In This Article Rate Comparison Across Physician Programs Insured vs. Insurable vs. Conventional: Why It Matters for Doctors Insured (5% to 19.99% down) Insurable (20%+ down, meets insurer criteria) Conventional (20%+ down, doesn't meet insurer criteria) Real Scenario: PGY-3 Family Medicine Resident When to Lock In vs. Float on Variable Residents and New Graduates Attending Physicians with Established Income The Hybrid Approach What About Bundled Rate Discounts? FAQ Find Your Best Rate Table of Contents If you're a physician or resident shopping for a mortgage, you've probably noticed that rate comparison isn't straightforward. Different lenders offer different programs, and the rate you qualify for depends on factors that don't apply to most borrowers — your training stage, how they calculate your PLOC, and whether they'll accept projected income. Here's what the rate landscape actually looks like for medical professionals as of February 2026, broken down by lender, program type, and mortgage structure. Rate Comparison Across Physician Programs Lender Program 5-Year Fixed (Insured) 5-Year Fixed (Conventional) Variable (Insured) Variable (Conventional) Scotiabank Healthcare+ / MD Financial 3.79% – 4.09% 3.99% – 4.29% Prime − 0.75% Prime − 0.50% TD Healthcare Professionals 3.74% – 4.14% 3.94% – 4.34% Prime − 0.80% Prime − 0.55% RBC Healthcare Advantage N/A (conventional only) 3.89% – 4.29% N/A Prime − 0.60% National Bank Medici Program 3.79% – 4.19% 3.99% – 4.39% Prime − 0.70% Prime − 0.45% CMLS Medical Professional Program 3.69% – 4.09% N/A (insured only) Prime − 0.85% N/A MERIX Medical Professionals 3.69% – 4.14% 3.89% – 4.34% Prime − 0.80% Prime − 0.55% Prime rate: 4.45% (February 2026) A few things stand out. CMLS and MERIX — both broker-channel lenders — consistently offer the lowest insured rates. That's partly because they compete on rate rather than brand, and partly because insured mortgages carry less risk for the lender (CMHC or Sagen absorbs the default risk). RBC's Healthcare Advantage is conventional only, so it's better suited for attending physicians who have 20% or more to put down. Residents are generally better served by insured programs at Scotiabank, TD, CMLS, or MERIX. Insured vs. Insurable vs. Conventional: Why It Matters for Doctors Understanding these three categories explains one of the more counterintuitive facts about physician mortgages: residents with 5% down often get lower rates than attending physicians with 20% down. Insured (5% to 19.99% down) Mortgage insurance premium paid by borrower (added to mortgage balance) Lender's risk is covered by CMHC, Sagen, or Canada Guaranty Lowest rates because the lender bears almost no default risk Available through CMLS, MERIX, Scotiabank, TD, National Bank Insurable (20%+ down, meets insurer criteria) No premium charged to borrower Lender can portfolio-insure the mortgage (bulk insurance) Rates sit between insured and conventional Purchase price must be under $1,000,000 Conventional (20%+ down, doesn't meet insurer criteria) Lender retains all default risk Highest rates of the three categories Required for homes over $1,000,000 or refinances Available at all lenders The practical impact: A PGY-3 resident buying a $650,000 home with 5% down ($32,500) through CMLS at 3.69% will pay less in interest than an attending physician buying the same home with 20% down ($130,000) at a conventional rate of 3.99%. The resident pays a mortgage insurance premium of roughly $24,700 (added to the mortgage balance), but the lower rate saves them approximately $11,000 over five years — and they kept $97,500 more cash in hand. Real Scenario: PGY-3 Family Medicine Resident Dr. Amara Osei is a PGY-3 family medicine resident in Ottawa. She's in her final year of training and plans to join a family health team starting September 2026. Her signed contract guarantees a minimum income of $280,000. Her financial snapshot: Current resident salary: $72,000 PLOC: $275,000 limit, $145,000 drawn Student loans: Paid off (used PLOC instead) Savings for down payment: $40,000 Target purchase price: $550,000 How she qualifies across three lenders: Factor Standard Bank Scotiabank (MD) CMLS (MPP) Qualifying income $72,000 (current) $280,000 (contract) $216,000 (family med tier) PLOC monthly debt $8,250 (3% of limit) $1,450 (1% of balance) N/A (insured program) Max mortgage amount ~$180,000 ~$520,000 ~$500,000 Can she buy at $550K? No Yes Yes (with 5% down) Rate (5-yr fixed) N/A 3.79% 3.69% The difference between approaching a standard bank and using a physician