Thinking of Buying a House While Still Paying Student Loans?
A lot of loans are considered to be a kind of investment. Your student loans are basically became an investment to your education the moment you took them. Only if you are smart about it, financing a home can also be an investment for your future.
You may be able to get rid of your student loan debt altogether with the help of the Obama Student Loan Forgiveness Program. This could also free you up for a home purchase that you have been dreaming of if you take advantage of it.
You don’t have to necessarily give up the hope of home ownership just because you don’t qualify for loan forgiveness. All you have to do is be smart about it. Listed below are some of things that you might want to take into consideration.
Buying Vs Renting
Renting sometimes makes you feel like you’re throwing away your money on something that you won’t be able to call your own. But, before taking the step of purchasing a house, you have to understand that you will be getting more than a mortgage payment when you do.
Whether you should only rent or actually buy a home while still paying for your student loans will be determined by a few things, such as:
> If you are planning to stay in your location at the moment
> If you have some cash on your savings or not.
> Your student loan’s interest conditions and rates
> The ratio of your debt to income
There are a lot of benefits in owning your own house. Before you pile in for more debts, make sure that you have already done enough research on the matter.
Going For Loan Forgiveness
Clearly, if you will be able to get rid of your other debts, it will become easier for you to purchase your own home.
A lot of the employment opportunities will qualify you for student loan forgiveness and have great benefits at the same time. Example, public school teachers and other federal or state government jobs provides a great retirement and health benefits that will be able to save you a lot of money in the future.
You may already be qualified for the loan forgiveness if you have a degree or career in any of the following:
>Medicine and Health
Do not Give Up!
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 search intently and never lose hope.