Student Loans Can Hurt You
Besides a home purchase it is likely that student loans are the largest debt on your credit report. You’ve invested a fortune of borrowed money into your education, now you are faced with trying to pay off or lower your payments in order to purchase a home. If you have several thousand dollars of student loan debt it can cause you to be denied a mortgage loan.
Many times mortgage companies work with borrowers to attempt to consolidate several things into the mortgage. Student loans, car payments, home insurance, and taxes are all items that you should ask your mortgage lender about. If you can add more items into your mortgage payment, it can help relieve the stress of several payments each month and possibly save you money.|