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HotpinkKitties | Should I pay back my debt or buy a home? |
I'm 26, have some debt. About $8,000 to pay back in student loans (paying 82 dollars a month right now) and about $1,000 for a washer/dryer purchase from lowes. I can now that I've made some changes to my spending habits, save about $900-$1,000 a month. I want a house soon but it saddens me when I know others have a home while I am renting, should I save ALL my money for a home (and continue paying the $82 a month) but not pay the lowe's account/or pay the lowe's account? Or should I pay all my debt back this year then start looking for a home (while saving)? Please help, what would you do? Thank you. |
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Bearwithme
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Pay back your debt at a greater rate than you currently are paying. Pay $123 a month toward your student loan to pay down your debt faster. The washer/dryer purchase is a small expense and should be paid for within 3-months.
Your current debt load is not excessive although, you say nothing of your income or credit score. Lenders will look at your debt to income ratio in deciding to offer you a loan. If your credit score is above 700 you are in good shape.
Save for a down payment on a house as quickly as possible. Save at least $800 per month in an interest bearing account and plan on using it as a down payment. Talk to a real estate broker about your situation and find out where you stand before agreeing to a contract with a seller. Good luck.
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ronnie
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Buying a home right now would depend on a few things... like is your job pretty steady with no chance of a lay off? How quickly do you plan to pay off student debt? And is a home of your own worth all the sacrifice? With home prices falling now may be a good time to get in the market, then as the economy improves, depending on what you buy, your home's value should go up thus making you a profit should you decide to sell later. But at $82.00 a month being applied to your student debt it would take you somewhere in the area of 8 YEARS to pay it off! If you are one of the lucky ones that can manage to save during these hard times (and better yet saving up to $1,000.00 a month) you can apply all that savings to your debt and be debt free (student loan and Lowes) in 9 months. When buying a home that would look great on your credit report and as reported on the news the only ones who are getting credit awarded to them are those with good credit scores. If it were me I would pay off debt first because when you get into you new home you still may need to make major purchases like furniture and home decor that may require credit. You don't want to be making too many monthly payments that would make it difficult to meet your mortgage obligations. |
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what?
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i would pay off the washer right now.
the student loans aren't something i'd worry about - heck, you even get a tax deduction on them (just like you would on a mortgage) and you probably have a better rate on them than you would on a mortgage.
if you have a reasonable down payment, moving into a house may make sense for you. now is a good time to buy, especially if congress can sneak in that tax credit for new home purchases by the end of the year.
if you really want a house, it probably wouldn't hurt to at least start looking around a bit. talking to a loan officer and a realator might be a good way to go. |
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Randi S
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If this was my case, I would try paying more than $82 a month..maybe double the payment. The sooner you pay it off, the better because of the interest. Pay off Lowe's completely. After Lowe's is out of the way, start saving while you're paying off the student loans. You don't want to buy a home with any extra bills. One is ok but too many becomes overwhelming. |
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spunk113
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Tough call. Debt sucks, but well, it's a buyer's market right now. If I were in your shoes, I'd pay off the Lowe's bill, then split that extra 900-1000 a month between paying off my loans and saving for a down payment. (but then again, I'm in grad school with $18000 and counting in student loans.) |
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tomendez1
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pay ur debt u dont want to look bad with creditors get debt lowered at least half since the market is in the whole its going to be alot harder to get a loan now. |
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Shannon Willi
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Good day to every one!!
I am Shannon Willi, a United State resident and a second year student of university of liver pool. Just a months ago i walked into the hands of some dubious person(scams), when i was in search of a loan of $ 55,000 to enable me fund my education since i lost my parents in a ghastly auto accident while they were away on vacation. The scammers parted with my $ 1,100, which i managed to gather from friends and families to enable me take care of my bills for last two months. I decided to tell Betsey.A.Braiaton who communicated the story to Andrew Fulp who happens to be my Vic president for academic services and has got link with various notable lending firm across the globe. By this means using it to bring a globarlization to the world, many student and business men having financial problems have been able to complete their education to bring a global happiness around the world.
