As a recent graduate from the University of Saskatchewan, I have been through the trials and tribulations that come with Post Secondary Education.
Where am I going to find a job when I am done?
How to I apply for these student loan credits?
How do I do my income tax?
And …. mortgage…what are the first steps and do I qualify?
If only they taught us these things in University!
Look no further, I know a thing or two about mortgages, here’s hows they work for Medical, Veterinary and Dentistry students.
Medical Students: This program applies to Med students who have recently completed or who are in their third year of residency or fellowship. The program allows eligible members to qualify for a mortgage using ‘future projected incomes.’ The projected incomes are discipline specific, i.e. a student in Anesthesiology has a different future projected income than someone in Cardiology and so on.
Veterinary & Dentistry: Like Medical students, Vet and Dentistry students who are in their final year of residency, fellowship, or program of study can also qualify for a mortgage using their respective projected incomes.
Great! How does that effect you?
Simply put, being able to use this future projected income lets you qualify for a mortgage as if you are already making that amount of money. It lets you get a head start on the home buying process and allows you to start building equity instead of just paying rent again, and again and again.
Still have questions?? Great! Give us a call or email!
Written by: Brydon Wandzura, Mortgage Associate Lic #316967