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Signs You Should Refinance Your Home With a Physician Home Loan

doctor

 

Perhaps you bought your home ages ago before you realized there are special physician mortgages that offer you a better deal. Maybe you joined the medical community later in life after you already took out a mortgage on your home. Maybe you’re buying your second home thanks to the job security offered by your career in the medical industry. If you want to spend less, watch for signs that you should apply for a physician home loan instead of going through the traditional banker route.

You Need a Lower Interest Rate

The primary advantage of physician mortgage loans is their often-lower interest rates. The less interest you pay, the more money you’ll have available to pay back medical school debt or send your own kids to college. If you continue to make payments at the same rate as you currently do, you’ll pay off the mortgage sooner if the rate is lower, too.

You Want to Pay Less

Lower monthly payments are possible with home loans tailored for physicians. However, in a sense, it’s also possible to “create” cash when buying a second home because you could qualify for a lower down payment or even a zero dollar down payment, meaning you’re free to spend more of your money on other things instead of investing it all into the house upfront.

Your Mortgage Is Decades Old

Unless you locked in a stellar mortgage rate, chances are, you missed out on a number of better loan opportunities in the years since if your current mortgage is decades old. If you’d rather invest your cash or, due to a medical school loan, you don’t have the extra cash to spare to pay off the mortgage, refinance with a physician loan instead.

Contact Physician Mortgage Specialists at (800) 667-9516 to learn how you can get your physician home loan fast. With lower interest and low down payments — sometimes even zero dollars down — it makes sense to take advantage of the special considerations offered to you as a medical professional. Call us or fill out our online form today.

3 “Bedside Manner” Characteristics of a Good Home Loan Offer

doctor

 

As a practicing medical professional, you’re more than familiar with “bedside manner” and how much better it is for your patients when you’re sympathetic, patient and understanding. As a person who does so much to help other people, you should be able to expect that from the businesses you patronize.

When looking to secure a home loan, consider a loan program tailored to medical professionals that exhibit some of those “bedside manner” characteristics that work so well in your office.

Flexibility

The biggest advantage of physician home loans over traditional loans is that these loans often offer lower interest rates, lower monthly payments, and lower down payments — sometimes even zero-dollar down payments. Just as your medical office works with patients to offer payment plans and financial aid as needed to get them the treatment required to make them feel better, the best loan offers are flexible to meet your needs.

Fast Service

The longer a patient goes without treatment, the worse her medical issue becomes. The longer you have to wait to get the mortgage you need, the more problems you’re likely to face, like missing out on the house of your dreams and extending a rental agreement you didn’t want to extend. Fast approval and service is key when looking for a mortgage.

Open Communication

Your office is always available to answer your patients’ questions. Your loan program should also be clear about everything you can expect and eager to answer any questions you have. With Physician Mortgage Specialists, you get another team of professionals to assist you and make sure you’re confident in the loan you choose.

Contact Physician Mortgage Specialists at (800) 667-9516 to get the ball rolling on your physician loan mortgage application. We provide access to some of the most competitive mortgages in the country, specifically those that offer something extra to medical professionals. Get your free consultation today.

How Physician Mortgage Loans Work

house key

Physician mortgage loans are a specific loan that many young doctors and physicians are not aware they are eligible for. To learn more about how these loans work and if you qualify, please read on!

Who Can Get a Physician Loan Mortgage?

Anyone who is a medical resident or a licensed medical doctor is eligible for a physician loan mortgage. Some of the types of doctors or physicians that qualify are as follows:

  • Dentists
  • Ophthalmologists
  • Osteopathic Physicians

The reason a lot of banks are willing to give a physician loan mortgage to doctors or physicians are because of their future or current earning power. As long as your credit score is decent, you will most likely qualify for a physician mortgage loan.

What You Will Need to Apply For a Physician Loan Mortgage

The documents you need when applying for a physician loan mortgage will depend on the bank but some of the typical documents are:

  • Social Security Number
  • Government-issued photo ID
  • W2’s from your employer
  • Documentation of Personal Tax Returns
  • Proof of Employment
  • Documents of Past Payments (utility bills, phone bills, car insurance, etc.)

