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Similar to when you are being sold any product or service, be sure to read the fine print, understand what you are buying, and consult a licensed professional if you have any concerns.
Student Loan Hero is not a lender or investment advisor.
Homeownership drastically limits that kind of freedom.
Renting gives you the flexibility to change careers and move to new cities on a whim.
You could also rent out your house, but you may not want the experience of being a landlord. We know that everyone tells you that you’re pouring money down the drain when you rent, but there’s also no need to rush into homeownership.
If your job is unstable, if you’re contemplating a major career or lifestyle change, or if you’re just plain not sure where you see yourself in the next few years, then it’s best to wait before committing to owning a home. If your finances are out of shape or you’re not sure of your long-term plans, then it’s okay—even advisable—to wait until you have more security and clarity before committing to something as large as buying a home. Aside from the prospect of building equity—which is certainly a factor to consider—you could also quite literally get more for your money by buying instead of renting.
From this starting point, there is an array of factors that you should consider. If your front-end DTI is significantly less than 28%, then that’s a good sign that you might be ready to take on the commitment of a mortgage while still being able to pay back your student loans responsibly. Or, if you’re currently by yourself and you simply want more room, then you could always take on a roommate to help with the mortgage payment, thereby allowing you to channel that extra money into paying back your student loans and meeting other financial goals. Student loan interest rates tend to be lower and allow an extended repayment period.
The more of these criteria that you meet, the better. They’re also unsecured, which means that you don’t risk losing any personal collateral should you need to stop paying them for a certain time.