There’s nothing more exciting than matching into a residency program, especially after four years of enduring medical school. Plus, with that new work contract often comes new colleagues, a paycheck for the first time in a long time, and perhaps a new city to live in. This is also the time that many young doctors think about buying their first house too.
With the increasing availability of physician mortgages, it’s easier than ever for medical school graduates to become homeowners. After all, many physician mortgages allow young doctors to buy a house without saving a significant down payment or paying private mortgage insurance. You do need to have a signed work contract in hand as well as a good credit score to secure the best rate, but in many ways, a physician mortgage is relatively simple to obtain for most young doctors.
On the other hand, because of the intense nature of residency and the typical student loan burden doctors face, many graduates wonder if buying a home is a wise financial decision. If this is you and you’re curious whether to rent or to buy in residency, consider the points mentioned here in the full article on the Physician Wealth Services blog.