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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SOURCE TD Bank