You can buy a home, get approved for a mortgage loan, and still make good on your student loans.This post discusses student loans and debt; and, is the next in a series meant to help first-time home buyers buy their first home and get approved for their first mortgage.
for home improvements, they put all their debt into a single bond, paying it off in most cases by means of monthly debit orders.
He says this means that their interest rates are limited to around nine or 10 percent.
That's where debt consolidation and other financial options come in.
Consolidate Your Debt Now Debt consolidation is combining several unsecured debts — credit cards, medical bills, personal loans, payday loans, etc. Instead of having to write checks to 5–10 creditors every month, you consolidate bills into one payment, and write one check.
First, you may be able to get a lower interest rate on your consolidation loan than you were paying on your various other debts.
With interest rates on credit cards often ranging from 12-18 percent, that can produce a real savings.
Many would-be buyers aren't even applying -- worried that their debts will make homeownership impossible.
The truth, though, is that homeownership and student debt aren't mutually-exclusive.
This is according to Bill Rawson, Chairman of the Rawson Property Group, who says this tactic is one which many shrewd people, particularly the younger management sect, have been adopting over the last decade.
He says instead of paying huge interest rates on hire purchase items such as cars and on personal loans, e.g.
This system, operating on such a low interest rate charged, does give significant savings without any need for the payment period of the bond to be increased.