Best practices for comparing physician mortgage lenders
Physicians relocate differently than most buyers. These are the best practices that consistently reduce stress and prevent surprises:
Compare the full loan structure, not just the rate: down payment options, PMI (or lack of it), rate adjustments by loan size, and any bank-specific fees.
Ask how they treat physician-specific realities: student loans, future income (new contracts), bonuses, and relocation timelines.
Evaluate speed and communication: a great program with slow execution can cost you the house.
Pressure-test their “physician” experience: some lenders offer a physician loan; fewer actually specialize in it.
Request a side-by-side scenario: payment, cash-to-close, reserves, and total monthly cost—not just a quote.
Confirm underwriting upfront: what they’ll approve in writing vs. what they “think should be fine.”
Choose the team, not the logo: the individual banker matters as much as the bank.
7 questions to ask every lender
What down payment options do you offer for my price range—and is there monthly PMI?
How do you calculate student loan debt in underwriting (especially if I’m in repayment, deferment, or an IDR plan)?
Can you use a signed employment contract to qualify me, and how close to my start date can I close?
What credit score and reserve requirements do you expect for my loan size?
How do you treat bonuses, signing incentives, and physician pay structures (base + productivity)?
What are your rate/term tiers and caps (max loan amount, jumbo thresholds, ARM vs fixed options)?
What does your process timeline look like—and who will I communicate with weekly to keep things moving?
Why outdated advice can hurt your search?
Physician mortgages change—guidelines shift, banks adjust risk tolerances, and underwriting standards evolve. Outdated advice (often from well-meaning friends, online forums, or non-physician lenders) can push you into the wrong decisions: bringing unnecessary down payment, assuming you “can’t qualify” with student loans, missing contract-based qualification windows, or choosing a lender who isn’t equipped for physician timelines. The result is wasted time, incorrect expectations, and sometimes a deal that falls apart late in the process.