5 Biggest Benefits of Mortgages for Physicians

couple reviewing mortgage application with banker
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As a physician, you’re probably well aware of the fact that getting a loan right out of medical school is very difficult. The reason for this is because your income history will be spotty, and your debt-to-income ratio will be just weird enough that it’ll likely disqualify you from most typical mortgage loan types. Mortgages for physicians can be hard to find.

With that being said, many financial institutions have created mortgage loans for physicians to help doctors get mortgage loans right out of medical school, based on different specific criteria. 

Some doctors are leery of mortgages for physicians, wondering if they’re actually a bad financial decision. But the truth of the matter is that they’re very similar to traditional loans—with just a few minor differences. 

In this blog post, we’re going to discuss some of those differences—and also share 5 reasons why it may be beneficial in the long run to go ahead and get a physician mortgage loan so that you can get started on your home-buying journey sooner rather than later

Let’s dive into it.

1. You Get To Become A Homeowner

Becoming a homeowner comes with many benefits. Instead of paying someone else’s mortgage, you’ll be paying your own. Instead of throwing money away on rent, you’ll be contributing to building equity in your own property. 

Instead of relying on other people for your primary residential shelter and home, you’ll be self-sufficient as a homeowner—and this can provide a great deal of peace of mind for you and your family. 

Owning a home can also offer greater freedom in life, allowing individuals to make their own choices when it comes to property modifications, decorating, and overall lifestyle, without having to worry about the limitations or rules imposed by landlords or property managers.

2. You May Not Need A Down Payment

One of the upsides to a physician mortgage loan is the fact that you generally don’t need a down payment to get started on the home buying process. 

As a doctor fresh out of medical school, you may not have the capital saved up to put down a big chunk of money as a down payment. In this sense, physician mortgage loans can help you to navigate this challenge in a relatively pain-free manner.

3. You Can Start Building Equity Sooner

Building equity as quickly as possible is the best way to make your home not only pay for itself in the future but also possibly earn you a significant amount of money when you either turn it into an investment property or sell it to upgrade or move later on. 

With that being said, if you don’t build enough equity, you’ll be missing out on a huge part of that financial pie. And the fastest way to build equity is to start building it today rather than three or five years from now. 

4. You Can Settle Down And Start Your Life

As a doctor, you may have a family—and your family may be eager to begin their new life.

You may be settling into a practice. Your spouse may be settling into their job, and your kids may be getting ready to go to school at a new school. 

And to be honest, it would be awesome for everyone if you could also begin your home-buying journey at the same time as well. 

This would set you up for a better financial future and also help you all to feel more comfortable and secure in this new life together.

5. You Can Always Refinance Later

One of the biggest downsides to mortgages for physicians that people don’t usually talk about is the fact that they come with higher interest rates

The higher interest rates are sort of like the drawback that allows the financial institution to make its money back on all of the other benefits you get with your physician mortgage loan. 

With that being said, you don’t have to be saddled with those interest rates forever. 

Down the road, when your financial situation improves, you can always refinance and lock in a better interest rate so that you can really reduce your costs and get even more on top of your equity situation. 


There you have it. 

Our top 5 favorite benefits to taking out a mortgage loan for physicians and using it to become a homebuyer sooner rather than later

Equipped with these tips, you can now make an informed decision about whether or not this type of loan may be right for you. 

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Brenda Coles
I'm an elementary school teacher who became a stay-at-home mother when my first child was born. I love to write about lifestyle, education, and news-related topics.