 What is the best plan of action after graduating from college and not moving back home? |
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| How to buy stuff on ebay using....? |
money orders.... see here is the thing:
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sbravens35 | Pay off debt vs. Save for a house? |
I don't know what I should do should I be saving for a house or pay off debt, it's just a little too hard to do both at the same time. |
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dan_buder
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The key is whether you can make more money off your investments than your loan is costing you. For unsecured debt, generally that is hard to do, so you'll want to pay it off. |
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CreditFixer
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IMHO...
Here is a quick scenario...
Let's say you now have a mortgage plus on top of that if you were renting an apartment this is a slight increase in your monthly utlity bills. So it will become even harder to pay down your debts.
I have seen situations where people with alot of debt have gotten houses and then used home equity loans to consolidate their debt but this is like moving a piece of trash from one side of the room to the other and calling it cleaning! :)
My personal advice to you is to pay down your debt first. Go into your new home as close to debt-free as possible!
Good luck! |
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ye
 |
From a financial perspective, paying off your debt first is best.
This way you can free up more funds to add towards your down payment and this will also secure a better mortgage and interest rate to boot.
You may want to consider developing and implementing a budget plan to assist in paying off your debt quicker.
I have found that viewing my household expenses on paper or spreadsheet makes things a whole lot clearer and easier to determine how much I am spending on a monthly basis.
Hope this helps.
Best of luck with your financial plans for the future!
God Bless.... |
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EmmaHersh
 |
Hi there,
Of course paying debts its difficult but its hard to save anything when you owe money. I am in the Mortgage Lending Industry and my advice is to concentrate on paying off your debts first.
The reason is that paying them down will keep your credit score and debt to income factors healthy when applying for a loan. The better your credit - the more programs and more flexibility is available to you.
There are many programs now where you can obtain 100% financing as long as your credit is strong. If your credit is weak its harder to get a good loan product - even the savings might not help all that much especially on the interest rate.
Hope this helps :) |
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kukky
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Pay off all the debits and plan for buying a new house.
other wise later you will be forced to seell your dearm home for finishing off these credits. |
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NightTrainWooWoo
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Me and the girlfriend both have car payments and both have student loan payments, and it sucks. We both make the minimum payments on those loans because they have no return on investment. We save for a down payment on a house becuase paying rent is just giving money away, but buying a house you actually get a return on your investment (in the end you make money off living in a house instead of throwing money to a landlord). Buying a house will make you money one day, paying off debt is an obligation that won't do you much good if you pay it off first. Go for the house, get some roommates and charge rent, and your mortgage payments are probably smaller than your lease/rent payments and you can save some cash in the end. |
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firewind_985
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i suggest that you pay off your debts first before planning on investing on a house as your credit rating will greatly affect the possibility of you having a house. |
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whowhat?
 |
If the interest rate is high on your debt, you should pay the debt off first. That would also improve your credit score and liabilities. Some loans are 0% down so if you get your debt paid down, you would more likely qualify for the loan since you would have less debt to income ratio and a better credit score. |
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?
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pay off debt |
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Kansas
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You get a better deal on the house if you pay off the debt first. So pay off debt. |
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Scott C
 |
I am assuming you are planning on getting a mortgage when you purchase your house and the saving you are talking about is for the down payment. To qualify for the mortgage, you will need to have a debt level within guidelines. If it is hard for you to do both, it sounds like your debt level may be too high to qualify for a mortgage. Talk to your bank or a mortgage broker to find out what debt levels are acceptable and work to get your debt down to that then start saving for your down payment. Also consider the effect of your debt on your credit score. If you are maxed out on several credit cards, it is going to be difficult to get the mortgage. |
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sassie
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i'm in the same situation,but it is better if you pay off most of your bills and then you can start to save the money that you were spending on bills for a house. |
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ramjet
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There is no question - you should pay off debt first. |
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