 

For more information on obtaining the best physician loan mortgage for you and your family, please trust in the experts at Physician Mortgage Specialists. To learn more about how our high quality services can help you, please give us a call today at (800) 619-2174.

In What Circumstances Could a Medical Student Qualify for a Physician Home Loan?

doctors

Physicians who want to own a home can benefit from the mortgages offered exclusively to medical professionals. With low interest rates and low down payments — sometimes even zero dollar down payments — these loans are a boon for anyone struggling with medical school loans on top of all of her other bills shortly after becoming a doctor. As a medical student, you might want to get a head start on your new life and buy a house or condo; however, there are only a few circumstances in which you’d yet to qualify.

As an M4 Student With Residency Contract

M4 students in their fourth year of medical school can qualify for physician home loans if they have a signed residency contract in hand — these are typically available three to four weeks after Match Day (most often mid-March). You will also need to have saved enough to cover the payments necessary before you begin drawing your residency salary, as you may be required to show proof of funds.

As a Resident

M4 and M5 resident students qualify for most physician mortgages. However, consider the fact that a sizable number of residency students go on to accept permanent assignments at other facilities, sometimes even in other states. Buying instead of renting during this time means you’ll have to sell and buy again once you move; still, if the housing market is good, you won’t have a difficult time selling the property and you’ll get all or even more than your investment back.

Fellows

Medical fellows also qualify for physician loans in most cases. Because you’re drawing a steady salary, you’ll be able to demonstrate a long-term ability to meet your payments. Plus, many fellows go on to practice where they complete their fellowship, so you’ll be in a good position to buy.

If unsure whether or not you qualify for a physician mortgage, please contact Physician Mortgage Specialists at (800) 667-9516. If you don’t yet qualify, you’re likely to qualify soon, once you start practicing, and we’re here to help you pinpoint the perfect time to apply. If you can’t wait to buy a house, it’s possible to refinance at a later time once you’ve begun practicing as well.

Should You Pay Off Med School Debt Before Buying a Home?

doctors

Whenever you get a paycheck, it seems like most of that check goes straight to bills — including that large, seemingly insurmountable bill that people outside of the medical profession don’t often have: the large medical school loan.

If you only pay the minimum amount each month, it’ll take you years, maybe even decades, to pay it back. When you have extra money, then, it’s tempting to pay off more toward your debt, but then you might feel like you’ll never accomplish your dream of home ownership. Fortunately, you can learn how to do both.

Get a Low (or Zero) Down Payment

If you use Physician Mortgage Specialists to locate home loans for doctors for you, you can count on getting the lowest possible down payment — in some cases, even zero dollars down is possible. Not having to save up for this large down payment (usually about 20 percent of the cost of a home through typical mortgage channels) means you can put the money you otherwise would have used for a down payment toward your school loans instead.

Get a Low Rate

Locking in a low mortgage rate with our help also frees more of your paycheck to put toward paying down debt. With a low-rate mortgage and low monthly mortgage payments, you can afford to have both an unpaid school loan and a mortgage at the same time — a must for starting a family or breaking away from the often more expensive life of a renter.

Stack Your Debts

Add up all of your bills and minimum loan payments (school, mortgage, and anything else left unpaid, such as credit cards and car loans) and deduct it from your monthly income. Decide how much more you can afford to pay each month while still earmarking some money for savings.

Put all of that excess toward your credit cards, car loan, or school loan. Once that loan is paid off, transfer the entire amount you paid monthly on that loan to the next. Eventually, you’ll be debt-free.

In the medical profession, you have enough on your schedule every day. Let us do the hard work of finding the best possible mortgage for you. Learn more about doctor mortgage loans by giving us a call today at (800) 619-2174.

How to Afford a House Sooner After You Graduate from Medical School

woman with calculator

While it may be one of your dreams to own your own home or condo, if you’ve spent years in medical school and have gone into tens of thousands or even hundreds of thousands of debt to make your dream of becoming a medical professional come true, you might think you can’t afford home ownership anytime soon.

