TD Bank launches new product aiming to alleviate the unique challenges facing homebuyers in the medical field
CHERRY HILL, N.J., March 21, 2019 /PRNewswire/ -- Almost a quarter of medical professionals who own homes say their student debt made buying a home more difficult, according to a new survey by TD Bank. Of those that don't own a home but plan to, one in six are worried that student debt will make the process more difficult.
Today, TD Bank announces the launch of a new Medical Professional Mortgage Product, specifically designed to alleviate these issues by accounting for the unique challenges facing medical professionals who are in the early stages of their career.
According to the survey, just under one in five medical professionals are aware of Medical Professional Mortgages, meaning they could be missing out on the opportunity to leverage a product that is tailored to their unique financial needs.
Considering medical school loans and earning potential, TD's dedicated product helps address physicians' and dentists' pain points by helping applicants qualify for higher loan financing than standard mortgages, allowing them to utilize their money for investing or paying off student debt while still reaching their home ownership goals.
"Medical professionals dedicate their lives to caring for the health of our communities and in turn spend many years pursuing higher education and building up debt," said Rick Bechtel, Head of Residential Lending at TD Bank. "We dedicate the same amount of care to designing products, such as TD Bank's new Medical Professional Mortgage, which alleviates some of the biggest challenges those in the medical field face following graduation and residency, such as large amounts of debt and a lack of earning history."
This competitive new offering, available in both fixed and adjustable rate options, provides the following features for practicing physicians and dentists, fellows and third-year residents:
- Applicants may secure 100% financing. This was among one of the most appealing features according to the survey, with 44% of respondents selecting this option.
- No private mortgage insurance (PMI) is required, another appealing feature selected by 44% of respondents.
- Applicants may take out a maximum loan amount of up to $750,000 with 100% financing or up to $1,250,000 with only 5% down. Only 18% of respondents were aware that Medical Mortgage Products offered loans up to $750,000, indicating a need for further education in this area.
- Applicants may have flexible debt-to-income ratios, depending on income.
Eligible borrowers of TD's Medical Professional Mortgage Product include licensed residents with a minimum of two years of completed residency and fellows; as well as practicing dentists and physicians and who are less than 10 years out of residency.
About TD Bank, America's Most Convenient Bank®
TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 9 million customers with a full range of retail, small business and commercial banking products and services at more than 1,200 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.td.com/us. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US.
TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit www.td.com/us.
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