The Convenience of the Online Mortgage Process + Physician’s Loans

It is safe to say the thought of getting a mortgage loan is overwhelming to most people, especially the first time around.  But with today’s technology, the process of getting a mortgage loan isn’t as complicated as one may think.  The process can actually be pretty easy and is much more efficient than it has been in the past.  A recent Deloitte banking survey found that 33% of people already use online platforms to apply for loans. 

With most lenders you can complete an online application in the comfort of your easy chair (if you have such a thing) any time, day or night.  If you are shopping for a home, you can use this same online application to start the process for a pre-approval.  Once the application is submitted, the lender can let you know what you need to provide for supporting documentation.  This would typically include items such as paystubs, W-2’s and bank statements.  These items can be securely uploaded.  In some cases we can use electronic data to verify information, which cuts down on the documentation you need to provide.

The bottom line is that the days of going to the bank to meet with your lender and dropping off documentation multiple times is history.  While we still meet with many of our borrowers in person because they choose to, it isn’t necessary.  We also meet many borrowers outside the bank at a location convenient for them.  The goal is to make the process of buying a new home or refinancing as hassle free as possible.  

Did you know Capitol Bank has Physicians Loans?  Here are a few highlights of Physicians Loans:

Who qualifies for a Physician’s Loan?

Physician’s loans are available for medical professional, including medical residents, fellows, and physicians.

What are the benefits of a Physician’s Loan?

The main benefit of a Physician’s Loan is that we don’t have to count the full student loan debt against you. In some situations, if the loan is in deferment, then we don’t have to count any of the student loan payments against you. If the loan is not in deferment, we only have to count 1% of the balance in a payment against you. This enables you to qualify for more of a house. Also, we can do as little as 0% down in some situations for people to get in a home without mortgage insurance. 

Would you ever recommend a traditional loan vs. a Physician’s Loan?

In some situations it might make sense to go with a 30 year fixed rate conforming loan versus an adjustable rate physician’s loan. Those situations would be if you have 20% down and don’t need the benefit of a lesser amount down, and also if your student loans are not inhibiting you against qualifying for the certain price of a house that you’re looking for.

What about doctors moving to the Madison area?

If you are relocating to the Madison area with a job in the medical field, we can pre-qualify you ahead of time. We need to have a contract for the new position, but you don’t need to have started the job before you close on the loan. In fact, we can close up to 60 days prior to you starting the new position. We would just need a copy of the contract for the new position to include the salary of the new position and the title.