
Dos and Don’ts for A Smooth Mortgage Loan Process
In order to close your loan quick and to provide the best service possible we suggest following this list of Dos and Don’ts
Coronavirus (COVID-19) Update
The health, safety and well-being of our customers, employees and communities continues to be our top priority. At this time, our branch lobbies will be available by appointment only. We encourage you to use our drive-thrus, which will be open during normal business hours, online and mobile banking and our ATM network. You can schedule an appointment by calling your local banker. Read more.
Categories:
If you are like many medical professionals with advanced degrees, you may have a need for financing options that benefit someone with a high level of student loan debt. This can be problematic when trying to obtain traditional mortgage products available through most lenders. Great Western Bank understands this unique need and has built a custom mortgage loan program just for medical professionals.
Traditional mortgage programs at other banks may require 20% down or two years of earnings history, but Great Western Mortgage recognizes your earnings potential and wants to help you purchase your dream home now. The Great Western Bank Medical Professional Mortgage Program is designed for applicants working in the medical field, with specific licenses1, and can be a great way to buy or refinance a home while finishing your residency or during other large life events.
The Medical Professional Mortgage Program offers financing options through an Adjustable Rate Mortgage (ARM) loan. In some situations, an ARM can be more cost effective, however, you may want to consider how quickly you plan to pay off your mortgage loan. The interest rate can be fixed for the initial three, five, seven, or ten years but then adjusts annually thereafter.
Pros:
Cons:
Our knowledgeable mortgage loan experts are ready to make the home buying process simple and stress-free. And, if you aren’t a medical professional or this program doesn’t meet your needs, we have plenty of other options available. Give us a call and we can guide you through the process and answer your questions along the way.
1Medical Doctor (M.D.); Dentist (D.D.S.); Doctors of Dental Medicine (D.M.D.); Doctors of Optometry (O.D.); Doctors of Pediatric Medicine (D.P.M.) Doctor of Osteopathy (D.O.); Certified Nurse Anesthetists (CRNA)
Tags:
In order to close your loan quick and to provide the best service possible we suggest following this list of Dos and Don’ts
Home buyers often ask about rates and timing. Let Chris, our Mortgage Manager, fill you in on both subjects.
Learn what pre-qualification is and how it might help you buy a new home.