Best kind of mortgage for a first time home buyer, working as a physician assistant and picking up lots of extra shifts?

Nov 27, 2019 12 Comments

As soon as I graduate from PA School I would like to start working and looking to buy a home and settle down. I'm thinking a 15 year mortgage on a house around three times my annual salary's value. I will look into picking up per diem shifts at an urgent care or an emergency room and putting all that money down on loans and mortgage. How do I make sure that the loan company will allow me to pay extra money whenever I want and towards the principal?

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TOP 12 Comments
  • eBay
    buhbuts

    Go to company page eBay

    buhbuts
    30 year fixed. If you decide to pay it off faster, you can. If you have money problems or want to work less, you can.
    Nov 28, 2019 0
  • Amazon
    soggy

    Go to company page Amazon

    soggy
    If you can pay it off fast get a 7 to 10 year ARM with the idea that it will be mostly paid with only a small part remaining when it resets to a higher rate. If you CAN'T pay it off fast get a 30 year to lock in to current low rates.
    Nov 27, 2019 0
  • CDW
    VQqN03

    Go to company page CDW

    VQqN03
    Home ownership is overrated. After you pay for maintenance, taxes, and upgrades, you really don’t any money on a sale... you mostly recuperate what you invested... if that.
    Nov 27, 2019 3
    • Adobe
      adobean

      Go to company page Adobe

      adobean
      And you get to enjoy all the upgrades and stability while living there for free
      Nov 27, 2019
    • I struggled to get into my first home 30 years ago .. a townhouse that cost about $200K in Silicon Valley. My real estate holdings now add $3M to my portfolio... no more debt. Try doing that paying rent.
      Nov 28, 2019
  • Amazon
    BkYu88

    Go to company page Amazon

    BkYu88
    TC plz
    Nov 27, 2019 3
  • Try to get an MCC - a mortgage tax credit for a first time buyer - it is a great benefit.
    Nov 28, 2019 0