Frandsen Physician Mortgage Review (Updated 2024)
Frandsen Bank & Trust has a special loan offer for medical professionals living in Minnesota and Wisconsin. This physician loan is great because it’s open to lots of different medical workers, not just MDs. Here’s what makes the Frandsen Physician Mortgage stand out:
Physician Mortgage Loan Program: Designed specifically for those in the medical field, this program from Frandsen Bank & Trust comes with good interest rates and flexible terms, making buying a home more accessible for doctors.
Competitive Interest Rates: The bank ensures its interest rates are on par with or better than what other mortgage lenders offer. This means doctors can get a good deal when they borrow to buy their homes.
With no need for private mortgage insurance (PMI), borrowers can save a lot each month since PMI usually adds quite a bit to your payment.
A broad list of medical roles qualify for this loan, including dentists, veterinarians, pharmacists, nurse anesthetists among others. It’s nice seeing such inclusivity compared to some banks that might only lend under stricter conditions.
By offering these features tailored towards the financial needs and situations of healthcare workers looking into homeownership opportunities without unnecessary burdens like PMI costs while also accommodating various positions within the healthcare industry beyond merely physicians demonstrates why Frandsen Bank & Trust stands as an appealing choice amongst potential homebuying candidates within these professions.
What is Frandsen Bank?
Frandsen Bank & Trust, started by Dennis Frandsen in 1982, is a community-focused bank based in Arden Hills, Minnesota. It reaches out to over 40 communities across Minnesota and Wisconsin. Known for offering a broad spectrum of banking options like checking and savings accounts along with wealth management and investment services not forgetting mortgages for both living spaces and properties meant for investment.
With its roots deeply embedded in the local communities it serves; this bank puts a strong emphasis on meeting the needs of its customers through more than 400 dedicated employees who strive to deliver personalized service to their extensive customer base exceeding 100,000 people spread across three states.
In addition to basic banking offerings such as checking accounts, savings accounts CDs (certificates of deposit), IRAs (individual retirement accounts), Frandsen Bank & Trust also provides various loan solutions including home loans and equity lines of credit. On top of that they extend wealth management services which cover financial planning advice tailored towards investments, retirement plans and estate strategies making them an essential ally for many looking forward to securing their financial futures within these regions.
Frandsen Physician Loan Highlights
Frandsen Bank & Trust has a special loan program just for medical folks in Minnesota and Wisconsin. This includes a bunch of different healthcare workers like doctors, dentists, foot doctors, animal docs, pharmacists, anesthesia nurses, eye specialists, nurse practitioners and physician assistants. They’re offering loans with good interest rates that don’t change much over time and you won’t have to worry about paying extra for private mortgage insurance either. What makes Frandsen Bank stand out is how they really focus on helping those in the medical field buy their homes.
Competitive Interest Rates and Terms
Frandsen Bank & Trust has a loan program specifically for doctors, offering them good deals on their home loans. They make sure that the interest rates they offer can stand up to what other mortgage lenders are giving out, so medical professionals get a fair shake when it comes to buying a house. Here’s what makes Frandsen Bank & Trust’s physician mortgage loans appealing:
Good Deals on Interest: The bank ensures its interest rates for doctor-specific mortgages are competitive. By doing this, they guarantee that physicians get terms just as good as anyone else in the market when securing a home loan.
Choices in How You Pay Back: With options like adjustable-rate mortgages (ARMs) lasting either 10 or 15 years, Frandsen Bank gives medical pros flexibility in picking how they pay back their loan based on what works best financially and personally.
Manageable Monthly Costs: Thanks to these nice interest rates and varied payment plans, monthly payments on your house become something you can handle without stressing over money too much.
This approach helps ensure that those in the medical field don’t have to worry excessively about their housing costs while juggling other financial responsibilities.