On the contrary, home ownership will likely prove the most affordable housing option for a newly practicing medical professional if you know where to start.

Find the Right Mortgage

There are perks to seeking out doctor mortgage loans as opposed to traditional mortgages, including lower rates, lower down payments — and sometimes no down payment entirely, which means you won’t have to save up 20 percent of the total cost of the house or condo as you would with most mortgages. Set up a free consultation with Physician Mortgage Specialists and let us find the best mortgage for you.

Build Equity in a Smaller House

Your dream home may have four bedrooms and a picket white fence, but if you’re single, childless, or have only one child at this stage, smaller is better than bigger when you already have so much medical school debt.

Secure an affordable monthly payment and a low interest rate and choose a condo or small ranch house that costs less. Live there for at least a few years and when your family expands and/or you’ve paid down more of your debt, sell it, earn the equity, and invest in a larger home.

Stack Your Debts

Your first few years as a practicing medical professional will prove hectic. However, don’t let your debt and savings strategy go neglected during this time. Save some of your paycheck, but cut back on entertainment spending for at least a few months if not years to devote more of your check toward paying down your debt.

A Physician Mortgage Specialists representative is eagerly standing by to help you find a mortgage you can afford — with a low down payment or even zero dollars down. The right mortgage is key to home ownership sooner rather than later, and with the right rates and monthly payments, you’re likely to find owning more affordable than renting each month — which means more money for your school loans and other bills.

To learn more about securing the best physician loan mortgage, please give us a call today at (800) 619-2174!

Tips on How to Be Smart With Your Money

calculatorOne of the biggest mistakes younger people make is not saving enough money for the future. It is important to start young in order to build up a sizable amount that you can use post-retirement or for emergencies.

Be Frugal

A lot of young doctors make the mistake of living beyond their means because they are fresh out of medical school and earning substantial checks. However, it is better to set limits for yourself and be cautious of what you spend money on.

Build a Backup Plan

Life is unexpected and as a result, you should start setting aside money for emergencies. A great way to find out what amount you should save is to consider how much you spend a month. In this amount, you should include your rent or house payments, recurring bills (phone, cable, car payments, etc.), utilities, and an estimated amount for spending money. Once you figure out the amount, let’s say $1,000, you will want to increase that amount to accommodate up to three months of living expenses. By doing this, you can prevent having to use credit cards or taking out loans to cover possible job loss, medical emergencies, etc.

Pay Debt First

It should always be your priority to pay off your debt because if you let payments fall, you can risk owing even more money. Once you pay off at least the minimum amount for your debt, you should take the money that is left over and put it towards your safety net account.

 

If you are a doctor or physician and are interested in purchasing a home, look no further than the experts at Physician Mortgage Specialist!

Sign up today by filling out the form on our Homepage and you can expect a call from one of our experts within 30 minutes.

For any questions on services for physician mortgage loans, please give us a call today at (800) 619-2174 or email us at info@physicianmortgagespecialists.com.

Paying Off Debt Versus Investing Money

wallet

As a doctor or physician, your medical school debt is mostly likely a substantial amount. However, despite your higher income, it is very expensive to live your life. As a result, you want to both pay off your debt but also save money for the future. Read on to learn some facts about investing versus paying off your debt!

Paying Off Your Debt

Unfortunately, the debt you accumulated during medical school will increase in amount because of interest. Therefore, if you currently have loans with a high interest rate, you will definitely want to pay it off as much as possible. The reason is because no matter what you invest, you typically end up losing more money than gaining since the debt will increase faster than your investments. One way to pay off the debt faster is to consolidate them, if you can. This way, you will be paying one amount each month and it’ll be easier to organize and schedule payments. You should also pay the minimum amounts due for your debt on time because it will help you avoid extra interest, penalties, or ruining your credit score.

Investing

If you are looking to invest, one of your best options is to see what your current employer offers for a retirement plans. Most companies offer a 401(k) plan and they match a certain percentage of what you contribute to it.

