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Pay Of Debt Before Buying A House?
Kiona’s Question:“Is it smarter to pay off your debt (college, credit card) before buying a house? I feel that if I wait until I can pay off these debts - college loan is as much as a car loan - that we will be renting well into our 50's. What do you think?”
This is a great question and I get asked this question frequently…
Roll up your sleeves and get out a paper and pen if you can, because I have to run you all through a number of scenarios in an effort to get you to your answer.
I need to ask you some very important questions about your current debt and savings, can I do that? Great! Let’s start with your current debt - Are you in a position now where you are struggling to pay off your current debt? Struggling is a deceptive word, what I mean by that is – are you paying only the MINIMUM payments on these loans at this time?
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By Stephen & Katelyn SwiatekKiona’s Question:“Is it smarter to pay off your debt (college, credit card) before buying a house? I feel that if I wait until I can pay off these debts - college loan is as much as a car loan - that we will be renting well into our 50's. What do you think?”
This is a great question and I get asked this question frequently…
Roll up your sleeves and get out a paper and pen if you can, because I have to run you all through a number of scenarios in an effort to get you to your answer.
I need to ask you some very important questions about your current debt and savings, can I do that? Great! Let’s start with your current debt - Are you in a position now where you are struggling to pay off your current debt? Struggling is a deceptive word, what I mean by that is – are you paying only the MINIMUM payments on these loans at this time?