Physician Mortgage Lenders in Illinois
3 Important Facts About the Illinois Healthcare System
One of the amazing things about working in healthcare is that it’s a skill that you can take with you anywhere. Being a physician means you’ll never find it difficult to find work, which in turn opens up all sorts of exciting opportunities for travel and new beginnings. It’s not every career that allows you to relocate anywhere in the country or even the world.
Some things you will have to consider if you’re moving to a new location are the rules and idiosyncrasies that exist within the healthcare industry there. The Illinois healthcare system has its own quirks you should be aware of if this is somewhere you’re considering moving. Read on to find out three of the most noteworthy.
1. Shortage of Primary Physicians
Illinois, like many other states in America, is experiencing a shortage of primary care physicians at the moment. This can be seen as both a potential positive and something that comes with drawbacks.
The shortage means that a physician should have no issues with finding employment in Illinois, which is great news for doctors looking for work there. However, this shortage also has other implications.
A lack of doctors in Illinois means that the healthcare systems in Illinois are likely to be under a lot of strain. It could mean that physicians find themselves working overtime to help make up for this disadvantage.
2. Rising Cost of Healthcare
Following patterns that exist on a national level, the cost of healthcare is rising in Illinois. This is concerning for policymakers as it puts a strain on state budgets. It means that proper equipment, procedures, and care are becoming more difficult to provide.
Spending on healthcare has increased in recent years, but this doesn’t have as positive a connotation as might at first glance be expected. The rise in spending is partly because of high demand, but the increased price of delivering and receiving care is also a significant factor. When healthcare systems don’t have enough resources at their disposal the jobs of healthcare providers are always going to be more challenging.
3. Doctors’ Salaries in Illinois
If you’re considering moving to Illinois as a physician, you’ll no doubt be wondering about the kind of money you can expect to make there. The fact that certain Chicago hospitals are regarded as being among the best in the country means it’s safe to say the potential for earning is there.
As of early this year, the average salary of a doctor in Chicago stands at a little over $307,000. This is compared to a national average of $237,000.
The Illinois Healthcare System at a Glance
We hope this overview of the Illinois healthcare system has given you an insight into whether this could be a place you’d be happy to move to. Job satisfaction is so important, so these are important things to take into account before any move.
If you’re thinking about relocating and moving home it’s always good to have support by your side. See our list of Doctor Home Lenders in Illinois now.
Looking for a Physician Mortgage Specialist in Illinois?
Whether you are relocating with a physician loan or need a new physician loan, we have helped doctors just like you; Chicago, the great city of Aurora, and Naperville while not forgetting about Joliet.
Our network of Bankers closed over one billion dollars in mortgages last year, and our vetted banker network is ready to help you.
Take advantage of the best mortgage product in the country, and contact one of our verified lenders today!
As a medical professional you understand the importance of specialization
- Choose the right specialist for your home finance needs
- Custom strategy for your needs. Get 3-4 times higher loan amounts than conventional loans
- Not all physician loan providers are the same. Our network is vetted so you don’t have to wonder
The Doctor’s Guide to Moving: How to Enter the Illinois Real Estate Market
If you recently took a physician job in Illinois, you can use this loan type to enter the Illinois real estate market. Keep reading to learn more.
Entering the Illinois Real Estate Market
Doctors can use physician mortgages to enter the Illinois real estate market, but there are things to know about this particular area.
Currently, Illinois has a seller’s market which means properties are selling quickly and being sold for more than the asking price. This makes using a doctor loan a bit tricky.
The market is competitive because there are fewer homes for sale than buyers. In a seller’s market, some home sellers might not choose your offer because 100% of the house is financed.
With a physician’s mortgage, you aren’t required to pay the usual 20% down payment when buying a home. Your offer becomes less competitive due to financing terms.
Keep in mind that this won’t happen each time you attempt to buy a house in a seller’s market, but it is a possibility to be aware of in the seller’s market.
Some sellers won’t care how the home sale is financed as long as the closing process goes through.
Using a Physician Loan to Buy a Home
A physician loan mortgage has a more lenient underwriting process than a traditional mortgage. Doctors receive this mortgage type with little to no down payment and no private mortgage insurance (PMI) requirement.
A typical real estate agent might not know about this consideration specific to physicians. If you want to use a physician loan to buy a home, hire a realtor who has expertise with doctors.
If you move to Illinois for a physician job, you likely won’t be able to get a conventional mortgage due to your student debt or lack of credit.
Often, physician mortgages are the only option for doctors, but you will have to pay a higher interest rate because of your debt-to-income ratio.
Luckily, physician loans allow doctors to close on a home as many as 90 days before starting a new job. This means you can settle into your new Illinois home before you begin the first day on the job.
Can You Refinance a Doctor Loan?
Mortgage expenses with high-interest rates are tiresome to pay, even as a doctor making a good salary. If the doctor mortgage you sign doesn’t have an early repayment penalty, you can refinance it at any time.
After a few years, it might make sense to refinance your mortgage in Illinois into a lower rate conventional mortgage. To do this, the following needs to happen:
- Your income goes up
- Your debt-to-income ratio goes down
- Your mortgage has been paid down
- Your credit score rises
- Your home has appreciated in value
If interest rates go down, it makes the most sense to refinance.
Settle Into Your Illinois Home Before Starting Your Job
As a doctor starting a new job, you likely have a lot of stress to deal with. Don’t let the stress of finding a home in Illinois add to this.
Apply for a doctor loan to enter the Illinois real estate market before your first day on the job. Using this form of mortgage can reap great benefits and allow you to refinance down the line.
Dr. Home Finance can help you close on your new home with a doctor loan. Contact us today to get started.