School is behind you and you've been lucky enough to land a decent job, but cutting monthly rent checks is getting old fast. Is it time to bite the bullet and finally buy a place of your own?
The decision would be a lot easier to make if it weren't for those big student loans hanging over your head. So, should you pay off the student loans faster or put more of your hard-earned money towards a larger down payment?
If you've found a home you love, why not go for it? As long as you have a 6-month emergency fund and enough cash to cover at least a 10 percent down payment, it's not absolutely necessary to have your student loans paid off before buying a home. It would be nice, but it's not a requirement.
After all, student loans are relatively cheap, and remember that the mortgage interest you pay on your home loan will be tax deductible. Just make sure you're truly prepared to handle all the "unexpected" expenses of homeownership- they can be eye-opening!
The decision would be a lot easier to make if it weren't for those big student loans hanging over your head. So, should you pay off the student loans faster or put more of your hard-earned money towards a larger down payment?
If you've found a home you love, why not go for it? As long as you have a 6-month emergency fund and enough cash to cover at least a 10 percent down payment, it's not absolutely necessary to have your student loans paid off before buying a home. It would be nice, but it's not a requirement.
After all, student loans are relatively cheap, and remember that the mortgage interest you pay on your home loan will be tax deductible. Just make sure you're truly prepared to handle all the "unexpected" expenses of homeownership- they can be eye-opening!
