Physician home loans are tempting for almost all doctors since doctors can effortlessly meet the qualifying criteria. Moreover, they promise larger than life loan amounts at flat interest rates and no PMI. Down payments are optional for most of them. A fresh graduate has the entire life in front of them to make millions, so going for a mortgage loan with 0-down payment does not seem like a bad idea to most of them.
Is getting a home loan for physicians always a good idea?
Owning a beautiful family home is the quintessential American dream and physicians are indeed in a financially better place to realize this dream. However, that consists of medical professionals, who have been practicing for a while. New residents and fresh graduates may be able to qualify for these massive home loans, but it is also easy for them to step onto the debt treadmill that will run up until the time of their retirement. Don't get us wrong! Physician mortgage loans are helpful, and they are a brilliant way to finance your new home, as you should be able to find here at https://www.physicianbanks.com/.
However, there are a few situations that should prompt the consideration of other options as well.
Just in case you are unsure about your take on physician home mortgage loans, you can start by saving up. Keep saving cash until you have about 20% of the market value of the home. That will alleviate the risks that come with 100% financing. Complete financing does not mean not paying anything out of the pocket during the purchase. Even when getting 100% financing on your home, always remember that you have to spend at least 3% of the price as closing costs.
Member since: 30th January 2018
Mandy Bular is a freelance content writer. She has written many good and informative articles on different categories such as technology, health, fashion, education, career, travel etc. She is a featured...