A doctor loan or doctor mortgage is a special kind of mortgage offered only to those who can prove they are an active doctor or actively studying for a career in medicine. It is most commonly sought out by recent medical school graduates who will soon start bringing in a considerable income, but do not yet have a nest egg ready to buy a house. Here is some additional information about doctor loans and why it might be right for you.
Doctor Mortgages Typically Have Very Low Interest Rates
While there's no guarantee, it is actually fairly common for some doctor mortgages to start out at very low interest, possibly even at 0 percent. This is because the lender typically views doctors as a group that is very financially responsible. You'll be able to use your background and pedigree to secure much better mortgage terms through a doctor loan than you would be through a traditional mortgage. If you still think you're not ready for a house just yet, take a look at what interest rate you might quality for and your opinion could soon change.
Don't Wait 10 Years for Your First House
It is also possible to get a doctor loan while you are still in medical school or a residency or other form of advanced training. Doctors have to go to school for a very long time to do what they do, and if you are learning something complex like how to become a surgeon, you'll be in school well into your late 20s or even early 30s. Doctor mortgages exist because lending companies realize that there are plenty of doctors out there who don't want to wait until they are 100 percent done with their education to buy a home. With the right loan from the right lender, you can move into a house with very low interest now and not have to worry about it too much until your income goes up.
Start a Family Now Instead of Later
If you and your partner want to start a life together by either getting married or having a baby, you might be hesitant to move forward if one or both of you are still in medical school. A doctor mortgage can provide great stability at a time when you really need it. You'll know without any doubt that your home is provided for, and you can move forward with your personal and familial lives without waiting for your professional life to catch up.
Contact a provider of doctor mortgages today for more information.