Top Tips For Purchasing A Home If You Have Student Loans

Up to half of all student loan borrowers that are in debt say that the debt is a roadblock to becoming a homeowner. The study was carried out by the American Student Assistance, a Boston-based non-profit, and involved 1,934 borrowers. Fortunately, there are a few things you can do to tilt the odds of becoming a homeowner in your favor – even if you have more student loan debt than you care to admit.

Buy a cheaper home

It might sound like simple advice, but only buy a home that you can afford. If it’s in a state that you feel lacks standards, then you can get involved in some home improvement. Also make sure you play the market and wait for a great option to come along with a desperate seller.

Decrease loan repayments

Get in touch with the loans company and ask for your monthly loan payments to be decreased. This can give you the much needed money to pay the mortgage every month. The disadvantage is that it will take longer to pay off your loan.

Improve your credit score

When banks do background checks before handing out a mortgage the credit score will be scrutinised. Therefore, if you have any credit card debt that you have been putting off, then now is that time to pay it off.