Physician Mortgage Refinance
Is your home mortgage situation causing you headaches? Or are things a bit tighter than you were planning on? Life can throw all kinds of different things at you and preparing for it all ahead of time is near impossible. If your home mortgage situation is keeping you up and making you lose sleep at night, then it might be time to investigate a physician mortgage refinance program.
Attending medical school and putting in all the necessary work to become a physician is no easy task. Often, it can feel like all your hard work has put you behind when it comes to buying or paying for a home. But that is where the physician mortgage refinance program comes in.
Most medical students graduate up to their ears in debt. That’s a cold hard fact of life. The good news is they usually have a very high earning potential. However, since that earning potential has not manifested yet, many banks focus on the high debt load and fail to see the other elements at play. Physician–specific mortgage refinancing programs were created to solve this problem.
Physician mortgage refinancing is like other physician mortgage products in that they are designed specifically for individuals in the medical field, which means that they consider your unique situation so that it can make a huge difference to you as a homeowner.
Having a refinancing plan that considers everything (instead of only your high amounts of student debt) can yield big benefits down the road. Since paying for a home is such a long process, making sure you have the best rate soon can mean thousands, if not tens of thousands of dollars of savings in the long run.
One of the biggest benefits of physician–specific mortgage refinancing is the fact that the process will not hold your student debt against you. When you are leveraging for the best possible rate on a mortgage, every little bit helps and having your student loan debt not count against you will help a lot.
If you felt like you missed out because you have a traditional mortgage instead of a physician–specific mortgage product, don’t worry! You haven’t missed out at all! If you already have a traditional mortgage on a home, you can refinance into more favorable terms that will be better for you, your family, and your wallet.
There are FOUR unique ways that make physician home loans the most practical choice.
- Low or Zero Down Payment 5-10% is typical
- No Private Mortgage Insurance(PMI) saving you up to 1% annually. That is a $10,000 per year savings on a 1 million dollar home.
- Student loan debt not counted against you. This allows you to qualify for a nicer home.
- Higher loan limits up to 5 million are available typically at the same rate