Student Loan Debt Bogging You Down? Here is How to Get a Mortgage
Posted by West + Main Homes on
Many college graduates hoping to buy a home wonder how to get a mortgage while dealing with student loan debt.
In fact, 41% of college-educated Americans with student loans report having postponed buying a home because of their debt, according to a recent survey by Student Loan Hero, a service that helps people pay off their student debt more efficiently. Making matters worse, student debt surged 56% from 2004 to 2014, to an average of $28,950 per borrower, reports the Institute for College Access & Success.
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Understand Debt-To-INcome Ratio
Your debt-to-income ratio, or DTI, correlates how much money you owe on student loans, credit cards, car loans, and home loans) to your current income.
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