My happiness now is that i have not only gotten the loan($ 85,000 USD) to pay my tuition them Brown Monetary Loan Inc, piloted by Mr.Paul Brown, i have also been able to establish a chaned to allow me collect money at very low competitive interest rate.since they have assured me thet i can come for more funds as long i am a genuine person for requesting it and that there is a possibility of repayment at the stopulated time.i have never ever seen this kind of wonder in my life and i decided i will tell it to the whole wild world and i need every one to thank GOD for Mr. Paul Bown, the man GOD used to rescue me even when all hope had been lost and gone and i will say to every one, no matter how dark and sinful the world is today, there are still GOD fearing and reliable people on earth and if you are in need or require a loan legitimately and Government approve lenders, i will advice you contact this loan lender and you can reach him via paulbrown_loans@yahoo.com and Thank him on my behalf |
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gmcjetpilot
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Actually buying a house is not bad because the prices are low and interest rates are lower. If you know how to buy forclosed property and don't mind doing so work you can get a good deal.
The down side borrowing money to a 26 year old with any debt and who may not have been working too long will be harder.
The mess we got into is because banks loaned money to people who really where bad risks. If you can bank $1000 a month you are doing well.
To get a home a nice 20% down payment is a good thing and may help you get your loan. If you are trying to get in with min qualifications you may find it hard getting approved. So say the home cost $160k. Do you $32,000 for a down payment? |
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DRAGGON
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It is going to get harder to qualify for a mortgage so I would try and do one or the other sooner than later. |
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vyxen
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you need to eliminate your debt, but keep in mind that if you buy a new house you will have more debt and higher repayments per month. working off your current savings capacity of 1000 a month now, you while paying off your loans you will be able to save 12k in a year. does your student loan have an interest component to it? If not, you can carry that debt the way you are, presuming you pay off the 83 per month you will have the debt for another 8 years. thats ok if there is no interest attached, however if ther is interest attached you may want to clear it sooner. Also with the washer dryer purchase there would be a interest component, this loan needs to be paid of as soon a practical to reduce the amount you actually spend. If it came with an interest free period try to pay back all you can prior to that deadline as the interest is generally pretty high after it.
you also need to determine if you will be able to pay off a home loan. I dont know what you have in savings but you need to be able to pay off the interest on the mortgage and some of the actual mortgage to keep above water, you may no have enough income to do that. if you cannot afford to pay back the interest and part of the mortgage on the repayments renting is definately an option. With renting you are only paying what you have to with no interest therefore your savings capacity is theorhetically higher (presuming that your mortgage would have higher repayments per week/month including interest and a percentage of the loan). this way by renting for a bit longer you will have more capital for the initial purchase of the loan mening you can either purchase more of a loan, or purchase a loan that is a lot less than what you would have x years previous therefore reducing the monthly repayment amount.
i suggest you see a professional and have an analysis of your situation do to see if you can afford a loan and when you can comfortably get one.
All the best |
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Down to earth33
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Me and my husband were in your shoes and we bought a house because you will not see a buyers market this good in our lifetime again. You can never go wrong with a realistate investment. As a matter of fact it is the only thing I would invest in with this economy. If you can do it with out going out of your means then do it.
PS Our home sold two years ago for 120K It was on the market for 70K and we bid 50K and got it for 58K! So give a bid you are embaressed of and you just might get it. My rent used to be $700 a month now we are in a better neighborhood with great schools and pay under $600 including taxes and home owners ins. |
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Rich
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Pay off the debt asap. You are paying interest on that loan. Get debt free, then look for a house. Good luck* |
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cee bees
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Get out of debt first-you're only talking 9-10 months-it looks good for your credit that way. It's going to be very hard to qualify for a house loan now. You should never feel a rush to do something that you would not consider your prior obligations-those debts that are hanging over your head. |
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wizard_of_trance
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I would pay back your debt first. It will make your credit score very good which will lower your interest payment significantly when you do go for a home owner loan. If you go the other route and not pay it.. it will work in reverse.. higher interest rates lower credit score. |
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Shelby M
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you should pay back the loans before the economy gets too bad. get a steady loan payment and after think about buying a house once the market gets more stable |
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deleted
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Definately pay the debt. |
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totallyconfused27
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Pay your debts then but a home. . .you don't want to have all that debt out there. . . |
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DungeonMistress
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you should definitely pay off the debt you already have before you incur an even larger one. not to mention paying off that debt will improve your credit score, making a lender more likely to give the loan for a new home. best of luck to you! |
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