Getting A Mortgage Loan Despite Student Debt
According to StudentLoanHero.com, high outstanding student loans can keep you from qualifying for a mortgage loan, but here are two quick ways you can improve your chances of getting approved.
Refinance Your Student Loan. Federal loans offer benefits such as income-driven repayment options and access to loan forgiveness or cancellation. You can consolidate your loans into one payment, but the interest rate won’t change. If you refinance with a private lender, you’ll lose those benefits, but you could go from paying 8% to as low as 3.25% interest, giving you lower monthly payments that save you thousands of dollars.
Improve Your PITI and DTI. The lender wants to know one thing – can you afford a…