Owning a home is the quintessential American dream. Even the most brilliant doctors in the country are guilty of dreaming about having their own homes. For most, the vision starts to become a reality once they are out of med school or as soon as they finish residency. There is just one slight problem. Most medical professionals have a negative net worth at this point. They have close to $196,000 in student loans, and it seems impossible for them to convince a bank or a financial institution to give them the mortgage for a house.
Why do people love the idea of owning a house?
The moment you have a home, you have a certain freedom that includes painting the walls in your favorite colors, renovating the master bathroom to hold a luxury bathtub, installing art items on the walls or owning as many dogs and cats as you like. There are hundreds of great reasons for owning a house that holds true for everyone, including medical professionals. Most doctors have to undergo rigorous training during the residency years and then their work hours stretch beyond the regular 9-to-5 schedule. As a result, physicians want an abode they can call their own and come back to every day after work.
What are some of the practical reasons a doctor should think about purchasing a home?
There are several pragmatic reasons including financial ones, for owning a house. As the inflation remains steady, the mortgage payment becomes cheaper each passing day. That is possible because the interest rate on the Citizens Bank Physician Loan remains stable and the mortgage payment remains constant throughout the repayment term. The majority of the physician’s home loans have a higher interest rate than most traditional home loans, but they come with many perks conventional mortgage loans don’t have.
Here are some of the pros of going for a home loan for physicians –
You will get the loan without extensive paperwork.
The payment stubs from the last two months at your place of employment will be enough as evidence of earning.
You will not have to pay the PMI on the loans.
You will be getting a fixed interest rate on your loans. The payment rate will not change according to market rates.
Banks and other financial institutions will not consider your outstanding student loans when they calculate your debts to earnings ratio.
Several banks and financial institutions are looking forward to lending to medical professionals and getting a loan within a short window is entirely possible.
Getting your dream home on an easy mortgage loan is the best thing that can happen in your life. As you keep paying a regular monthly installment, you will find funding for your medical malpractice insurance, life insurance and automobile loans easier than ever. Moreover, you won’t have to think about paying rent and renewing rental leases ever again. Having a paid-off piece of property is an asset for anyone. For a physician, it can be a significant investment for his or her later years, in case you begin to think about taking a long vacation or an early retirement.