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.