6 Things New Dentists Need To Know About Mortgages

Must read

Marleny Hucks
Marleny Huckshttp://MyrtleBeachSC.com
Marlene (or Marleny as she is known in Spanish) is a mentor, teacher, cross-cultural trainer, storyteller, writer, and for those who have been under her leadership or simply sat across the table from her, she is a mirror of destiny. Her love of word and image were formed early on by one of her heroes, Dr. Seuss. If you asked those who know her well, they would describe her a compassionate, funny, wise, curious, honest, real, strong, sensitive and totally human which comes out as she teaches and writes. She sees all of life, even the most mundane, through faith and believes that who we become as we live this side of the veil is what matters not the journey itself or our circumstances. Marleny Hucks has spent her life crossing bridges. She comes from a diverse background of ministry roles and contexts as well as has transitioned in and out of the business world. Having lived outside the country as well as traveled extensively she has a fascination with culture causes her to live her life within a global mosaic no matter where her feet are planted. Marlene currently lives in South Carolina with her husband David, who owns a news company but who she says is a “crime fighter”, bringing light into darkness in their systems of their city. Marleny currently works as a content management specialist covering Myrtle Beach News for MyrtleBeachSC News.

One of the main goals for most individuals is to buy the home of their dreams and for most people, this requires a mortgage, which is essentially an agreement between you and a lender so that you can buy a property – this agreement stipulates that you can take the house whilst making the agreed payments and failure to do so can mean that you lose the house. There are many loans and different types of mortgages that you may be able to get, especially if you work within the medical field. 

This article will discuss six things new dentists need to know about mortgages so that you are prepared for this major life decision. 

  1. Less Deposit is Required 

You will know that when buying a home, you are required to have a deposit to put towards the mortgage you are getting. The amount will depend on the type of home you are buying and the asked price. However, the more money you put towards the deposit, the better for you as you will be required to borrow less money, and your monthly mortgage payments will also be reduced. The deposit is one of the biggest barriers for new buyers as they struggle to save up enough money. Without having this, you may not be able to buy a property so you will be glad to know that dentists benefit from mortgage deals that require them to pay less than 10% of the property cost towards the mortgage, depending on the lender. 

  1. You May Face Higher Interest Rates 

People often think about the money that they are required to pay upfront and forget about the costs that are added down the line, such as the interest rates. This can make the mortgage payments more difficult to meet for dentists and is usually caused by the lack of deposit needed in the first place, as discussed above. Although it may be tempting to buy a home with little deposit, it may be ideal to wait a few years and save enough money to help reduce the interest rates. Even though this is something you can never fully eliminate if you can lower the amount you pay even a little bit will be helpful. 

  1. You Will Need to Find An Appropriate Lender

There are several lenders out there offering a range of deals so you will have to find the appropriate one. Moreover, not everyone offers deals designed for medical professionals, such as dentists, so make sure this is something you consider when looking for a lender. Explore your options and any lenders that may be local to you and have expertise on dentist physician mortgage applications. This may be the only way you have to fully take advantage of the benefits you may be entitled to as a dentist. 

  1. You Will Require a High Credit Score

There are so many benefits to applying for a mortgage loan as a dentist that it is normal to think ‘what’s the catch?’. The truth is that even though lenders are fairly flexible when it comes to lending money to medical professionals, you are also required to have a high credit score. This is to prove that you are financially trustworthy and can repay whatever sum of money you borrow. If you have poor credit you may struggle to find a lender that will trust you and if you do you may face sky-high interest rates. You may be better off improving your credit score before applying for a mortgage loan. 

  1. You May Be Restricted on The Type of Home You Can Get

Some mortgage loans for dentists do not cover every type of property and they may focus on specific houses instead. If this is the case, you must do thorough research to ensure that the loan you get covers the type of home you want. You should do this before even looking in the market as you may be restricted on the number of choices you have and you want to ensure that you get the home of your dreams rather than buying whatever is available to you at that moment. 

  1. Do Not Rush The Decision To Buy a Home

Buying a home is always a serious milestone and should not be a decision that is taken lightly, whether you are a dentist or have any other career. If you buy a house under pressure and rush the process, you can be left with a big regret as well as debt, which you want to avoid. It may be tempting to buy a house as soon as you start working as a dentist. However, things change constantly so make sure that you are settled and stable before making such a big financial decision. 

As a new dentist on a high salary, you may want to finally get the home of your dreams. However, there are a few things that you should know, which are clearly discussed on this page. Always make sure to be fully informed before making a major decision that will affect you significantly. 

More articles

Latest article

- Advertisement -