Although your 401(k) is reserved for your retirement, it is always a great idea to save extra money with your own investments. The reason is because once you’re ready to retire, you might discover the amount from your 401(k) is not enough to sustain your post-retirement lifestyle. To figure out how much to save, you should think about what you want to do when you’re retired, what the benefits from your Social Security will be, the amount from taxes, and estimated investment returns. To figure out which accounts to invest in, you will want to determine your future tax bracket and the fees on your investment account.

 

For more tips on saving and investing, please refer to our blog often!

 

If you are a doctor or physician and are interested in purchasing a home, look no further than the experts at Physician Mortgage Specialist! Our professionals will help find the best physician home loans for you.

Sign up today by filling out the form on our Homepage and you can expect a call from one of our experts within 30 minutes.

For any questions on services for physician mortgage loans, please give us a call today at (800) 619-2174 or email us at info@physicianmortgagespecialists.com.

Mistakes to Avoid When You Borrow Money

moneyIt can sometimes be difficult for young doctors to procure a loan but the bigger issue is when they qualify but rush into picking a loan. Read on to learn some of the mistakes doctors make and how to avoid them!

Research Bankers and Loan Lenders

A big issue doctors run into when taking out a loan is not taking enough time to research and properly choose a bank or lender. The process of picking out a loan can get overwhelming because you feel pressured to get the money you need right away. However, choosing a loan is an important process and one you need to be cautious with because it will save you money and worry in the long run. With the help from the experts at Physician Mortgage Specialists, we can ensure you get the best physician loan mortgage for your needs.

Borrowing for the Wrong Reasons

If you are trying to take out a loan to cover the operating costs of your practice, this is usually a bad sign. For example, if you are short on rent money or payroll, you should reconsider some budget costs instead of borrowing more money. In many cases, if you have an established practice, it will be difficult convincing a bank or lender to give you money.

Not Budgeting Properly

It can be tempting to buy the latest technology and other fancy gadgets but if you don’t really need it, you should reconsider swiping your credit card. When you are selecting equipment and technology for your practice, you want to think about whether or not the new technology will pay for itself before it needs replacing or repairing.

Not Paying Attention to Paperwork

This is a common mistake for doctors who are signing for a loan with a partner. Always read the clause when signing for a loan because if you want to leave the practice you are at, you might still be liable to pay the loan back. If you are liable, this will be especially troublesome if your old practice defaults on the loan.

 

For more help on learning about loans, especially home loans for doctors, please trust in the experts at Physician Mortgage Specialists!

Fill out the form on our homepage to hear from one of our physician mortgage loans specialists within 30 minutes.

For any questions, give us a call today at (800) 619-2174 or email us at   info@physicianmortgagespecialists.com.

How to Manage Your Medical School Debt

 

credit cardThe debt from medical school can be overwhelming for young doctors but if you are smart about managing it, you can still be financially successful.

Pay Private Loans First

If you took out private loans for medical school, it is important you pay these off as quickly as possible. Federal student loans will qualify for forbearance when you are doing your residency, while most private loans will not.

Consolidate Your Loans

If you took out multiple loans, you will want to consolidate them to save money and stress. The reason is because you can pay a huge chunk of money to all your loans versus putting in lower amounts to multiple loans. It will also help you with paying on time because you only have to do it once.

Borrow Cautiously

If you are looking to borrow money, only get the amount of money you need to live. Once it’s time to pay it back, the interest will be calculated with the original amount and you’ll be happier you didn’t take out more.

Buying Versus Renting

If you are looking for housing, you will definitely want to buy instead of rent. Even though it might seem more expensive, you will profit from buying a house in the long run. With renting, you pay a high amount but in the end, you don’t have anything to show for it. Instead, buying real estate is an investment that you’ll never regret. With the help from the experts at Physicians Mortgage Specialists, we can help you find the best doctor and physician home loans for your needs!

 

Get the dream home you’ve always wanted by filling out the information form on our Homepage. You can expect a call from one of our professional staff in less than 30 minutes!

 

If you have any questions, please give us a call today at (800) 619-2174 or email us at info@physicianmortgagespecialists.com.