No Private Mortgage Insurance (PMI) Requirement
At Frandsen Bank & Trust, their physician mortgage loan program doesn’t require private mortgage insurance (PMI). This is a big deal for medical professionals. Here’s why skipping PMI matters:
No PMI: Most regular home loans ask you to pay extra if you can’t make a 20% down payment. But with Frandsen Bank & Trust’s physician mortgage loans, there’s no need for this additional cost. It means doctors and other medical pros get to keep more money in their pockets.
Cost Savings: Without the need for private mortgage insurance, those in the healthcare field find themselves saving quite a bit over time. Since they don’t have to worry about that usual expense, even with less than 20% down on their new home.
Greater Buying Power: By not having to fork over cash each month for PMI, these medical workers can either go after homes that might have been just out of reach or use what they save towards other important financial plans.
This approach by Frandsen Bank makes its physician loan program especially appealing compared to conventional mortgages which often come loaded with extra fees like PMI.
Is a Frandsen Physician Loan Right for You?
If you’re a medical professional living in Minnesota or Wisconsin, consider looking into a physician loan from Frandsen Bank & Trust. This bank has set up a mortgage loan program just for folks like doctors, dentists, pharmacists, nurse practitioners, and physician assistants. With its easy-to-meet eligibility criteria, good interest rates that won’t break the bank, flexible payment options to fit your schedule better than most things do these days and no need to worry about private mortgage insurance – it’s an appealing choice if you’re thinking of buying a home.
Professional Qualifications Required
To get a physician loan from Frandsen Bank & Trust, you need to fit into certain professional boxes. Here’s what they’re looking for:
A variety of medical pros can apply: This includes not just doctors and dentists but also folks like podiatrists, vets, pharmacists, nurse anesthetists, optometrists, nurse practitioners, and physician assistants.
You’ve got to be doing well in your job: For this loan program at Frandsen Bank & Trust , it’s important that applicants are respected in their fields and hold a current license. It shows they have steady jobs with reliable income and are serious about their work.
Financial Requirements and Considerations
When Frandsen Bank & Trust looks at who gets their physician loan, they don’t just check if you’ve got the right professional background. They dive into your money matters too. Here’s what catches their eye:
Credit Score: You won’t find Frandsen Bank spelling out the lowest credit score you need to have. But, having a solid credit score usually means better chances of getting the loan and snagging good terms.
Financial Situation: The bank takes a close look at how much money you make, what you own, and what you owe to figure out if paying back the loan is something you can handle.
Student Loan Debt: For those in medicine carrying around student loans like extra baggage, here’s some good news – Frandsen Bank considers this kind of debt differently. They might not count it when they calculate whether your income versus debt situation makes sense for their program.
So basically, with things like your financial health on their radar alongside any debts from school days – especially for docs-in-the-making or practicing medical pros – understanding these points could be key to landing that physician loan with Frandsen Bank & Trust.
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Pros and Cons of Frandsen Physician Loans
The physician mortgage loan program from Frandsen Bank & Trust comes with its own set of benefits and downsides for those in the medical field. On one hand, it’s designed to help medical professionals get a home loan that suits their unique needs. However, there are also some aspects that might not work out in everyone’s favor. Here’s what you need to weigh up:
For starters, this specific loan program is tailored for doctors and other healthcare workers.
It acknowledges the financial situation many new physicians find themselves in due to student loans or starting salaries.
However, like any financial product, it could have terms that may not be ideal depending on your circumstances.
In essence, while Frandsen Bank & Trust aims to make homeownership more accessible for those in medicine through their physician mortgage offering; it’s important to look closely at both sides before making a decision.
Advantages for Medical Professionals
Frandsen Bank & Trust has a special loan program just for medical folks like doctors, dentists, and pharmacists. Here’s what makes it great:
Without needing private mortgage insurance (PMI), people can save a lot of money since Frandsen Bank’s physician mortgage loans skip this cost.
With good interest rates and flexible plans, medical professionals can get deals that fit them well.
A wide variety of medical workers qualify for these loans. This openness is something you don’t see with every lender.
This way, Frandsen Bank & Trust stands out by offering valuable benefits through its physician mortgage loan program to those in the healthcare field.
