Real Estate Loans and Other Lending Options for Physicians with Jason Watkins
One of the biggest and major financial decisions that doctors and dentists face in their lives involves purchasing, building or renovating their own homes. A lot of preparation, time and money is involved in this whole process and it should not be taken lightly. But for those who have just finished medical school, plagued by student loans and supported only by a not-so-high wage, is it even possible to for a resident or those still undergoing training to purchase a house of their own?
This episode’s guest is Jason Watkins from SunTrust Mortgage, a company that offers a unique lending option that can help medical practitioners with purchasing homes and real estate. According to Watkins, their physician loan involves flexible financing with no down payment or mortgage insurance, and can be approved based on future income. This means it’s possible for practitioners who are just starting out to purchase a home. (03:56)
He also discusses other loans that doctors can avail, including the jumbo loan, construction loan and renovation loan. (07:35) He also dives deep into the different aspects of mortgage and lending, such as insurance, rates, credit scores and the role that student loans play in the approval of a loan. (27:16) He gives insight into the process of applying for a doctor’s loan, what lending companies look into and how a practitioner can get started if they’re looking to buying a house as well.
Watkins stresses the need for physicians and dentists to consult with a financial planner and mortgage broker before making the jump, as they will be more equipped to know what type of lending program will suit your needs and financial situation.
This episode’s White Coat Wisdom is all about financial habits. Habits are practices or tendencies that are hard to give up, as they have either stuck with you since you were a child or that you had acquired as you were growing up. These habits, whether conscious or subconscious, can have great impacts on your financial life.
It’s important for you to have an awareness of these, especially the ones that can jeopardize your future. For instance, check whether you have the harmful habit of keeping up with the Joneses, or keeping disjointed bank accounts with your spouse.
If you are mindful of these habits, then it’s easier for you to make better and sound decisions. This lets you stay on the path towards achieving your financial goals.
TikTok is taking the internet by storm, which has presented an opportunity to this week’s White Coat Achievement awardee. Dr. Danielle Jones, or Mama Doctor Jones, is an OB-GYN who is gaining popularity on the platform, with 184,000 followers as of writing.
She creates these short, entertaining videos to provide sex and health education. One of which, a video that talks about Plan B, has gained 9.8 million views in under 48 hours. Her goal is to address misinformation and reach out to kids and teenagers who are constantly looking for health answers on the internet.
The White Coat Wellness podcast by Spaugh Dameron Tenny highlights real-life stories from doctors and dentist to encourage and inspire listeners through discussions of professional successes and failures in addition to personal stories and financial wellness advice. Spaugh Dameron Tenny is a comprehensive financial planning firm serving doctors and dentist in Charlotte, NC. To find out more about Spaugh Dameron Tenny, visit our website at www.sdtplanning.com or our Facebook group www.facebook.com/groups/WhiteCoatWellness You can also connect with our host, Shane Tenny, CFP at firstname.lastname@example.org or on Twitter.