Paying Off Student Loans And Homeownership

Wondering if paying off student loans is required before purchasing a home? The answer? Definitely not!

In many cases, paying your student loans on time each month can help establish a credit score and history. If the government froze your payments during the pandemic or your loan balance has been recently adjusted, diverting money from your student loan allotment and putting it into your savings can be the start of your down payment. In either instance, there are various steps your mortgage consultant can take to determine your debt-to-income ratio and if a payment needs to be manually entered.

We’ve all heard the phrase “stop paying someone else’s mortgage” and in many cases the purchase of a home makes sense. But for some, renting is the best option. Whether you dream of homeownership or are happy renting if your student loan payments are on hold continue to divert the payment amount o your savings. Because even if homeownership is not for you, those savings are still an investment in yourself and your future.

If you would like to discuss the options of paying off your loans and homeownership, I would refer you to Matt Dosen, VP of Mortgage Lending at Guaranteed Rate Affinity.

Have questions about buying or selling a home, contact me today at 630.272.6591.

#ShannonLucasHomes #RealEstate #DownersGrove #Realtor