Laurel Road Physician Mortgage (Updated 2022)

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IN THIS ARTICLE
IN THIS ARTICLE

Laurel Road is owned by KeyBank and specializes in physician financing

What is Laurel Road?

Laurel Road is a sister company to KeyBank. As a digital banking platform, Laurel Road offers student loan refinancing, credit cards, personal loans, savings accounts and medical professional mortgages. However, the company is best known for their student loan refinancing. Since 2013, Laurel Road has helped thousands of students consolidate and refinance more than $9 billion in federal and private school loans.

LeverageRx readers should delight in the fact that Laurel Road caters to students in the healthcare industry; its private student loans can be used only for select medical school loans, and it offers special rates to medical professionals looking to refinance. Graduate and undergraduate students can refinance their loans as soon as their final semester of school, as long as they have a signed employment contract. According to the Better Business Bureau, Laurel Road received an “A,” which is a score calculated by using the company’s complaint history and how it responds to complaints.

Laurel Road Physician Mortgage Highlights

The Laurel Road physician mortgage program is designed for interns, residents, fellows and practicing physicians in the designation fields listed below. Unlike so many other doctor loan programs, Laurel Road is available in all 50 states. A few highlights:

  • Designations: MD, DO, DPM, DMD, DDS
  • 100% financing for loans less than $1 million
  • Single and multi family, condos
  • Primary residence

Keep in mind that as of April 2019, Laurel Road is a brand of KeyBank. This means that KeyBank will be the lender backing your Laurel Road physician mortgage. You will notice that the exact details for Laurel Road’s physician mortgage are light when compared to other lenders, and it is because the program is essentially identical to KeyBank’s. As with most physician mortgages, Laurel Road will not charge PMI and the product is not available to retired doctors. Mortgages are available as a 30, 20 year fixed or flexible ARMs. Applicants may also receive up to $650 in closing cost credits.

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Laurel Road Physician Mortgage Alternatives

Laurel Road is an awesome choice for a mortgage because the company is digital-first, has multiple products that cater to physicians and dentist specifically, and is well known for their customer service. That said, taking out a mortgage is a huge deal and you should know your options. Here’s a few:

Simmons

If you are in the Midwest, Simmons Bank is a great option. The bank offers 100% financing but only up to $417k. However, given the states where it operates (Midwest), that could be enough to buy the home of your dreams. Learn More: Simmons Bank Doctor Loan Review

LoanDepot

LoanDepot offers 95% financing up to $1MM and their program is eligible for nurse practitioners. The company operates in all 50 states and loans are available as 15, 30-year fixed as well as ARMs. Learn More: LoanDepot Physician Mortgage Review

Cadence Bank

Cadence Bank recently merged with BancorpSouth to become an even larger bank than it was before. It still has a limited footprint (southern states) but an excellent doctor home loan program where you can get 100% financing up to $1.5MM. Learn More: Cadence Bank Physician Loan Review

Laurel Road FAQ

There is no shortage of Laurel Road questions online. Current and future customers want to know who owns the company, what credit scores they require and more. Let’s answer some FAQ.

How quickly can I close on a Laurel Road mortgage?

It typically takes 45 days or less to close on a mortgage. That said, the law requires that lenders take at least 10 business days from the date of a completed application to close and fund a residential mortgage so the rest of the time is probably just compliance and paperwork at the lender. Refinancing a home generally takes 60 calendars days or less.

Who owns Laurel Road?

In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest banks.

Is Laurel Road a Fintech?

Financial technology aims to compete with traditional financial methods in the delivery of financial services. Laurel Road is a digital innovator that offers its customers technology and simplicity, so yes, Laurel Road is a fintech.

Does Laurel Road have an app?

Yes, you can manage all your accounts from within the Laurel Road app. Monitor your credit score, make payments, receive money and more.

Does Laurel Road offer HELOCs or second mortgages?

No, Laurel Road does not offer second mortgages or HELOC (Home Equity Line of Credit).

Which Banks Offer Physician Mortgage Loans?

Compare rates, features, and more from the best physician mortgage loan programs of 2022.

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companies match your search (Reset all filters)

  • Company
  • Loan Amounts ForResidents & Fellows
  • Loan Amounts ForPracticing Physicians
  • MinimumCredit Score
  • States available in

States Available

AK, AZ, CO, FL, GA, HI, IA, ID, IL, IN, KS, MI, MN, MO, MT, ND, NE, NM, NV, OK, OR, SD, TN, UT, WA, WI, WY

About

BMO Harris offers doctor loans for primary residences, for purchase or refinance.

