Real Estate Tips For First Time Home Buyers

Buying your first home is exciting, stressful and maybe a little bit scary.  Especially if you have thousands still owed in student loans.  Don't be deterred, it is absolutely possible to buy a home while still paying back your student loans.  Keep reading to learn more about real estate tips for first time home buyers, and click this link to read the full article.

1. Get control of your student loans

Millennials are the first generation who are entering homeownership already saddled with paying thousands of dollars in student loan debt. The average age of a first-time buyers is 33. And borrowers in their 30s and 40s have the highest levels of student loan debt of any group, owing an average of $31,000, according to the Federal Reserve. No wonder adding a mortgage payment to high student loan debt feels overwhelming for some new buyers.

It is possible to buy a home while repaying student loans if other debt like credit cards and car loans are low relative to your income. If you have been out of college for a few years and still haven’t refinanced your private student loans, now is the time to lock into a lower rate. The Federal Reserve is expected to raise interest rates three times in 2017, which will also increase other consumer rates like student loans. Refinancing now rather than later could help lower overall payments.