Most of us are out there playing in our fields every day. But for a select few, all they do is practice. Today I want to talk about a profession that literally practices for a living: physicians.
I’ve worked in this space for about 25 years. When I first got into business at Wachovia, we had the Doctor Loan Program. That program has evolved quite a bit over the years. It now includes not just medical doctors, but dentists, podiatrists, doctors of osteopathy, psychiatrists, ophthalmologists, optometrists, and even veterinarians. The veterinarian piece often surprises people, but it is actually a strong and growing segment. It is a profession that has not traditionally been as familiar with these programs, yet the need is very real.
One important date in this world is March 20. That is Match Day. That is when medical students find out where they have been placed for residency. Many of the physicians I work with match at places like Emory. Once they match, they know they will be starting July 1. That means they have to secure housing quickly. Because residency typically lasts four years, and fellowship can add another three or four, they are often in one place for a significant period of time. It may not be their forever home, but it is long enough that buying can make sense.
Here is the challenge. Very early in their journey, physicians are heavily marketed to. Mortgage professionals, financial advisors, insurance agents, you name it. Even though they are not earning much at first, everyone knows their income will eventually increase once residency or fellowship is complete. So the marketing starts early.
As a result, many physicians are understandably guarded and skeptical. They are constantly being approached. They are in an education-driven profession, so they want the facts, they analyze, and then they decide. They are eager to learn, but they want clarity and trust. In many cases, they simply do not know much about mortgages or financial planning yet. That is where I come in.
It is important to understand that most residents and fellows are earning around $70,000 a year. Think about that. Four years of college. Four years of medical school. Seven or more years of residency and fellowship. It is a long road before the higher earnings people associate with doctors ever show up. It is not all glamour and big bucks for a long period of time.
Because of that gap between long-term earning potential and short-term income, specialized lending programs matter. Lenders with a true Doctor Loan Program understand this path. We can structure financing based on the realities of medical training, not just today’s paycheck.
If you are a physician, resident, fellow, dentist, veterinarian, or specialist navigating this transition, you do not need another salesperson in your inbox. You need someone who understands your path.
I have spent decades working with medical professionals through Fifth Third Bank’s Doctor Loan Program. I understand Match Day. I understand July 1 start dates. I understand the income progression from residency to fellowship to full practice. Most importantly, I understand the skepticism that comes with being marketed to constantly.
My approach is simple. I provide the facts, walk you through your options, and help you make a smart decision that fits your timeline.
If you or someone you know is matching this year, starting residency, or preparing to relocate, let’s have a conversation. Ask the questions. Get clarity before you make one of the biggest financial decisions of your training.
When you have spent over a decade practicing medicine, you deserve a mortgage partner who has been practicing just as long at getting it right.