Can Your Debt Really Interfere with Purchasing Your First Home? (Mythbust)
Many people assume that if you have any debt at all, it’s going to be almost impossible to buy a home. When you look at your debts, you automatically look at the whole number — which can be daunting. You see your student loan debts of $90,000, or you look at your car debt of $18,000, and you immediately get overwhelmed. With this amount of debt, you wonder if you’ll ever be able to qualify for a loan.
Looking at the full amount of your debt is exactly what’s holding you up from moving forward. That $90,000 in student debt makes you feel stuck, and make you feel like you’ll never be able to take the next step in your life. However, I have some AMAZING news for you! A lender doesn’t look at the full amount of debt you’re in! It’s true — they only look at what you pay monthly towards that full amount. Instead of constantly worrying about the full amount of debt you owe, you really only need to look at what you pay monthly. So, instead of seeing $90,000, you now see $200. That’s a huge difference!
Now, as long as you’re paying your monthly payments — and not letting anything go delinquent — then you’re on your way to moving forward and buying your first home!
Of course, the fewer things you owe on, the more you will qualify for in terms of a mortgage. Therefore, try to stay away from buying new cars or racking up those pesky credit cards. Keep making those payments on time, only look at your monthly payments, and call a lender today to see what you can afford. After you’re qualified, you and I — or your chosen real estate agent — get to go look at homes!
About the Author:
KYLIE ELLIOTT
FIRST TIME HOMEBUYER SPECIALIST, REALTOR®
928-848-8922 || kylie@prescottrealty.com
Kylie specializes in helping people who want to purchase their first home someday that might be currently feeling overwhelmed, scared, underprepared, lost or uneducated. She’s passionate about guiding her clients through a journey that’s exciting, fun and super rewarding! Kylie believes you shouldn’t have to go through it feeling alone.
Can Your Debt Really Interfere with Purchasing Your First Home? (Mythbust)
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