Don’t let student loans keep you from buying a home Student loans: a reality check It can be hard to think about buying a home when you’re still paying off student loans.
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Most lenders have special loan programs for first-time buyers. Some with income qualifications have low down payment requirements and don’t. buy a home Know your mortgage options when searching for.
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Don’t Let Student Loan Debt Stop You From Buying a Home! Study after study continues to reveal that millennials are citing student loan debt as a huge obstacle to home buying. Nevertheless, millennials are currently the largest home buying generation in the country, making up 35 percent of all buyers.
· If you have high-interest student loans, it would be beneficial to pay off those loans before buying a house or refinance them to a better rate. Now, if you are unsure whether your student loan interest rates are high, check out Credible’s handy tool to compare your rate.
Our REALTORS share seven tips for buying a home while you’re paying off student loans.
That said, once you’ve covered your employer match, it may make sense for you to buy a home or pay off high-interest student loans instead of investing more in your retirement account. That will depend on your income, tax bracket, investment returns and other personal factors.
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“Clearly, there are people who took on too much debt and are probably making earnings that even in the moderate to long-term time frames don’t. you should be able to afford to repay your student.
If you recently graduated from college, chances are you have some student debt. But that doesn’t mean you have to let your debt get in the way of #lifegoals, like buying a house. You might feel like your student loan debt is taking over your life-but it IS possible to qualify for a mortgage, even while paying off your student loan debt.
Truth is, student loan debt should not keep you from purchasing a home. Ultimately, as a mortgage lender, we simply want to see that, even with your student loan debt, you will still be able to make consistent payments on your home loan. With the right financial management and by using strategies like these, you too could be a homeowner regardless of your student debt.