Thinking of Buying a House While Still Paying Student Loans?
Loans are typically a type of investment. Your student loans were considered to be an investment in your education when you took them. Financing for a house may also be an investment for your future, only if you’re wise about it.
The Obama Student Loan Forgiveness Program may be able to help eradicate your student loan debt altogether. Taking advantage of this could also free you up for purchasing a house that you have always wanted.
Just because you don’t qualify for a loan forgive doesn’t mean you have to give up your dreams of owning a home. All you need is to be wise about it. Listed below are some of things that you might want to take into consideration.
Purchasing Vs Renting
When you are renting, you often feel like you’re just wasting money on something that you can’t call yours at the end of the day. You have to understand that you will be getting more than a mortgage payment when you decide to purchase a house of your own.
Whether you should just rent or opt to purchase while still paying for your student loan debts will be determined by a few factors, including:
> If you plan to stay in your current location or not
> Whether or not you have the cash in your savings
> The interest rates of your student loan
> The ratio of how much your debt is to how much you are earning
In owning your own house, there are a lot of known benefits. You just have to make sure that you have done enough research before you sign in for more debt.
Going For Loan Forgiveness
Obviously, buying a house will become a lot easier if you have already eliminated your other debts.
Numerous employment opportunities will be able to get you qualified for student loan forgiveness and will even offer a great deal of benefits. A great example of this is being a public school teacher or a state or federal government employee will be able to provide you with great health and retirement benefits that will save you a lot of money.
You may already be qualified for the loan forgiveness if you have a degree or career in any of the following:
>Medicine and Health
> Public Service Career
Do not Lose Hope!
Even if you are not qualified for the loan forgiveness, do not give up on your dream of owning a house. Even while you are paying for your student loans, there are still a lot of ways in which you can own a house. All you have to do is to never give up and to search intently.