Residency salary "sticker shock" anyone?

[DrMom]

The banks look at total debt and at the monthly payments those debts require. If you have enough of your monthly income going to student loans, car loans, etc, then you're going to be limited in what they're willing to loan you for a house. I don't think any physician is going to go homeless by any means, but the loan payments can definitely affect what you can get and when.

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[mastamark]

The banks look at total debt and at the monthly payments those debts require. If you have enough of your monthly income going to student loans, car loans, etc, then you're going to be limited in what they're willing to loan you for a house. I don't think any physician is going to go homeless by any means, but the loan payments can definitely affect what you can get and when.

True that

I have a house right now, and when I bought it I had a mound of debt. Then again I bought during the time the banks were handing out mortgages like pocket candy. Now due to the nationwide foreclosure crisis, I can't sell without taking a big loss in equity. Hoping to sell soon, but willing to hold on until this market fixes itself.

I guess the biggest thing to understand is that our futures are not written in stone, and the sooner we get rid of debt the better off we'll be, no matter what happens in the future.

 

[ComputerGeek64]

I agree that one doesn't see homeless doctors but financial considerations are an unfortunate fact of life for all of us. For us older folks looking at changing careers, I think it's important to examine the impact of having fewer years in which to run a practice. Agreed, people going into medicine shouldn't be doing so to get rich. However, I think most of us would like to be able to retire at some point and have something to leave our kids.

I want to thank everyone that's replied to this thread. It's helped to have some different perspectives from those in medical school, in residency and in practice.