TCF Financial Corporation is a Detroit-based, premier Midwest Bank that provides a wide variety of services to its clients.
The bank has approximately 475 centers in 21 states, but is primarily located in Midwestern states, including Michigan, Illinois, Minnesota, Ohio, South Dakota, and Wisconsin.
The bank serves clients with consumer and commercial banking needs, as well as clients seeking assistance with trust and asset management, specialist leasing and credit, and various small and commercial businesses. TCF Bank also offers physicians mortgage loans, which is the primary focus of this business review.
Details of TCF Bank's mortgage loan program
TCF Bank offers clients a wide variety of customer credit options including personal loans, mortgage loans and credit accrual. Also covered in the range of loan options is loan program for doctorsIt is specially designed for health professionals – from doctors to chiropractors and veterinarians.
TCF's physician mortgage loan currently offers 0% down financing up to $ 1,000,000, 5% down financing up to $ 1,500,000 and 10% financing for $ 2,000,000 – $ 2,500,000. In addition, options are available at 90% for financing second homes up to $ 1,000,000 and 80% for homes up to $ 1.5,000,000. A refinance payout is also available up to 80% of the value of the loan, and larger loan amounts can be considered.
The program currently offers five-, seven- and ten-year adjustable rate mortgages for 15- and 30-year fixed rate loans, and if you qualify for this loan, you don't have to worry about any kind of down payment or private mortgage insurance before you take out the loan.
Previous student loan debt can be excluded if you have received a deferment 12 months after the original closing date and you can leverage income from a fully performed non-contingent employment contract 90 days prior to closing.
To be eligible, you must have a FICO credit score of 700 if you are pursuing a 100% trade, but lower scores can be considered if you are on a program with 95% or less.
Eligible medical professionals include Doctors of Medicine (MD), Doctors of Osteopathy (DO), Doctors of Dental Surgery (DDS), Doctors of Dental Medical (DMD), Doctors of Chiropractic (DC), Doctors of Veterinary Medicine (DVM), Physicians of Pharmacy (PharmD), and Physicians of Osteopathic Medicine (OD).
Compare the Best Mortgage Loans for Physicians with LeverageRx!
Benefits of Financing Your Home with TCF Bank
No deposit required
Since you don't have to pay a huge lump sum upfront as part of a down payment, you can save the money you would have spent paying off your loans faster. By not making a deposit, you have more financial freedom with your money and the ability to focus it where you need it most instead of pooling resources for months trying to make the deposit.
No PMI is required
Private Mortgage Insurance (PMI) is a type of insurance that conventional borrowers often have to take out so that the lender – in this case TCF Bank – is protected if you stop paying your loan. Usually it will cost you about 20% of the value of your home, which can be a huge sum of money. Fortunately, PMI is not required for TCF's doctor loan and you can save that money to help you repay the loan faster, or to invest it however you want.
Online loan application process
While some banks struggled to meet the requirements during the COVID-19 pandemic, TCF has online application processes for their various loans, including the doctor's loan, so you can easily apply for it wherever you are. The process is fairly straightforward and doesn't take much time, so it's a nice feature to have when taking out one of TCF's loans.
Disadvantages of Financing Your Home with TCF Bank
Limited service areas
TCF can do business in all 50 states, but the bank has very limited service options and is only physically located in a handful of states. Yes, the bank offers online options, but not all products and services are available in all 50 states.
High credit score required
While most loans require a good credit score in order to accept an application, TCF's credit score requirement has increased by 20 points in the last two years. Where the minimum requirement was 680, it has risen to 700 points, making the loan more difficult to obtain if you have errors or a bad credit history.
TCF, while not accredited by the Better Business Bureau, has a long list of complaints filed against them with the Bureau. More than 300 complaints have been filed in the past three years, about half of them in the past twelve months. Currently, the bank has one D rating from the BBB for not responding to complaints and for having several unresolved complaints. Furthermore, the bank has one 1.9 / 5 stars on WalletHub from over a thousand reviews in which customers, both current and former, wrote about their frustrations dealing with customer service and online banking offered by TCF.
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