Potential Drawbacks to Consider
Frandsen Bank & Trust has a loan program specifically for doctors, but there are some things to think about before jumping in:
With this physician mortgage loan, you might end up paying more interest than with regular home loans. It’s key to look at how these higher rates could affect your wallet over time.
Only doctors living in Minnesota and Wisconsin can apply. So if you’re a medical professional from somewhere else, this option isn’t available to you.
Just like other home loans, the ones from Frandsen Bank come with closing costs. Remembering these extra expenses is crucial when figuring out if the loan fits your budget.
Alternatives to Frandsen Bank Physician Mortgage
Frandsen Bank & Trust has a great loan program for doctors, but it’s not the only option out there. Other lenders have special financing deals just for medical professionals too. Here are some other choices to think about:
BMO
At BMO Harris Bank, there’s a special loan program just for medical folks like doctors, dentists, and veterinarians. With this doctor loan program, you can borrow as much as $1.5 million to buy a house. What makes it stand out are the good interest rates and flexible payment options it offers, making it a go-to option for many medical professionals planning to get their own place. BMO Physician Loan Review.
Truist
Truist Bank has a special mortgage program just for doctors and other medical workers. With this physician mortgage, they give out loans that have good interest rates and terms you can adjust to fit your needs. On top of that, Truist lets these professionals get a line of credit. This means they can borrow money to invest in properties or cover different financial stuff they need. But remember, getting into this program depends on if you pass their credit check and if you meet the criteria, the deal’s pretty sweet for those who do. Learn More: Truist Physician Loan Review.
Huntington
Huntington Bank stands out as a lender with a special mortgage program designed for medical professionals. With Huntington’s physician mortgage, doctors can enjoy the benefits of low initial payments and don’t have to worry about paying for private mortgage insurance. This option is specifically available for those looking to finance their primary residence, offering flexible terms tailored to the needs of medical workers. Known for putting its customers first, Huntington Bank provides personalized services that make it an appealing choice for any medical professional in search of a reliable mortgage loan. Learn More: Review of Huntington’s Physician Loan.
Key Takeaways
Frandsen Bank’s Physician Mortgage is a pretty good deal for doctors and other medical folks because it offers competitive interest rates and terms. One big plus is that you don’t have to pay for private mortgage insurance, which can save you some money. But, before jumping in, make sure you check if you fit the bill professionally and financially. If Frandsen Bank isn’t quite what you’re looking for, there are other options out there like BMO, Truist or Huntington worth considering. It’s important to understand both the good points and possible downsides of these deals specifically designed for medical professionals. In the end, take your time to compare everything so that whatever choice you make works best with your financial plans and life situation. If you are ready to see your physician mortgage options from lenders that can help you with your next home, request your rates from LeverageRx.
Frandsen Bank FAQ
We answer some common questions regarding Frandsen Bank.
What are the eligibility criteria for a Frandsen Physician Mortgage?
To qualify for a Frandsen Physician Mortgage, you need to be in the medical field. This means being a professional like a medical doctor, dentist, pharmacist, nurse practitioner, or physician assistant. Even if you’ve just graduated from medical school or similar programs, you might still make the cut.
How does the Frandsen Physician Mortgage differ from a traditional mortgage?
The Frandsen Physician Mortgage stands out from a regular mortgage in a few key ways. For starters, with this type of mortgage, you don’t have to pay for private mortgage insurance (PMI), even if your down payment is small or you don’t make one at all. This can lead to big savings for those who borrow. On top of that, the rules for qualifying are more flexible with the Frandsen Physician Mortgage, making it easier for medical professionals with different financial backgrounds to get approved.
What are the benefits of choosing a Frandsen Physician Mortgage over other mortgage options?
Opting for a Frandsen Physician Mortgage comes with its perks compared to other mortgage choices. For starters, you don’t have to worry about PMI requirements, and the interest rates are pretty competitive. On top of that, there’s a variety of mortgage loan options available. This program is crafted especially for medical professionals, providing flexible underwriting and benefits designed just right to suit their specific needs.
