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By Mortgage Street
15 January 2022
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Home Loans for Professional University Graduates
If you are a professional and have graduated from university, you may be eligible for specific home loan perks, especially if banks or lenders aren’t getting a lot of business. Banks and other lenders want to approve loans for individuals who are working in low-risk professions. These professions generally have low turnover rates, have a steady income, and can keep up with the loan repayments. As such, they may waive Lender’s Mortgage Insurance premiums or offer discounts on interest rates to these select professionals.
Are you eligible?
Professions eligible for certain loan perks are:
- Doctors, vets and other medical professionals
- Accountants and other finance professionals
- Lawyers and other legal professionals
- Professional athletes
- Celebrities and other entertainment professionals
- Surveyors, geologists and other mining engineers
- Other high-income professions, such as:
- CEOs and other executives
- Architects
- Advertisers
- Business owners
- Other individuals making over $200,000
- Low-risk occupations, such as:
- Nurses
- Teachers
- Scientists
- Federal and state government employees
- Borrowers with high net worth, such as:
- Investors, both foreign and property
- Business owners
- Family groups
Discounts available
Most lenders offer the above professions an interest rate discount of 1% below that of the standard rate. However, the right broker may be able to negotiate better interest rates. Lenders will determine your eligibility for other rate discounts by assessing your profession, your loan amount and how many people are requesting loans.
Lenders often don’t publish their rate specials. They also may change them regularly. If you are in a profession that could qualify for a rate discount, you need to work with a mortgage broker. Mortgage Street and our team of brokers operate outside of the traditional lending system. We know which lenders will negotiate their interest rate discounts. We can also provide our own loans, guaranteeing that you will secure a loan with the lowest possible rate.