For a “Wow” Experience, It is Time to Consider Arvest Bank’s Private Banking and Physician Loan Services
Arvest Bank invites you to experience a thoughtful and integrated approach to managing your wealth, all specifically designed around you.
For recent graduates of professional schools in the medical arena, finding the funds to purchase a new home may be somewhat of a pipe dream. After all, they are most likely weighed down by hefty student loan debts and slim savings accounts. No one is going to offer them a loan for the purchase of a new home, right? Well, traditional thinking would suggest such a closed door, but the financial experts at Arvest Bank are willing to open those doors for qualified clients.
When attempting to secure a mortgage as a recently graduated medical professional, the stumbling blocks can be varied and many. The most common mortgages include the 30-year or 15-year home loan with a fixed interest rate and a down payment, which is often 20% of the purchase price. On the loan menu are also variable interest rate loans, which usually start with a lower interest rate, but that can change after a certain period of time. Yes, there are loans that allow for less than the typical 20% down payment, but they may require Private Mortgage Insurance, or PMI. It can be confusing, exhausting, overwhelming and expensive.
However, the Physician Loan Program at Arvest Bank has the solution. No matter where you stand on the medical professional spectrum –– a newly graduated professional; advanced in your career; or ready to retire and downsize altogether, this special loan affords a cornucopia of benefits that truly make it an attractive package. For example, the student loan debt is not factored into the equation for credit worthiness. For those fresh out of medical school, that is a welcome sigh of relief, as some graduate not only with a degree, but also a significant amount of debt. Granted, the expectations are to generate an appreciable salary over the years, but when just starting out, that loan debt can certainly stand as a seemingly insurmountable obstacle.
From left to right: Jared Bahr, Ray Coleman and Erik Kolseth
Erik Kolseth, Mortgage Lender at Arvest Bank, and Jason Peters, Mortgage Loan Manager for the Greater Kansas City area Arvest Bank locations, are excited to be one of the few banking institutions to offer something as unique as the Private Banking services and the Physician Loan Program.
“Our Private Banking team offers a true concierge service in which we consistently go above and beyond,” emphasized Kolseth, whose Private Banking partners specialize in all matters banking, such as going directly to the client’s home or work as needed to gather information, assisting clients with all aspects of any loan process, and assisting with everyday banking needs. “Being a doctor automatically qualifies one for our Private Banking services, for which there is no fee.”
Eligible borrowers for the Private Banking and Physician Loan Program include practicing physicians. A physician is defined as a medical doctor and includes those who are a Doctor of Medicine (MD), Doctor of Osteopathy (DO), Doctor of Dental Surgery (DDS), Doctor of Optometry (DO), Doctor of Chiropractic (DC), Doctor of Veterinary Medicine (DVM), Doctor of Podiatric Medicine (DPM), and Doctor of Medicine in Dentistry (DMD). This does not extend to academic doctors (PhD). Additionally, borrowers must be natural individuals and the title must be in the name of the individual borrower(s) or secondary market eligible trust. The full written trust document(s) must be reviewed and approved by the Arvest-appointed legal counsel and any trust provisions must meet secondary market requirements. Permanent and non-permanent resident aliens are allowed.
What sets this bank apart is its unique ability to help close loans for those in varying situations, and because it is a proprietary product unique to Arvest Bank, the lending specialists and Private Banking team are in a position to do much more than perhaps some other banks can.
Additionally, this program allows for 100% financing up to $1 million and 95% financing up to $1.5 million. In other words, if a client is purchasing a million-dollar home, Arvest Bank can loan 100% of that amount with no down payment required. Further, there is no PMI so the monthly payments are lower and clients also benefit from local underwriting and servicing directly through Arvest Mortgage.
To illustrate how this particular program positively impacts clients, a few case studies can be relevant to further understanding.
Case Story #1:
Upon encountering numerous closed doors when applying for a loan to purchase their first home, a new physician and her husband could not seem to find a lender who would give them the opportunity to make this kind of investment. Because her student loan debt had been deferred during her residency, the balances were higher than the allowable limits, causing her credit score to drop exceedingly low. Due to the Physician Loan Program, Arvest Bank was able to use the higher credit score of the spouse for either borrower.
“We were able to add the husband to the loan application, as his 700+ credit score made for a successful close on the purchase with no money down,” noted Kolseth.
Case Story #2:
When a resident was relocated to the Kansas City area from the Pacific Northwest to begin a new job at the University of Kansas Medical Center, the family had a keen interest in the Tiny House Movement. The clients fell in love with one of the open houses at the Tiny Houses project on the west side of downtown. Because of the unique design and style of the home, traditional financing was not an option. Through the Physician Loan Program, however, Arvest Bank was able to secure the loan due to the fact that they portfolio these loans and keep them on their books. The loan was closed with no money down.
Case Story #3:
A physician rising through the professional ranks was relocating from Chicago to Kansas City. Opting for new construction in Prairie Village, he found the right builder, who requested 10% down on a $700,000 purchase, which the client did have in the bank. However, the client also had $70,000 in student loan debt still unsatisfied. Upon a thorough consultation with the experts at Arvest Bank, it was decided that the student loan debt was the greater priority to pay off instead of putting 10% down on the purchase of the new home. Arvest Bank was able to offer a loan to the client at 100% of the purchase price and the client was in a position to pay off the $70,000 remaining balance on his student loan when he got the $70,000 back at closing.
In essence, Arvest Bank creates a true partnership with its clients, a seamless relationship between the client, the mortgage company and the Private Banking.
“We provide a team approach, with the Private Banker being the single point of contact for the client, providing the utmost in personal service,” indicated Kolseth.
Amy Morbeck (center, front right) and the Private Banking Team
By providing unlimited access to a team of experienced professionals, clients are beneficiaries of integrated advice in all areas of financial management, which ultimately helps to protect, nurture and maximize their overall wealth. Among the Private Banking services are a single point-of-contact concierge banker, exclusive products and rates, 103% physician mortgage financing, residential construction loans and customized wealth planning. For those developing or advancing a medical practice, business banking services include commercial deposit and time accounts; treasury management consultations and services; commercial lending; and equipment financing.
Arvest Bank is excited to offer these unique products and service, establishing a long-standing relationship with the client.
“Our team of concierge Private Bankers understands your fast-paced lifestyle and is joyfully committed to help you manage all of your banking and financial needs,” expressed Amy Morbeck, Private Banking Manager with Arvest Bank. “In addition to a full menu of products and exclusive services, you will have a dedicated Private Banker who is equipped to provide the highest quality of care. From personal banking to business banking, you can be assured your priorities will be handled with the concierge convenience and professionalism you desire.”
It’s what the clients say, however, that truly drives the point home.
“I never knew how valuable it would be to have a Private Banker until I experienced the level of care you provide,” said one satisfied client. “Thank you for always being there for me.”
More than just a Private Banker, clients have a trusted, sincere advocate for themselves, their families and their future. Arvest Bank considers this role to be one of great honor and privilege and is held in the highest regard.
For more information on Arvest Bank, its products and services, stop by one of their 17 locations in Greater Kansas City; call 913-261-2265; or go online at arvest.com.