Kathy Sexton
Email Me | 832.654.0065
  • LinkedIn
  • YouTube
  • Facebook
  • Twitter
  • Instagram
  • Home
  • Search
  • Featured
  • Resources
    • Buyers Resources
    • Seller Resources
    • Testimonials
    • International Homes
  • About
  • Blog
  • Videos
  • Contact Us

Sign Up

You have been successfully signed up. This page will refresh momentarily.
Already a User?

Login

Forgot Your Login?

Reset Password

Log in
Register
  • LinkedIn
  • YouTube
  • Facebook
  • Twitter
  • Instagram
  • Log in
  • Register
 The Brownstone Group
Kathy Sexton
Email Me | 832.654.0065
  • Home
  • Search
  • Featured
  • Resources
    • Buyers Resources
    • Seller Resources
    • Testimonials
    • International Homes
  • About
  • Blog
  • Videos
  • Contact Us

Student Loans vs. Down Payments: 3 Ways You Can Manage Both and Buy a New Home

Posted OnMar 24, 2017

Student Loans vs. Down Payments: 3 Ways You Can Manage Both and Buy a New HomeThe idea of paying off your student loans and buying a home at the same time can seem like an impossible feat given the impact on your Debt-to-Income (DTI) ratio. However, there are ways it’s possible to have enough funds and good enough credit to make your dream of home ownership come true a little more quickly. If you’re currently considering how to manage both, here are some options you might want to consider.

Decrease Your Debt

Lenders will be looking at your DTI ratio in order to determine whether or not you’re a solid financial bet, so before throwing yourself into the market, it can be a good idea to minimize your debt load. While this doesn’t mean paying off all of your student loans, try putting more down over a period of a few months so you have additional wiggle room. By making a budget plan that you can stick to, you’ll slowly eat away at the principal and have a little more room to invest when the time comes.

Add Another Income

You’re probably working pretty hard in your post-student life to make ends meet and pay off debt, but one of the best ways to pay off two loans is to bump up your income. Whether you decide to find something part-time on the weekend or hone one of your skills for freelance profit, a little bit of extra money each month can make a huge dent in the amount you owe in no time at all.

Consider A Starter Home

It’s entirely possible that you’ve got your eye on your ideal home, but if you’re dealing with student debt there’s a pretty good chance that the monthly payment will be unattainable. Instead of choosing a home that’s out of your league, make your dream of ownership come true by picking something that will be affordable month to month. While it might not be exactly the house you’re dreaming of, you’ll still be putting equity into something so you’ll have money to invest down the road.

It’s certainly not an easy feat to take on student loans and mortgage debt at the same time, but by improving your income and paying down as much as possible before investing, you may be able to do both at once.

  No Comments       |       Blog, Finance and Mortgage, Home Buyer Tips, Real Estate Tips

Tags: Buying a Home, Down Payments, Home Buyer Tips

Keller Williams Realty, Inc. is a real estate franchise company. Each Keller Williams office is independently owned and operated. Keller Williams Realty, Inc. is an Equal Opportunity Employer and supports the Fair Housing Act.

Kathy Sexton
Email Me | 832.654.0065

The Brownstone Group
1401 Woodlands Parkway
The Woodlands, TX 77380
832.654.0065
  • LinkedIn
  • YouTube
  • Facebook
  • Twitter
  • Instagram
©2016 Keller Williams | Terms of Use Privacy
Powered by Placester

Please provide your name and email

Thank you for contacting us, we'll get back to you shortly.

Sorry, we are unable to send your message at the moment. Please try again later.