Thinking of Buying a House While Still Paying Student Loans?
Most loans are known to be a kind of investment. When you took your student loans, they were considered to be an investment in your education. Only if you are smart about it, financing a home can also be an investment for your future.
With the help of the Obama Student Loan Forgiveness Program, you may be able to get rid of your student loan debt altogether. Making good use of it could also free you up for a house purchase that you have been dreaming of.
You don’t have to necessarily give up the hope of home ownership just because you don’t qualify for loan forgiveness. 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
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
> Whether or not you have the cash in your savings
> Your student loan’s interest rates
> Your debt to income ratio
In having your own house, there are a lot of advantages. Before you pile in for more debts, make sure that you have already done enough research on the matter.
Obviously, buying a house will become a lot easier if you have already eliminated your other debts.
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.
If you have a career or degree in any of the following, you may already be qualified for loan forgiveness.
>Medicine and Health
> Education Career or Degree
> Enforcement of the Law
> Service to the Public
Do not Lose Hope!
Do not give up on your hope of home ownership even if you are not qualified for the loan forgiveness. 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 in your dream and to search intently.