through Evolve Bank & Trust.

If you're a physician looking to buy a home in South Carolina, you have a variety of lender options to consider.

Several top lenders offer physician mortgage loan programs in the state, including BMO Bank, Citizens Bank, and Evolve Bank & Trust.

Here are some of the top physician mortgage loan lenders in South Carolina:

Refinancing a physician loan can be a smart move, especially if you have a lot of student debt. A physician loan can make qualifying easier, but only if it makes sense to refinance and pay the closing costs on a new loan.

If you're considering refinancing, make sure you understand the terms and conditions of your current loan and the new loan you're considering. Refinancing can save you money on interest, but it's not always the best choice.

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Conventional loans in SC have stricter requirements compared to physician loans, making it harder for doctors to qualify right out of school.

You'll need a down payment, a good credit score, and a lower debt-to-income ratio to qualify for a conventional loan.

The debt-to-income ratio for conventional loans is a key factor, and student loan debt can actually be included in this calculation.

A good credit score is essential for qualifying for a conventional loan, and a higher score can lead to better interest rates.

In contrast, physician loans have more flexible guidelines, including the exclusion of student loan debt in the debt-to-income ratio, making it easier for doctors to qualify.

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Physician loan rates can vary significantly from state to state, making it essential to shop around for the best deal.

Market trends and loan demand play a crucial role in determining interest rates, so it's vital to stay informed about local market conditions.

Interest rates can fluctuate based on micro and macro data, including economic indicators and loan volume.

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Physician loan rates may be influenced by the overall health of the local economy, with rates potentially rising in areas with high demand and strong economic growth.

Shopping around can help you secure a more attractive rate for your loan, potentially saving you thousands of dollars in interest payments over the life of the loan.

Refinancing as a doctor can be a complex process, especially with student debt weighing you down. A physician loan can make qualifying easier, but it's essential to consider whether refinancing and paying closing costs on a new loan makes sense for your situation.

The KeyBank physician loan offers competitive rates, making it a great option for doctors and dentists looking to invest in a home.

You can borrow up to $3.5 million with no private mortgage insurance (PMI), which can be a huge relief for those with large loan amounts.

KeyBank generally offers below-market rates, making homeownership more affordable in a high-cost environment.

The maximum loan amount of $3.5 million can be a game-changer for those looking to buy a larger home, especially when combined with the option of a little to no down payment.

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KeyBank physician mortgage loans offer a maximum loan amount of up to $3.5 million with no private mortgage insurance (PMI). This can be a significant advantage for doctors looking to purchase a home.

The loan program is available nationwide, making it accessible to doctors across the country. You don't need to be a US citizen to qualify, and permanent residents, as well as those working in the US on an H1B visa, are also eligible.

One of the benefits of a KeyBank physician mortgage is the ability to borrow up to $3.5 million with no down payment. However, for loans over $500,000, you'll need to show proof of 4 months' reserves. For loans over $750,000, you'll need to show 6 months' reserves, plus an additional 2 months' reserves if you close prior to your start date.

KeyBank offers a variety of mortgage options, including fixed-rate and adjustable-rate loans. You can choose from 30, 25, 20, 15, and 10-year fixed-rate mortgages, as well as 5/6, 7/6, and 10/6 adjustable-rate mortgages (ARM). No prepayment penalties are charged, so you can pay off your loan earlier without incurring extra fees.

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Here are some key details to keep in mind:

One of the downsides of KeyBank's physician mortgage program is the fees associated with it. KeyBank charges a lender fee of $1,095, plus other closing costs that meet average standard third-party fees.

A DTI ratio of 50% is considered high, which may limit your emergency funds and additional borrowing options.

KeyBank requires a minimum credit score of 700, which is about average in the US. If your credit score is lower than this, you won't qualify for the program.

Doctor's mortgages, including KeyBank's program, typically have higher interest rates to compensate for the risk they pose to lenders.

Many physician loans, including KeyBank's program, are only for primary residences, eliminating the chance to buy a second or investment home.

Here are some key cons of KeyBank's physician mortgage program: