While Paying Student Loans, Should You Buy A Home?
Most loans are known to be a kind of investment. Your student loans are basically became an investment to your education the moment 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. 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 need is to be wise about it. Here are a few 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. 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:
> Whether or not you are planning to stay in your current location
> If you have some cash on your savings or not.
> The interest rates of your student loan
> Your debt to income ratio
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.
A Loan Forgiveness
Obviously, if you will be able to eliminate your other debts, buying a house will become a lot easier.
A number of employment opportunities will be able to get you qualified for student loan forgiveness and give you benefits at the same time. 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.
If you have a career or degree in any of the following, you may already be qualified for loan forgiveness.
> Service to the Public
Never 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 to never give up in your dream and to search intently.