i am a graduate, i should be paying my student loan back when i get a job, but would i still be able to get a loan for a new house, if so how?
2006-07-09 15:33:24 · 7 answers · asked by pinkblush21 1 in Business & Finance ➔ Personal Finance
Yes if your income allows for it....to get a mortgage you have to provide all financial info and then they make a decision....I still have loans that I am paying back and own a house.
2006-07-09 15:37:32 · answer #1 · answered by jpxc99 3 · 0⤊ 0⤋
Honey, if you have just graduated, buying a house probably should not be a major focus at this time. There are too many other things for you to be focusing on. The first is to create a budget: fixed & discretionary costs. My advice cames from being in financial aid for almost 20 years & I have seen many young & sometimes foolish graduates make poor choices. With your recent graduation, my advice is to continue to live like a poor college student & develop some kind of savings--OR if you have credit card debt pay that off completely before your student loans come due. For your sake, do NOT buy a new car--use that as a reward of some kind. And getting a house now could be compared to a ball & chain around your financial leg & foot. There are many more & higher costs associated with home ownership than just the mortgage. Hope you can follow this advice!
2006-07-09 15:45:06 · answer #2 · answered by alicia c 1 · 0⤊ 0⤋
I assume you now have a job,and can make payments.
You go talk to your bank, credit union, or the mortgage lender of your choice. They will tell you if they will loan you money, knowing what you make and what you already owe.
Just because someone will loan you money does not mean it's a good idea to borrow it right now. Although interest rates are lower right now than they wil be later, housing prices are at an all-time high right now, and the housing bubble is collapsing. You should see housing prices fall dramatically during the next year.
It may make sense to rent and pay down your student loan for a bit.
2006-07-09 15:42:48 · answer #3 · answered by Computer Guy 7 · 0⤊ 0⤋
I don't think you have to start paying your student loan back until you're earning over £16,000 a year, by which stage you'll have no problem getting a loan for a house. Try http://www.blackhorse.co.uk, I got a loan for my car through them, and they seem very flexible and helpful.
Congratulations on graduating by the way.
2006-07-09 15:40:18 · answer #4 · answered by Burnsie 4 · 0⤊ 0⤋
Yes. It depends upon the amount of your debt (personal and student loan) and the amount of money you are making. Rule of thumb is You can spend 36% of your income on total loan ( personal, student loan and mortgage) and out of that up to 32% can be mortgage loan. A mortgage broker can qualify you for up to 50% instead of 36% depending on your FICO score and credit record.
2006-07-09 15:48:57 · answer #5 · answered by Bob K 1 · 0⤊ 0⤋
You can borrow about 3x your salary depending on which Co arranges your mortgage. Any outgoings of which your student loan will be one, are taken into account. You should have enough income to cover your mortgage and living expenses otherwise you will run the risk of being repossessed if you cannot keep up the payments. Ensure you can afford it before you commit it only makes sense to protect your investment.
2006-07-15 23:30:57 · answer #6 · answered by xbkw46 4 · 0⤊ 0⤋
Go see your bank, and if they won't help you, take you business elsewhere. Good luck
2006-07-16 12:08:36 · answer #7 · answered by A G 4 · 0⤊ 0⤋