How does having a high balance for student loans effect your ability to get a home loan?
20k worth of loans. The payments start this month.
Tags: ability, Balance, Effect, Having, High, home, Home Loan, loan, Loans, Student, Student Loan20k worth of loans. The payments start this month.
Tags: ability, Balance, Effect, Having, High, home, Home Loan, loan, Loans, Student, Student Loan
It will affect your debt to income calculation which is a HUGE factor in determining the size of the loan you can afford.
Take your salary. Double it, subtract out the student loans, car loans and credit card debt.
The result *might* be the amount of home loan you can take out. Add to this your 10-20% downpayment and you’ll get an idea of hte house you can afford.
Seriously, pay the student loans first, then look for a house.