As a physician, you deal with a packed schedule with complications every day, leaving little time to research home financing options. Fortunately, specialized mortgage programs for professionals, such as medical doctors, can be real time-savers. Keep the following options in mind when evaluating the best approach for you.
With a specialized mortgage product for physicians, you receive up to 100 percent financing without the requirement of private mortgage insurance. Typically, if you put less than 20 percent down, you have to pay private mortgage insurance (PMI), an extra fee charged by the bank as a form of financial protection.
This is an important step to getting the right mortgage loan. Every borrower is different, and a mortgage loan officer will know questions to ask in order to best match you with the right loan and monthly payment.
Before you begin home shopping, prequalification for a mortgage allows you to focus on homes for sale in your price range. Sellers and realtors like dealing with someone who has been prequalified as opposed to someone who has not. A mortgage lender will run the numbers for you and give you the terms of a potential loan.
Shop around for the perfect fit. You want a real estate agent who truly understands your needs and who is willing to put in the time to satisfy you. Some real estate agents specialize in first-time buyers and the good ones can be invaluable in guiding you through the whole process.
