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!