Simmons Bank was founded in 1903 in Pine Bluff, Arkansas, and has since grown to a $22,300,000,000 company that prides itself on being a community bank with premier bank strength.
The bank was very slow to grow after it was founded, especially in light of the Great Depression, but they were the first bank to offer credit cards and an ATM in Arkansas in the late 1960s and early 1970s. Additionally, Simmons Bank was responsible for the first overseas ATM transaction through an ATM based in Sydney, Australia.
Today, the bank spans seven states with more than two hundred locations across Oklahoma, Texas, Missouri, Arkansas, Tennessee, Illinois, and Kansas.
Simmons Bank physician mortgage loan program details
Simmons Bank offers a range of banking and loan options to its many customers. Among these options is their physician mortgage loan, the Professional Provider Mortgage, which is a home loan option tailored to the unique financial needs of medical professionals.
This loan is available for any practicing physician who meets the loan requirements. For loans of up to $417,000, physicians don’t have any down payment requirements, but for any loan from $417,001 to $3,000,000, there are down payment options available with fixed and adjustable-rate interest options for both loans. Loan options are also available for fellows and residents at the same rates.
Doctors eligible for this loan include Doctors of Dental Medicine (DMD), Doctors of Dental Surgery (DSD), and Medical Doctors (MD).
Pros of financing your home with Simmons Bank
Online banking options
Simmons Bank offers industry-leading mobile features for borrowers on-the-go who want to check their balances and accounts or make payments. This provides customers with a lot of conveniences when it comes to their banking needs, especially when considering the banks’ limited number of brick-and-mortar establishments.
High customer satisfaction ratings
Simmons Bank is relatively popular among its customers and has received a 3.8/5-star rating from more than 1,000 reviews on WalletHub because of its low-interest rates, low APR, and easy payment options for a number of banking-related services. Additionally, customers repeatedly report positive customer service experiences, showing that the bank has quality employees who are willing to go above and beyond to help out their clients.
Cons of financing your home with Simmons Bank
Limited service area
Because Simmons Bank is so localized to one area of the United States, it can also greatly limit how many people will be able to use the service. Nowadays, a good portion of business is still conducted online, but many people still feel more comfortable discussing huge, life-changing financial decisions with in-person advisors and bankers who they can, at least moderately, get to know on a more personal level. This wouldn’t be a problem for anyone located within Simmons’ service area, but the majority of the population is outside of that area, making the bank a far less viable option.
Limited degree eligibility
Simmons Bank offers loan options to medical doctors and dentists alike but does not provide other doctors with the same opportunity. Unlike the majority of physician loan programs, Simmons’ is limited to only three different degree types, greatly limiting how many people will be able to qualify for the loan in the first place.
Low Better Business Bureau ratings
Simmons Bank is not accredited by the Better Busines Bureau (BBB), despite having been in business for more than one hundred years. However, this has not stopped customers from filing complaints and negative, one-star reviews with the BBB.
You might also like:
- The Ultimate Guide to Physician Mortgage Loans in 2021
- 2021 Current Average Mortgage Rates [Updated Weekly]