Clean N Dry Today

Clean N Dry Today

  • Home
  • About Us
  • Residential Cleaning
  • Commercial Cleaning
  • Blog
  • Contact Us

Recent College Grad? Learn How to Successfully Juggle Student Loans and a New Mortgage

December 10, 2015 by Clean N Dry Today

Recent College Grad? Learn How to Successfully Juggle Student Loans and a New MortgageIf you recently graduated from college and are about to become a homeowner, you’re in a somewhat unique position. You’re about to embark on a great journey, but at the same time, you’re also taking on an awful lot of debt. That said, it is possible to successfully manage a high debt load if you’re careful.

So how can you make sure you can pay your mortgage, your student loans, and your mortgage expenses – all without losing your mind? Here’s what you need to know.

Make Sure You Have An Emergency Fund

Managing a high debt load isn’t necessarily a challenge if you have a consistent income stream. But if interest rates rise on your floating mortgage, if your portfolio doesn’t do as well as expected, or if you lose your job, you may find yourself unable to pay your expenses without dipping into your savings. That’s why you’ll want to establish an emergency fund – a spare supply of cash you can live on for 6 months or longer, if necessary.

Extra Cash At The End Of The Month? Attack High-Interest Debt

Mortgage rates are at a historical low right now, which makes now a great time to become a homeowner – but if you’re going to carry a mortgage and student loans, you’ll need to be smart about how you repay your debts. High interest rates can quickly add up and eventually crush you, which is why your debt with the highest interest rate should be your primary priority. This is most likely your student loan – so if you have some extra money left over at the end of every month, put it toward your student loan first.

Never Roll Student Loans Into A Mortgage

Some young people seem to think that getting a mortgage is the answer to student debt. By rolling your student loans into a mortgage, you can worry about just one monthly payment instead of two. The problem with this thinking, though, is that your student loan is probably the size of the principal on a mortgage – and you’ll have to stretch your loan term out farther in order to afford the monthly payments.

This means that you’ll pay more money in interest over the long term. Your mortgage loan is also a loan with more severe consequences for missing a payment. If you miss a mortgage payment, you can get evicted from your home – but if you miss a student loan payment, they’ll just take your tax return.

Paying off a student loan and a mortgage at the same time is a daunting task, but it is possible. Talk to a mortgage professional near you for more repayment strategies that work.

Filed Under: Home Mortgage Tips Tagged With: Home Mortgage Tips, Mortgage Payments, Mortgages

Connect with Us!

Service Areas
Discounts
5 Reasons
Emergency Service
CC Accepted

100% Guarantee!

Clean N Dry Today Guarantee
If you for any reason you’re not completely thrilled by our cleaning or our service for any reason just call us within 14 days of the original cleaning date and will rush back out free of charge and re-clean any and all areas of concern no questions asked!
Our mission is to provide you with the Deepest, Driest, and Most Effective Cleaning Ever!

Want us to Contact you?

  • This field is for validation purposes and should be left unchanged.

100% Guarantee

If you for any reason you’re not completely thrilled by our cleaning or our service for any reason just call us within 14 days of the original cleaning date and will rush back out free of charge and re-clean any and all areas of concern no questions asked! Our mission is to provide you with the Deepest, Driest, and Most Effective Cleaning Ever!

Recent Articles

  • What’s Ahead For Mortgage Rates This Week – February 6, 2023
  • 3 Reasons Why Buying an Investment Property Is the Best Way to Build Your Net Worth
  • S&P Case-Shiller Home Price Indices: Home Prices Fall In November

Connect with Us

Copyright © 2023 · Powered by MySMARTblog