BOK Financial, based out of Tulsa, Oklahoma, is one of the strongest financial institutions in the Midwest and Southwest parts of America. It is the largest bank in Oklahoma, but also has locations in Arizona, Arkansas, Colorado, Kansas, Missouri, New Mexico, and Texas.
In addition to physician loans, the corporation offers competitive banking services, wealth management services, savings options, credit solutions, financial planning services, and investment options for individuals, small businesses, and institutions alike.
BOK Financial physician mortgage loan program details
BOK Financial has many different financial programs available to meet the needs of many different clients and customers. Among these is the BOK Financial Physician Mortgage Loan through the Advanced Medical Professionals (AMP) Loan Program.
Eligible parties can apply for the loan to purchase or refinance only their primary residences on a no cash-out rate term. Further, any student loan debts held by the borrower are deferred from closing to boost debt-to-income (DTI).
Additionally, BOK Financial customers may receive discounted rates for their physician mortgage loans, but they must meet the set minimum requirement of a 700 credit score before they can qualify for the loan, as all other applicants must. However, once the requirements for the loan are met, borrowers can relax knowing that they will not have to have any private mortgage insurance (PMI) in order to qualify for the loan.
There are a few different options for different medical professionals depending on their unique financial needs concerning home loans and mortgages. For residents and fellows, the maximum amount borrowable is $650,000. However, practicing physicians like Doctors of Medicine (MD), Doctors of Osteopathy (DO), Doctors of Dental Surgery (DDS), Doctors of Dental Medicine (DMD), Nurse Anesthetists (CRNA), Clinical Nurse Specialists (CNS), and Doctors of Veterinary Medicine (DVM) are eligible for a maximum loan amount of $1,000,000 at 3% for loans up to $650,000, 5% for loans up to $850,000, and 10% for the full $1,000,000 loan. These rates come in both fixed and variable rates so that customers can choose what works best for them.
Pros of financing your home with BOK Financial
No private mortgage insurance required
BOK Financial, like other physician mortgage lenders, requires no private mortgage insurance (PMI) before physicians are able to take out home loans as many other banking institutions require. In the long run, this ends up saving the borrower huge sums of money that approximately total 20% of the total cost of their home. By saving borrowers money on insurance this way, BOK enables them to repay their loans and student debts at a quick rate so they have less time to worry about repaying than they otherwise might have.
High Better Business Bureau rating
BOK Financial has been in business for a while and has worked with many customers over the years. But despite the large numbers of customers helped over the years, BOK has had surprisingly few complaints filed with the Better Business Bureau (BBB) at only twenty-one closed in the last three years. Further, since its accreditation, branches of BOK Financial have held an A+ rating from the Bureau for several years.
Strong online presence
Among its many benefits, BOK Financial has a strong online presence that makes remote banking a viable option for many people. Customers can make online payments from their computers or devices for free through BOK’s securely encrypted technology. Through their mobile app, BOK keeps all customers up-to-date about any and all transactions they conduct through the bank through understandable emails and prompt push notifications.
Cons of financing your home with BOK Financial
High credit score requirement
BOK Financial requires a minimum 700 point credit score before anyone can be considered eligible for one of their physician mortgage loans. This may not be a problem for everyone, but it can certainly present issues if you’ve ever fallen the slightest bit behind on repaying student loans, credit card debt, or any number of things.
BOK Financial is a great banking option for you if you live in Oklahoma or one of the surrounding Midwestern or Southwestern states, but if you’re part of the majority who do not, you may find banking with BOK to be more trouble than it’s worth. Like many banks, BOK has a limited in-person service area that doesn’t expand across every state, or even most of them. Instead, they are concentrated in one area, which is a great thing if you live there. However, if you don’t, you will likely find yourself frustrated with solely online banking options and the higher interest rates that may come from conducting your banking business entirely online.