program is the difference between being told "you can't afford a home" and qualifying for the home you actually want. When to Lock In vs. Float on Variable This is a question that comes up constantly with physician clients, and the answer depends on your career stage. Residents and New Graduates If you're still in training or just starting practice, a fixed rate gives you payment certainty during a period of major transition — new city, new job, new expenses. You already have enough uncertainty in your life. Locking in a 5-year fixed at 3.69% to 3.89% eliminates one variable. Attending Physicians with Established Income Once your income is stable and significantly higher than your mortgage obligations, variable rates become more attractive. Historically, variable rates have outperformed fixed rates over 5-year terms in roughly 80% of periods. With Prime at 4.45% and variable discounts of Prime − 0.60% to Prime − 0.85%, you're looking at effective rates of 3.60% to 3.85%. The key advantage for physicians: if rates rise, your income can absorb the increase. A $200 monthly payment bump is meaningful on a $72,000 resident salary — it's barely noticeable on a $350,000 attending salary. The Hybrid Approach Some physicians split their mortgage — fixed on the primary portion for stability, variable on a smaller portion to capture potential savings. This works well if you're within a year or two of a significant income jump. What About Bundled Rate Discounts? Several banks offer rate discounts when you consolidate your banking relationship with them. Scotiabank (MD Financial): Discounts of 0.10% to 0.25% when you hold your practice banking, investment accounts, and mortgage together. They also offer preferential HELOC rates — Prime flat (4.45%) instead of the standard Prime + 0.50% (4.95%). RBC Healthcare Advantage: Bundled pricing for physicians who move their day-to-day banking, credit cards, and investments. Mortgage rate discounts of 0.05% to 0.15% are typical. TD Healthcare Professionals: Similar bundled approach, with slight rate improvements and fee waivers on chequing accounts and credit products. These discounts sound small, but on a $600,000 mortgage over five years, even a 0.15% rate reduction saves roughly $4,200 in interest. Find Your Best Rate Comparing rates across six or seven physician programs is time-consuming. A mortgage broker who specialises in healthcare professionals can run the numbers across all of them in a single appointment and tell you exactly where you'll get the best combination of rate, qualification, and PLOC treatment. Back to the complete medical professionals mortgage guide Ready to Get Started? Contact us today for personalized mortgage advice and competitive rates. Get Pre-Approved Call (416) 822-7357 Frequently Asked Questions What About Bundled Rate Discounts? Several banks offer rate discounts when you consolidate your banking relationship with them. Scotiabank (MD Financial): Discounts of 0.10% to 0.25% when you hold your practice banking, investment accounts, and mortgage together. They also offer preferential HELOC rates — Prime flat (4.45%) instead of the standard Prime + 0.50% (4.95%). RBC Healthcare Advantage: Bundled pricing for physicians who move their day-to-day banking, credit cards, and investments. Mortgage rate discounts of 0. Do physician programs guarantee better rates? Not always. Physician programs are primarily about qualification flexibility — projected income, favourable PLOC treatment — rather than automatic rate discounts. That said, the best insured rates from CMLS and MERIX are competitive with anything available to the general public. Can I negotiate my mortgage rate as a physician? Absolutely. Banks value physician clients for the long-term relationship potential. If you're bringing practice banking, investments, and personal accounts, you have leverage to negotiate rate discounts beyond the posted physician program rates. Should I use a broker or go directly to the bank? A broker gives you access to CMLS, MERIX, and other broker-channel lenders that you can't approach directly. They also know which lender's physician program best fits your specific situation. For most medical professionals, a broker is the better choice. Are rates different for dentists and veterinarians? Rates are the same — there's no profession-based rate adjustment. The difference is in qualification: CMLS uses lower projected income figures for dentists ($118,000) and veterinarians ($86,000), which affects how much you can borrow but not the rate you pay.
