I left/resigned from residency for personal reasons a few months ago. We have a typical physicians home loan (no PMI, no money down, etc) for $300k. My wife, a NP, has had some recent medical issues which have dipped into our savings and things are getting a little tight while we wait for my new career to gain some traction. If it comes down to it, we have considered asking our lender ( a large bank) for a deferment on a mortgage payment or two. I can add more details if needed, but my question is, if we ask our lender for this, is there a possibility that if they realize I am no longer in medicine they will change the terms on our mortgage (add PMI, change interest rate, or something else)?
Can lender change terms of doctor loan?
- Thread starter Free2BMe
- Start date
- Joined
- Jun 12, 2006
- Messages
- 3,839
- Reaction score
- 184
Read your contract terms, but what's your long term financial plan? Can you still afford the home? What's your new career?
- Joined
- Sep 29, 2007
- Messages
- 2,771
- Reaction score
- 487
Typically, no they cannot change any terms of the mortgage after it is signed. Also, there is no reason they have to find out if you are in medicine or not. They might not grant you a deferment, but usually they are usually relatively flexible.
Agree with TMP that some evaluation and financial planning is needed. Sounds like you need a budget? What's your monthly income? Monthly mortgage payment? Should be in the 1500-2000/month range, which should be affordable on a nurse practitioner's salary if you are careful. If things are that tight, it's not the end of the world to sell the house and get a rental.
Agree with TMP that some evaluation and financial planning is needed. Sounds like you need a budget? What's your monthly income? Monthly mortgage payment? Should be in the 1500-2000/month range, which should be affordable on a nurse practitioner's salary if you are careful. If things are that tight, it's not the end of the world to sell the house and get a rental.
