NBT Bank is an independent community bank headquartered in Norwich, New York with roots that reach back to 1856 business leaders who saw a community need and filled it.
The bank has a history of working well with other businesses and individuals to grow and develop relationships and finances to better both parties. Indeed, NBT was recognized for its strong community culture and development when it was named one of Central New York’s Best Places to Work. NBT Bank has also been honored multiple times as one of Forbes World’s Best Banks out of a total list of only seventy-five names.
NBT Bank has locations set up in and around the New England area. Among the six states the company serves are included Maine, Massachusetts, New Hampshire, New York, Pennsylvania, and Vermont.
NBT Bank works closely with many people to purchase and refinance their homes. Included among them are medical professionals who have more specialized needs when it comes to financing homes because of their unique financial situations. Therefore, NBT offers a physician mortgage option to help doctors, dentists, and other medical professionals purchase and refinance their home loans at rates that are tailored to them.
Residents, fellows, and practicing physicians all qualify for the same financing rate of 90% for up to $850,000, provided they are either U.S. citizens or are non-permanent residents with H-1 B Visas.
The loan can be used to purchase a wide variety of home options as well from single-family homes to condominiums and even townhomes. Additionally, if you are not in the market for a new home, but, instead, want to refinance your existing space, you are able to do so with this loan.
Student debts are excluded from all loan calculations, provided they have been deferred for at least twelve months. Further, gift and seller concessions are permitted, so you’ll be able to save more money if you receive those options.
Eligible practitioners include Doctors of Chiropractic (DC), DOctors of Dental Surgery (DSD), Doctors of Dental Medical (DMD), Medical Doctors (MD), Doctors of Osteopathic Medicine (DO), and Doctors of Podiatric Medicine (DPM).
Options for non-permanent U.S. professionals
Unlike the majority of other physician mortgage loan programs, NBT’s program does not make U.S. citizenship a prerequisite for being able to take out a physician loan. Instead, the company will permit qualifying applicants with H-1 B Visas to take out one of their loans. These visas are available to anyone who is seeking to be employed in the U.S. and has the equivalent of a four-year degree from an accredited college or university.
Wide range of home options
While many physician loan programs only permit single-family home purchases with their loans, NBT has widened their allotments to include condominiums and townhouses so that families have a wider range of options to choose from when looking to purchase their long-term residences.
Limited Service Area
NBT Bank has a very limited service area that caters in-person only to specific New England states. This greatly limits their widespread effectiveness, because even with online options, they will not be able to serve borrowers outside of their brick-and-mortar service areas as well as other banks and lenders who have a physical presence across a wider range of states, regions, and districts.
Poor Customer Satisfaction
According to WalletHub, NBT Bank has an average customer rating of two stars and has had more than sixty complaints filed against them with the Better Business Bureau (BBB) over the past three years, despite not even being accredited with the BBB. Most of these complaints are in relation to product or service issues or issues with payment collections, two things that may impact physician mortgage loan dealings.
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Jack is the Head of Content Marketing at LeverageRx, the personal finance company that simplifies how healthcare professionals shop for financial products and services. A Creighton University graduate and former advertising creative, he has written extensively about topics in personal finance, work-life, employee benefits, and technology. His work has been featured in MSN, Benzinga, TMCNet, StartupNation, Council for Disability Awareness, and more.