Something that you may not even have considered, or know little of as a busy physician, are doctor loans. This article will explore among the 3 things a physician is likely to need to buy as a priority, the benefits of these types of mortgages.
More Textbooks on Medicine or Surgery
As a physician, you will never stop learning. Many textbooks will represent part of your course and become compulsory reading, whilst others will be a matter of choice to further your field of specialist interest. There may be books that your consultant or practice manager has recommended but are proving hard to find. The internet is an ideal source for books, for those with little time to spare to seek them out. It allows for keywords to be entered that will not only search for a book by its title but its contents, too. However, what if you have forgotten the title of the book that you so desperately need, but are too afraid to ask your consultant to repeat it? Well, to help, there are book databases, such as Book Finder and Word Cat, that can help. If you want a specific book and know the ISBN number, you have the advantage of being able to compare it against the book that you have found, to know that you are correct. If you are looking for a rare book, search engines are invaluable, extending your chance of finding it to the whole world. Different jurisdictions will have different requirements for continuing education and different standards for the courses needed to practice. For instance, if you have been an orthodontist in the United States and then move to Canada, becoming a Calgary orthodontist may require additional education or training.
Transport to Meet On-Call Demands
When thinking of your vehicle, the main consideration is that it needs to be reliable when you are called out in an emergency. Arriving by public transport is likely to be problematic, so as soon as you can drive and afford a car, the better. A new car would seem the most reliable option but those owning new cars will tell you that they are only just discovering their faults. It would be wise to consider a tried and tested model if taking this approach. Conversely, you could explore the second-hand car market. Some tips here would be to inspect the car in daylight, with someone who knows about cars, take the car for a thorough test drive, and consider choosing a garage for your purchase, where there will be a back-up aftersales service available to you.
A House Near to the Hospital
Then, your most expensive purchase of all – your home. After living in student accommodation, you will be keen to find your own place. Particularly, if you have met someone to share your medical life with. There is good news in this area because as a physician or qualifying physician, you are entitled to apply for what is known as a physician mortgage loan. These are loans that do not require a large, if any, down payment and do not require private mortgage insurance. In addition, there are favorable terms for those who have student debts to pay off, because, typically, allowances will be made for the debt in relation to the longevity of a medical career. Apart from physicians being able to qualify for mortgage physician loans, dentists and veterinarians can, too. It is open to those who have reached the upper echelons of the medical profession and will, as a result, prove a safe bet for the mortgage provider.
For physicians looking to invest, there is no better investment than property. For additional ways of investing, too, it is worthwhile exploring the article How Should Doctors Invest? However, with physician mortgage loans offering the chance to join the property market that is so elusive to many, because of the large down payments required by them, it would seem a wise decision for a physician to consider property as an investment and buy with special terms, through companies such as LeverageRX, who offer this bespoke service.