Know the possibilities, compare the total cost, and verify every lender-specific condition. Some lenders offer products for eligible medical professionals that may feature lower down payments, different student-loan treatment, or consideration of a signed employment contract before the first paycheck. Eligibility depends on professional designation, license and training status, credit, income, property, location, and lender guidelines.
Can my signed employment contract be used for qualifying income, and what start-date limits apply? How are my student loans evaluated? What is the total cash required at closing, including prepaid costs and reserves? Is the rate fixed or adjustable, and what is the APR? Are mortgage insurance costs included elsewhere in the rate or fees? How does this compare with a conventional mortgage using the same assumptions?
Request comparable Loan Estimates from lenders and review loan type, rate, APR, closing costs, estimated taxes, insurance, and payment changes. A zero-down offer is not the same as zero cash to close, and a physician mortgage is not automatically the cheapest option. No specific BMO terms are represented in this publication until current written program guidelines are reviewed.