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X Æ A-Xii

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  1. Incoming first year med student here. I am interested in buying a condo right next to my university. What factors should I be considering when deciding to rent vs buy? Just to provide some background, I've been looking at 1BR condos in the 170-210K range, and I have enough money saved up for a 20% down payment. I know the location very well (spent childhood + undergrad in the same city). I have 0 student debts - I funded my undergrad almost entirely on my own and I'm relatively frugal. My parent is willing to act as a cosigner if necessary in order to secure a mortgage. Obviously, I won't have much of an income during med school (couple of low-commitment part-time jobs during the year + summer research= ~10K/year), so I'll likely be paying off the mortgage with a government loan and LOC. I understand that this will result in a lot of interest, so to mitigate that, I thought of putting down 20% with my current savings + take advantage of current mortgage rates to get a decent 5 year fixed mortgage rate + get a 20-25 year mortgage (to minimize monthly payments for now since I'm mostly paying with a LOC). Afterwards, if I need to move for residency I can either 1) sell the condo without paying the mortgage in full (if appreciation makes up for the costs of re-selling, etc. at the time... ) or 2) rent out the condo until it makes more sense to sell it (I understand that it's not guaranteed whether or not I'll have tenants... ). And if I end up doing my residency here, I can just continue living in it (and see if I pay off the mortgage faster once I start making more money). Am I thinking of this too simply? Is it fairly common for people to buy condos in med school? Will I be saving more time/energy if I decide to rent instead? Should I even bother seeing a mortgage specialist at this point? Any insight would be appreciated!
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