Doctor and Physician Mortgage Loans – Are They Worth It?
Case Study – How a University of Iowa Medical Resident Saved $263,000 on Student Loans WHILE Saving for Retirement
Young doctors and physicians looking to buy a house are often faced with a few problems qualifying for conventional mortgages. They have little savings for a down payment, typically have a large amount of student loan debt, and depending on where they are in their careers, have low income (but the prospect of much higher income later).
There is a product that exists exclusively for residents and physicians in just this position, called the ‘Doctor Mortgage’, or ‘Physician Mortgage’.
So, should you jump on that doctor mortgage offer? Here’s a look…
Student Loans While in Residency: Forbearance vs. Income Based Repayment
The Average Medical Resident Needs Financial Planning. With an average student loan debt of $191,000 and salary of $57,200, it can be tough to make ends meet. Here is an example of a medical resident that saved more than $280,000 by working with a financial planner.
Is it wise for medical residents to apply for student loan forbearance while in residency? Here’s how to calculate the cost of forbearing your student loans, and some additional options you should try before applying for forbearance.