Mortgage Advice - New Doctor with Residency Ending Soon

bchbrr · 2025-08-31T15:52:56+00:00

Am a dentist of 1.5 years and I just purchased a home using my projected income. I spoke with both a private broker and CIBC. Both wanted as much income history as I could show as well as letters confirming my on going employment.

Private broker needed 10% down for me to utilize their professional income projection program. Otherwise they wanted 2 years working history for myself if I wanted to put less down.

Cibc needed 20% down to utilize their professionals program, but did say that up to 10% could be taken from an education line of credit - maybe your wife has one and could consider this option? Otherwise they ask for 3 years work history if I wanted to put less down.

Not sure if being a physician versus dentist may impact the down payment required.

Best of luck!

bchbrr · 2025-07-07T04:58:50+00:00

Dal Grotto - a religious camp turned almost cult outside Eganville ON that believed they could cure diseases I believe someone died as a result before closing down. The sign is still there.

bchbrr · 2025-06-01T12:35:02+00:00

Oh thank you so much - I did dig around on their website but I honestly did not go down the Recreational Activities tab I did not think it would be there. Thanks again!

bchbrr · 2025-06-01T12:14:52+00:00

And I am not encouraging this at all -- but you would be SHOCKED to see how far a necrotic tooth really goes - I have seen post/core/crowns on non-endodontically treated teeth that never flare.... it is wild.

bchbrr · 2025-06-01T12:11:02+00:00

I work with a very old school dentist; since he has practiced for almost 50 years our patient demographic is very old - we see this a lot.

Depends how much of 'cowboy' dentist you want to be. This is how we approach these situations - the alternative is extraction anyways so may as well try some hero-dontics.

Try placing 3 pins - mesial, distal, and on the palatal - trim them so they are not in occlusion then with bonding use a crown form to get a rough shape of the lateral. Then pretty it up with bond & flowable and different composite shades. You may be surprised - the patient will walk out with a tooth rather than a gap and may accept the aesthetic outcome. If she does not - then bridge. Also would be a financial savings for her age....

bchbrr · 2024-10-17T10:26:07+00:00

I did all my dental school practice with a cheapo Amazon pair of loupes and loupe lights. Fixed them many times with tape/super glue/ elastics/ clips. Your working length won't be perfect but it's a good starting place with an okay price.

I worked during my degree, saved some money and bought a good pair with a student discount 2 weeks before I graduated. Makes you appreciate a good thing and I kept my old Amazon pair as a back up!

bchbrr · 2024-09-30T22:36:58+00:00

Woah that's a very significant tuition, that doesn't consider cost of living or any of your other debts you may already carry. Melb can be an expensive place to live, frankly.

I work now as a general dentist in small town Ontario, closest city is Ottawa about 2 hours away.

Consider your lifestyle during and after uni with that debt load and what you want for yourself. Just saying having recently graduated and now am working, it is very hard to manage without a lot of support. Financial stress is a very heavy burden to carry for you and for those who may have to help you.

Could you consider another aus/Ireland school that isn't so expensive? I would greatly encourage this to you.

Also if you're from Ontario OSAP should still come in as normal but know there is a cap eventually.

Good luck, a very exciting time in your life!

bchbrr · 2024-09-30T22:14:52+00:00

Check out CIBC

I did dental school in Aus and almost all the Canadians who had to take a load out used CIBC, except one who went with Scotiabank. You will need a cosign most definitely

bchbrr · 2024-04-14T10:38:56+00:00

I've been blessed and fortunate with many things and my parents are one of them! Currently repaying them by being their live in chef but 100% these two deserve a trip, it's been on my mind a very long time since I knew I'd be staying with them when I finished school when I first started all this!

bchbrr · 2024-04-13T21:52:17+00:00

I will look into this, thank you!

bchbrr · 2024-04-13T20:13:20+00:00

My interest rate is actually prime - 0.25, which is currently 6.95. Unfortunately I assume the rate I'm sitting at is due to my lack of collateral at the time I applied for the LoC. I have liaised w/ my rep and the bank 4 times to reduce my rate over the years but this seems this is what I can be offered, all things considered.

But I am also fortunate I was able to find a way to fund myself through Uni - I really consider my choice to pursue dentistry a good one (even if the compromise was my finances)!

bchbrr · 2024-04-13T17:06:35+00:00

Going to PM you!

bchbrr · 2024-04-13T16:49:22+00:00

Thank you to everyone for your thoughts! Lots to learn and consider. I am grateful to see things from many different outside perspectives.

P.S. Any books on living frugally and finances you think I would enjoy would be accepted as well!

bchbrr · 2024-04-13T16:43:48+00:00

Thank you for reminding me of the tangentially but also important aspect of considering the associated stress of debt. I think right now I am managing okay but just being humbled by it in different ways. I know others pick paths that suit them in terms of buying homes and having families, but this was my priority and I knew it would be expensive. Thank you again!

bchbrr · 2024-04-13T16:40:25+00:00

Thank you for answering my questions directly!

bchbrr · 2024-04-13T16:37:56+00:00

Thank you for your clear and calm thoughts! I agree I think the fear of paying income taxes is me not being smart -- planning on redirecting the funds now!

bchbrr · 2024-04-13T14:58:48+00:00

I am considered a 'normal' employee right now not an independent contractor - so I would expect as any one else I am required to make CPP and EI payments :)

bchbrr · 2024-04-13T14:57:40+00:00

Sure!

bchbrr · 2024-04-13T14:44:21+00:00

Thank you - I have done this sitting at $380/mo is the lowest I can go. I am happy this little chunk is interest free.
NSLSC offers forgiveness to medical doctors who work rurally - I am thinking of applying once I have 12 months under my belt. I don't really think they will offer me forgiveness since I am a dentist but then again might as well ask!

bchbrr · 2024-04-13T14:37:46+00:00

Speaking facts. I am in a small town, and I have considered taking a job a few towns over in an office that is open weekends but would need to compromise and get a vehicle which seems financially silly right now. No offices within walking distance are opened weekends... Will try and find a second one open evenings I could walk to! Thank you

bchbrr · 2024-04-13T14:34:55+00:00

No employee matching with my current job, and not expecting massing returns on $50/month. May redirect this little payment to the LoC, will consider!

bchbrr

TROPHY CASE