So You Have Student Debt – Does This Mean You’re Stuck In a Rental?
Student debt can be overwhelming for many individuals. Whether you are 22 and just out of college or you decided to pursue a higher degree, education today is not cheap. Therefore, it is quite likely that you will finish your schooling with a degree in hand and debt on your mind. What does student debt mean for you as you start building towards other dreams? Does it suggest you are stuck in a rental forever? We’ve put together a few points of discussion that will help you decide home ownership is a possibility—even with that existing student debt.
- Today’s Housing Market Makes Buying Smart – Renting today isn’t the great deal it once was. Today, you can often pay less and get more by buying instead of renting. Take some time to shop around—if you haven’t. You may be surprised what you see.
- You Can Get a Loan – Since the housing market crash, the media has made it seem like only those people who have perfect credit can get loans. That is not true. There are loans and programs out there. Even if your credit isn’t perfect, there is probably a program that will work for you.
- You Don’t Need Thousands Upon Thousands for a Down Payment – With options like an FHA loan, you may be able to get into a home with a very small or no down payment. Yes, this will require paying a PMI (Private Mortgage Insurance) payment. However, with the amount you save by buying instead of renting, you are still coming out ahead of the game.
- It May Be Possible to Re-Arrange Your Student Loans – If you are paying a high interest rate on your student loans, there might be a better option. Talk to a trusted financial advisor to find out if there is another option that will free up money that you can invest in your future—rather than paying off your past.
When it comes to mortgages and lending, you don’t have to maneuver the great unknown alone. Reach out to us at Liberty Financial today. We would be happy to show you exactly how we can help you make the move from struggling renter to comfortable homeowner—sooner than you ever thought possible.