What are the different types of Mortgages available to Physicians?

As a physician, a medical professional, you have a greater choice of mortgage plan than those outside of your profession. For instance, you can choose to take out a physician loan. These are mortgages which are only available to doctors or qualifying doctors. The loans are offered by companies such as LeverageRX. By making contact with a specialist in this type of mortgage loan, you will have the opportunity to discuss how the benefits of such mortgages can improve your finances in both the long and the short term as a hardworking physician. Additionally, you might be considering continuing your education within your profession and want to be reassured that your financial situation won’t change. Whether that is going back into more full-time education or checking out CE resources for physicians that are online, you will want to know your mortgage is safe!

Fixed Rate Mortgages

With a fixed rate mortgage, the interest rate that is charged is the same for a given number of years. The houseowner can choose how long they wish the interest to stay the same, from 2 years to a 10-year term. This allows you to plan your finances better in knowing just how much you will need to allow for each month to cover the mortgage. This is the case whatever happens to the interest rates. It provides security and piece of mind. However, it is only a good idea if the interest remains the same or higher during the time that you have agreed.

Variable Rate Mortgages

Homeowners electing to have a variable rate mortgage will find that their interest rates are constantly changing. This has advantages for homebuyers who have fluctuating incomes resulting from commissions and bonuses which are periodic. At the times when they are earning more, they can experience the benefits of periods of lower monthly payments. With these kinds of arrangements, it is also possible to make lump sum payments during the times in the year that it is more affordable. As a physician, with a fixed salary, this option would seem to lack the kinds of benefits others are gaining from such an arrangement. With this in mind, we turn to the third option of mortgage loan available to you.

Physician Mortgage Loans

The advantage of physician mortgage loans is that they allow newly qualified physicians to purchase their home sooner than would otherwise be possible for them. This is due to these types of mortgages only requiring a small down payment. Money is saved because of physician mortgage loans not requiring private mortgage insurance. In addition, if you have a student loan, this will be given special and favourable consideration when your mortgage is worked out.

Why We Should Care About Physician Debt is an article that emphasises the need for new qualified physicians to keep a check on their finances. To consider the mortgage arrangement that is right for them. To have a special mortgage tailored to the profession can only be seen as a step forward in the direction of looking after the finances of our physicians who, after all, take care of all of us in times of health problems.

So, as per physician advice – home loans, as you make decisions for your patients, you might want to consider whether it is a good idea to buy a house at all. Normally speaking, you may think it unaffordable, so early on in your career. This will be due to needing a substantial down payment to secure the mortgage.

However, from reading this article, the solution on how to bypass this requirement has now presented itself – you can consider a physician mortgage loan. The fact that your down payment is no longer an issue, will mean that instead of losing money on renting a property, you can invest in a house that will become your financial security for the future. This will come with a greater choice of the type of property that can be found to suit you and your family. Instead of a limited selection available for rent, you will have the whole spectrum of properties on the market that is near to your medical environment to choose from.