Home is where the heart is.
And finding your first home can be an incredible feeling.
A home may also be the biggest purchase you ever make, and a mortgage will likely be the biggest debt you’ll ever have to pay.
But don’t worry - we’re here to help you navigate this.
When deciding whether to buy a home or keep renting, there are two important things to think about:
1) Will it cost more than your rent per month to carry your home? (*softly spoken* PS - there’s more to it than just mortgage payments.)
2) What are the extra expenses and responsibilities that come with home ownership?
Costs that can impact your decision to buy a home include:
- legal fees
- land transfer taxes
- property tax
- home insurance, and more.
You’ll also have your down payment to consider.
You’ll need a minimum down payment of 5% of the home's purchase price in order to qualify for a mortgage.
But a down payment of less than 20% requires mortgage insurance. This is a one-time, non-refundable premium that can be added to your mortgage payments.
Something that could run up to 3.15% of the home purchase price.
As a physician transitioning into practice, you can expect a significant increase in income (go you!)
And this will provide more flexibility in your life, but ultimately, what you can afford and therefore what a lender will lend you, depends on your personal situation, in addition to your income.
Choose the mortgage that's best for you, which would be one that has the best options for you.
Interested in learning more? We’re here to help! We’ve worked with thousands of physicians like you - so we get you, and your situation.
Speak to an MD advisor today.
