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General FAQ's

Since a mortgage comes with a long list of  requirements and varying benefits depending on the borrower’s financial snapshot, why not take advantage of special financing offered specifically for medical professionals? Dentists do have unique financial circumstances, with high educational debt and at times, a relatively short credit history. However, the income potential and historically low risk make dentists like you attractive customers to lenders who cater to dentist and doctors. 

Before you start searching for your dream home, it is important to have your proverbial “ducks in a row.” A little bit of research goes a long way in making good financial decisions, and a home mortgage is a big decision. Think about how long you will be in your current location, how much you can afford to dedicate to living expenses, and what your lifestyle will be like. Do you want to invest in a property in which you can do some maintenance, do you need something with amenities (like those offered in multi-plex apartments and condominiums), or do you want a turnkey property? Be prepared for an investment in time!

Just like patients consider many aspects when choosing a physician, its important for you to find the right lender. After all, you are establishing a financial relationship which could last multiple years and want to find the right terms for you. Some lenders specialize in dentist and physician home mortgages, so be sure to look for a lender who caters to you. With perks like low (and no) down payments and flexible underwriting, you are sure to find one who offers the right terms for your specific needs.

There is a right and wrong way to apply for a dental mortgage. The basic procedure is this:

Gather your financial documents, with the goal of providing lenders with a view of your debt-to-income ratio, credit score, and both short-term and long-term financial obligations.

Obtaining pre-approval:

  • Begin the search for a home, knowing what you can afford
  • Sign a contract for your home
  • Obtain final approval
  • Lender may require additional documents, which can modify this process

With most traditional mortgages, a long employment history is crucial to obtaining the best rates. However, dental home mortgages are designed specifically for your unique employment status. With dental mortgage lenders, you may be able to obtain a mortgage while still in residency, or immediately after accepting your first contracted position.

Dental home mortgage lenders are experienced in understanding the balance between medical training and the educational expense it takes to obtain it. Many of these lenders take a more relaxed approach to the student loan portion of your debt-to-income ratio, and look instead at the long-term financial picture that dentists possess. Your student loans are balanced by a generous income potential, and with a history of low risk and early repayment, dental school loans are not always considered a significant part of your debt load.

One challenge many new dentists are not prepared for is the preparation involved in the home mortgage application process. Just like preparing for your tax appointment, you will need to have a variety of documents ready to provide the potential lender with a clear view of your financial life. From your FICO score to monthly expenses, proof of employment (or offer letter from your employer should you be close to completing your residency), the more details you can offer, the more efficient (and faster) the underwriting process will be.

A home—and the accompanying mortgage–is one of the longest financial commitment most adults make. You have likely been renting an apartment or house while finishing dental school or your residency. It may feel like you’ve been throwing your money away, with nothing to show for the monthly expenses. You could build some equity by investing in a home, but there are several factors to consider.

  • How long will you be in this community?
  • Do you want a property which could require maintenance?
  • Do you have access to funds for a down payment or closing costs?
  • Are you prepared to sell during a down market or become landlord if you move and rent the property out?

These are common questions to consider before beginning the journey towards home ownership.

General FAQ's

Since a mortgage comes with a long list of  requirements and varying benefits depending on the borrower’s financial snapshot, why not take advantage of special financing offered specifically for medical professionals? Dentists do have unique financial circumstances, with high educational debt and at times, a relatively short credit history. However, the income potential and historically low risk make dentists like you attractive customers to lenders who cater to dentist and doctors. 

Before you start searching for your dream home, it is important to have your proverbial “ducks in a row.” A little bit of research goes a long way in making good financial decisions, and a home mortgage is a big decision. Think about how long you will be in your current location, how much you can afford to dedicate to living expenses, and what your lifestyle will be like. Do you want to invest in a property in which you can do some maintenance, do you need something with amenities (like those offered in multi-plex apartments and condominiums), or do you want a turnkey property? Be prepared for an investment in time!

Just like patients consider many aspects when choosing a physician, its important for you to find the right lender. After all, you are establishing a financial relationship which could last multiple years and want to find the right terms for you. Some lenders specialize in dentist and physician home mortgages, so be sure to look for a lender who caters to you. With perks like low (and no) down payments and flexible underwriting, you are sure to find one who offers the right terms for your specific needs.

There is a right and wrong way to apply for a dental mortgage. The basic procedure is this:

Gather your financial documents, with the goal of providing lenders with a view of your debt-to-income ratio, credit score, and both short-term and long-term financial obligations.

Obtaining pre-approval:

  • Begin the search for a home, knowing what you can afford
  • Sign a contract for your home
  • Obtain final approval
  • Lender may require additional documents, which can modify this process

General FAQ's

With most traditional mortgages, a long employment history is crucial to obtaining the best rates. However, dental home mortgages are designed specifically for your unique employment status. With dental mortgage lenders, you may be able to obtain a mortgage while still in residency, or immediately after accepting your first contracted position.

Dental home mortgage lenders are experienced in understanding the balance between medical training and the educational expense it takes to obtain it. Many of these lenders take a more relaxed approach to the student loan portion of your debt-to-income ratio, and look instead at the long-term financial picture that dentists possess. Your student loans are balanced by a generous income potential, and with a history of low risk and early repayment, dental school loans are not always considered a significant part of your debt load

One challenge many new dentists are not prepared for is the preparation involved in the home mortgage application process. Just like preparing for your tax appointment, you will need to have a variety of documents ready to provide the potential lender with a clear view of your financial life. From your FICO score to monthly expenses, proof of employment (or offer letter from your employer should you be close to completing your residency), the more details you can offer, the more efficient (and faster) the underwriting process will be.

A home—and the accompanying mortgage–is one of the longest financial commitment most adults make. You have likely been renting an apartment or house while finishing dental school or your residency. It may feel like you’ve been throwing your money away, with nothing to show for the monthly expenses. You could build some equity by investing in a home, but there are several factors to consider.

  • How long will you be in this community?
  • Do you want a property which could require maintenance?
  • Do you have access to funds for a down payment or closing costs?
  • Are you prepared to sell during a down market or become landlord if you move and rent the property out?

These are common questions to consider before beginning the journey towards home ownership.

Ready to get started?

Get pre-approved for a mortgage or to refinance with the dentist mortgage loan program.

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