Between my wife and I, we still owe a total of about $40,000 in student loans (started with $90,000!). Our interest rate averages about 5% (These are private student loans, not federal). We live in Orange County where the during the height of the economy, the average prices for a normal sized house was around $800,000 (ball parking that figure). Now that the economy is tanked, the same houses can be found between $150,000 to $350,000. We currently are putting ALL of our spare income towards the student loans to get out of debt as fast as possible, but I'm wondering: does it make sense to stop this method, start making only the minimum payments, and start saving all of our spare income for a down payment on a house before the market starts picking back up? I fear that if I don't try to save up for a down payment in the next 2 years, I may miss out on a really good interest rate/deal on a house. If we focus on the loans, they will be payed off in 1.5 to 2 years, then it will take another 2 years to save for a decent down payment on a house. If I choose to pay off my loans first, what are the chances that the good deals on interest rates for houses will go away? Even if the interest rates rise as much as 1% higher on housing loans, wouldn't that make me lose more money in the long run vs. what I would have lost in interest in the student loan? Any advice is appreciated!
I would do two things. First I would go see a local competent loan officer and go over everything with them. See what is the quickest I could qualify and buy a house I would like to own. Your student loans will count against you and may delay that. I don't think you have two years time to catch the low prices. I think you may have one year at most. and the interest rates may also uptick at the same time and effectively cause the payments to jump up a lot over a two year period if you wait that long.
Pay off the student loans first. Live like a student for a couple of years and pay off those loans. Then save up for a home. Why? Because you are decreasing risk, you are saving interest and you will be far ahead of your former classmates. Pay off the loans in a couple of years. Then buy that house in a couple of years after that. Don't let a nice new salary allow you to be fooled into the seeking out the new "American Dream": Mountains of debts and payments on houses, cars, furniture, vacations, etc... My wife and I sacrificed a lot of stuff for the first couple of years of our marriage. We paid off our wedding, some debt she had acquired, paid off some real estate rental property losses from a property that should never have been purchased and other stuff. You may read that and think that you won't make those same errors. But, debt has a way of creeping into you life. We don't owe for anything except a little of one house, we have savings in the bank, we have two paid for cars, we are remodeling our home with cash, we go on vacation wherever we choose,etc... Just live small while and pay off as much that you can. This of course means you also need to have a emergency fund, saving for retirement and have life insurance if you have any dependents.
I didn't read your rant. The answer to your question is that you should pay off your loans.
IDIOT! DO NOT BUY A ******* HOUSE IF YOUR West Virginia DEBT ALL READY.. DO YOU TO BE BROKE
Idk what u should do. however, personnaly if i was in debt i wouldnt buy a house
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