While Paying Student Loans, Should You Buy A Home?
Loans are typically a type of investment. When you took your student loans, they were considered to be an investment in your education. Financing for a house may also be an investment for your future, only if you’re wise about it.
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.
Just because you are not qualified for the loan forgiveness, doesn’t mean you have to give up your hope of owning a home. You just really need to be wise about it. Listed below are some of things that you might want to take into consideration.
Buying 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. Before taking the step of actually buying a home, you have to understand that you will be taking more than just a mortgage payment.
If you should just rent or actually buy your own house while still trying to pay off your student loans will be determined by a few factors, like:
> Whether or not you are planning to stay in your current location
> If you have the money in your saving account or not
> Your student loan’s interest rates
> Your debt to income ratio
In owning your own house, there are a lot of known benefits. Before you pile in for more debts, make sure that you have already done enough research on the matter.
Going For Loan Forgiveness
Obviously, if you will be able to eliminate your other debts, buying a house will become a lot easier.
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 loan forgiveness if you have a career or degree in:
> Medical Services
> Education Career or Degree
> Public Service Career
Never Give Up!
Even if you are not qualified for the loan forgiveness, do not give up on your dream of owning a house. There are a lot more ways in which you may own a house even while paying your student loans. All you have to do is to never give up in your dream and to search intently.