Top 5 Things Every Recently Matched New Physician Needs to Do

Congratulations! Matching into a residency program is an incredible accomplishment and marks the start of an exciting new chapter. As you prepare for this next phase, there are a few essential steps to take to set yourself up for success both personally and professionally. Here are the top five things every recently matched new physician needs to do:

1. Organize Your Finances

Your financial situation will change as you transition from medical school to residency. It’s time to create a solid financial plan:

• Review Your Loans: Understand the terms of your student loans, including interest rates and repayment options. Consider deferment or income-driven repayment plans during residency.
• Budget Wisely: Residency salaries are modest, so create a budget that balances essentials, savings, and discretionary spending.
• Consider a Physician Mortgage Loan: If you’re planning to buy a home, look into physician mortgage loans, which offer low down payments and flexible terms tailored to doctors.

2. Secure Housing

Decide whether you’ll rent or buy a home near your residency program:

• Renting: Renting can be a practical option if you’re unsure how long you’ll stay in the area or want flexibility.
• Buying: If you’re confident about your location and want to build equity, explore physician mortgages. These loans often have favorable terms for new physicians.
• Proximity to Work: Choose housing close to your hospital or clinic to reduce commute times and stress during long shifts.

3. Prepare for the Move

Relocating for residency can be a big transition. Start planning early:

• Research Your New City: Learn about the area, including the cost of living, transportation options, and local amenities.
• Arrange Moving Logistics: Decide whether you’ll hire movers or handle it yourself. Don’t forget to set up utilities and update your address.
• Declutter: Take this opportunity to simplify. Bring only what you need to your new home.

4. Get Professional Support

Now is the time to build a team of advisors to help you navigate the complexities of residency:

• Financial Advisor: A professional who specializes in working with medical professionals can help you manage debt, save for the future, and make informed financial decisions.
• Real Estate Team: If you’re buying a home, work with an agent experienced in helping physicians.
• Mentors: Connect with attending physicians or senior residents who can provide guidance and advice as you start your career.

5. Take Care of Yourself

Residency is demanding, so prioritizing your well-being is crucial:

• Build a Support System: Stay connected with family, friends, and fellow residents. Having a strong support network can make a huge difference.
• Develop Healthy Habits: Exercise regularly, eat balanced meals, and get enough sleep to maintain your energy and focus.
• Set Boundaries: Learn to say no when necessary to protect your time and mental health.
• Schedule Fun: Make time for hobbies and relaxation to recharge after long shifts.

Connecting Physician Mortgage Loans and Securing Housing

As you weigh the decision to rent or buy a home, it’s important to consider how a physician mortgage loan can simplify the process. Neil from TD Bank emphasizes the value of consulting a professional, stating, “Much like a patient, I would suggest you don’t Google diagnose yourself in the world of mortgages. Speak to a professional. There is no cost and no commitment to find out your options. I don’t think any good decision can be made without all the data available.” By understanding your buying power and the financial implications of a mortgage versus renting, you’ll be better equipped to make an informed choice that aligns with your residency lifestyle.

In many areas, finding a decent rental can be just as challenging as purchasing a home. With a physician mortgage loan, you gain the ability to invest in your property, enjoy potential tax deductions, and avoid the uncertainties of renting, such as fluctuating rent prices or sudden landlord decisions. Neil adds, “Purchasing a home allows for asset appreciation and a tax deduction against your income. You also feel good about investing in your property as you know it is increasing in value—not someone else’s.” For residents working long, demanding hours, owning a home provides stability and a peaceful environment that renting often can’t guarantee.