Scott Ellis | Loan Officer

Homeside Financial

  • Home
  • About
  • Blog
  • Resources
    • First Time Buyer Tips
    • First Time Seller Tips
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage Glossary
    • Mortgage FAQ
  • Apply
    • Short Form
    • Full Application
  • Contact Us
You are here: Home / Home Buyer Tips / Worried That Your Past Student Loan Debt Might Delay Buying a Home? Here’s What to Do

Worried That Your Past Student Loan Debt Might Delay Buying a Home? Here’s What to Do

October 25, 2017 by Scott Ellis

Worried That Your Past Student Loan Debt Might Delay Buying a Home? Here's What to DoWhether you are just about to graduate college or you have been out of school for a few years, there’s a good chance you’re carrying some amount of student loan debt. It seems that news headlines are regularly pointing out that the nation’s graduates are suffering from the stress of student debt. Moreover, that pressure can be even worse for those who are looking to buy a home and start putting some roots down in the local community.

Are you worried that past student loan debt will affect your chances of buying a home? Let’s run through a few tips that can help put your debt worries at ease.

Start A Budget And Embrace Using It

The first and most important step anyone with debt can take is to commit to a monthly budget. Managing your debts means living within your means. In turn, that requires careful examination of your income and expenses to ensure your debts are being paid down.

Also, in most cases, interest is being charged on outstanding student loan debt which makes it a high priority for repayment. The faster you can pay your student loan debt off, the less interest you will pay on top of it.

Check In With An Expert Advisor

If all of this seems confusing, you’re not alone. The good news is that there are expert debt and financial advisors that can help you to make sense of it all. They will help you to understand exactly where your money is going each month and what kind of financial discipline you’ll need to clear the path to home ownership. Many are provided by local or state governments at no cost, so be sure to check out your local options.

Reach Out To Friends And Family

Don’t forget that friends, colleagues and family members can be a great source of advice and support. Close family members may also be willing to lend a hand financially to get you out of renting and into your own home. Also, be sure to check in with former college classmates who have gone on to buy homes in the area. They’ll be a great source of information.

While past student loan and other debts can crimp one’s finances, they are no reason to put off home ownership indefinitely. For more information, contact your trusted mortgage professionals.

Filed Under: Home Buyer Tips Tagged With: Buying a Home, Down Payments, Home Buyer Tips

Scott Ellis Profile Photo

Contact Scott


Mortgage Loan Officer

Call (312) 218-4141

NMLS #133371
I am licensed in Arizona, California, Florida, Illinois, Indiana, Michigan, Minnesota, Tennessee, Wisconsin.

Homeside Logo
Homeside Financial NMLS #1124061

Connect with Scott

How can we help?

  • This field is for validation purposes and should be left unchanged.

Browse Articles by Category

Recent Articles

  • The Top Tips To Remember When Moving
  • Call in the Pros: 4 Ways That Using a Mortgage Professional Will Save You a Lot of Money
  • The Type of Home You Want to Buy Determines Your Closing Cost and Here’s Why
  • What’s Ahead For Mortgage Rates This Week – August 8, 2022
Equal Housing
Scott Ellis NMLS: 133371
Licensed in AZ #0950513; CA #CA-DBO133371; FL #LO38561; IL #031.0001848; IN #29673; MI #133371; MN #MN-MLO-133371; TN; WI #133371

Licensing

An Illinois Residential Mortgage Licensee, Is Regulated by the State of Illinois Department of Financial and Professional Regulation, Division of Banking located at 100 West Randolph Street 9th Floor, Chicago IL 60601, Mortgage Banking Examinations Phone 312-793-3000

Our Location


1323 Butterfield Rd.
Downers Grove, IL 60515

Copyright © 2022 · Powered by MySMARTblog