  • 100% financing up to $1MM for training or attending
  • 95% financing up to $1.5MM for training or attending
  • 90% financing up to $2MM

States Available

FL, GA, IL, IN, KY, MI, NC, OH, SC, TN, WV

About

Fifth Third Bank offers residents and physicians a primary residence loan for either purchase or refinance:

  • 100% financing up to $750k (training or attending)
  • 95% financing up to $1MM (training or attending)
  • 95% financing up to $1.25MM (attending more than 1 year)
  • 90% financing up to $2MM (attending more than 2 years)

States Available

AL, AR, FL, GA, LA, MS, NC, SC, TN, TX, VA

About

First Horizon’s doctor loan program is available for primary residence, for purchase or refinance:

  • 100% financing up to $1.5MM (training or attending)
  • 95% financing up to $2MM (training or attending)
  • 90% financing up to $2.5MM (training or attending)
  • First National Bank
  • Up to $1.5MM
  • $1.5MM
  • 700
  • 11 states (View states)
  • Learn More

States Available

DC, DE, GA, MD, NC, OH, PA, SC, TN, VA, WV

About

First National Bank offers residents and physicians financing on primary or secondary residences, for purchase or refinance:

  • 100% financing up to $1MM (training or attending)
  • 90% financing up to $1.5MM (training or attending)

States Available

MN, WI

About

Frandsen Bank & Trust’s doctor loan program is available for primary or secondary residences, for purchase, refinance or equity:

  • 95% financing up to $1.25MM (training or attending)
  • 90% financing up to $2MM (training or attending)

States Available

DC, DE, NJ, PA

About

Fulton Mortgage Company has a doctor loan program available for home purchase only on primary residences:

  • 100% financing up to $1MM (training or attending)
  • 95% financing up to $1.25MM (training or attending)

States Available

AR, AZ, CA, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, KS, KY, MA, MD, ME, MI, MN, MO, MT, NC, ND, NE, NH, NJ, NM, OH, OK, OR, PA, RI, SC, SD, TN, UT, VA, VT, WA, WI, WV, WY

About

Huntington Bank’s doctor loan program is available for primary residences, for purchase or refinance:

  • 100% financing up to $1MM (training or attending)
  • 95% financing up to $1.25MM (training or attending)
  • 90% financing up to $2MM (attending)

States Available

AK, AZ, CO, CT, HI, ID, IN, MA, ME, MI, MT, NM, NV, NY, OH, OR, PA, RI, SC, TN, UT, VT, WA, WY

About

KeyBank’s doctor loan program is available for primary or secondary residences, for purchase or refinance. For residents or attending physicians alike:

  • 100% financing up to $1MM
  • 95% financing up to $1.5MM
  • 85% financing up to $2MM

Geographic restrictions may apply.

States Available

MI

About

Level One Bank’s doctor loan program is available for primary residences, for purchase or refinance:

  • 100% financing up to $500k (training)
  • 100% financing up to $1MM (attending 1+ year)
  • 85% financing up to $2MM (training or attending)
  • Mercantile Bank
  • 100% Financing Options
  • 100% Financing Options
  • Call Lender
  • 4 states (View states)
  • Learn More
  • Get Rates

States Available

IN, KY, MI, OH

About

Mercantile Bank’s doctor loan program is for primary residences, for purchase or refinance:

  • 100% financing options for residents & fellows
  • 100% financing options with loan amounts up to $2MM for practicing physicians

Equal Housing Lender

Member FDIC

States Available

AL, AR, FL, GA, IA, IL, IN, KY, MO, MS, NC, SC, TN, TX

About

Regions’ doctor loan program is available for primary residences, for purchase or refinance:

  • 100% Financing up to $750k (training or attending)
  • 95% financing up to $1MM (training or attending)

States Available

DE, IN, KY, MD, MI, NJ, OH, PA, VA, WV

About

S&T Bank’s doctor loan program is available for primary residences, for purchase or refinance:

  • 95% financing up to $5MM (training or attending)
  • TD Bank Logo
  • $1.5MM
  • $1.5MM
  • N/A
  • 16 states (View states)
  • Learn More

States Available

CT, DC, DE, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT

About

TD Bank’s doctor loan program is available for primary residences, for home purchase only:

  • 100% financing up to $750k (training or attending)
  • 95% financing up to $1.25MM (training or attending)
  • 90% financing up to $1.5MM (training or attending)

States Available

AL, AR, CA, CT, DC, DE, FL, GA, MS, TN, VA

About

Truist’s doctor loan program is available for primary residences, for purchase or refinance.

For training or attending physicians with less than 10 years experience:

  • 100% financing up to $750k
  • 5% down up to $1MM
  • 10% down up to $1.5MM

**if you have been attending for more than 10 years but less than 15, Truist requires a 10% down payment

Elizabeth Shutty

Elizabeth is helping grow LeverageRx and occasionally writes articles. She has written in the past for Investor Junkie and StartupNation.

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