House to Home

Buying With Student Loan Debt

Posted by Kimberly Shane on 2/27/18 6:45 AM

Buying with Student Loan Debt

We have spent the last few weeks talking about the consequences of student debt on our children’s futures. But if you are in a situation like mine where the decision was already made and you have accumulated a considerable amount of student debt, you are left wondering how that might limit your future. One might wonder, “could I buy a house someday despite my debt?” In fact, an article on Bankrate quotes the managing director of survey research and communications for NAR (National Association of Realtors), Jessica Lautz, “of those who don’t own a home, 83 percent of those say that student loan debt is holding them back from purchasing a home.”

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Topics: Loans, Finances, Money, student loans, financial, debt, debt to income ratio

The Piggy Bank: Haunting Debt

Posted by Kimberly Shane on 2/22/18 6:45 AM

The Piggy Bank: Haunting Debt

Do you know what the two largest consumer debt amounts are comprised of? If you have been paying attention to these Piggy Bank blog posts over the last couple weeks you can likely guess one of them. Americans owe more than $1.3 trillion in outstanding student loans, according to Consumer Reports. They go onto tell us that, it’s “the second largest consumer debt, surpassed only by mortgages”. While a college education can cost as much as a mortgage they vary in ability to manage. 

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Topics: Loans, Finances, Money, student loans, financial, financial security

The Piggy Bank: Effects of Student Loan Debt

Posted by Kimberly Shane on 2/9/18 4:00 PM

The Piggy Bank: Effects of Student Loan Debt
Today’s topic is something that is near to my heart. Student loan debt has had a significant effect on my life and the lives of many other Americans. In fact, “today, there is a student debt class like no other: about 42 million Americans bearing $1.3 trillion in student debt”, according to Consumer Reports, “that’s altering lives, relationships, and even retirement.” This is found especially true in our industry of home financing, Ryan Ramsey, one of Stockton Mortgage’s top Mortgage Bankers recounts, “I have had many conversations with college graduates, that due to student loan debt, it will be years or decades before they will be able to buy a home.” Obtaining loans to cover one’s education costs is often a decision made early in our adult lives and sadly, as mentioned several times in this series of blog posts, young people don’t have enough knowledge when it comes to their finances to make solid, confident decisions. So, we find that many end up in a situation far from what we imagined—what we trusted, our college education, to give us a better future than that of our parents, leaves us with a large monthly bill and fear of inability to pay. In fact, Consumer Reports shares that many do end up defaulting in their payments, “one in four borrowers are behind in their payments, according to the Consumer Financial Protection Bureau, with an estimated 7.6 million in default.”
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Topics: Loans, Finances, Money, student loans, financing, financial

What Makes Up A Mortgage Payment?

Posted by Kimberly Shane on 12/6/17 6:45 AM

What makes up a mortgage payment?

Your mortgage is likely one of the largest bills you pay or will be paying when it comes to your monthly expenses so it would only make sense to know what makes up that mortgage payment. As we review this, please keep in mind that everyone’s circumstances are different and the example we are going to look at is only to serve as an example and not necessarily the way your specific mortgage payment breaks down. That is why you get to work with a specific loan officer who can help answer questions that are specific to your circumstances. I digress. Let’s look at an example of a mortgage payment breakdown.

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Topics: Loans, Mortgage, Home Loans

20% Down Payment… Says Who?

Posted by Kimberly Shane on 6/6/17 6:30 PM

20% Down Payment… Says Who? 

In a world where we rely on credit to get what we want; having to save for a down payment on a home almost seems foreign. Especially when it comes to your first home, if someone tells you a 20% down payment is needed —they might as well be from another planet! You all, that is $40,000 on a $200,000 home; for that amount you could drive off the lot with a brand-new car and not owe another penny!

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Topics: Loans, Mortgage, Home Loans

Mortgage Math Explained

Posted by Morgan Saylor on 7/26/16 8:30 PM

If math frighten you, as it does many people, don’t let it deter you from the goal of home ownership.

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Topics: Loans, Mortgage, Home Loans, Home Buyer, how-to, down payment, home buying, mortgage math, monthly payment

Your Job, Your Mortgage

Posted by Morgan Saylor on 5/31/16 8:30 PM

Did you know your job has some bearing on your ability to be approved for a mortgage? Truth.

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Topics: Loans, Home Loans, employment

More Ways to Down Payment

Posted by Morgan Saylor on 5/11/16 7:30 PM

Coming up with a down payment for the home of your dreams might seem intangible, but luckily there are more ways than one to go about it.

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Topics: Loans, assistance, downpayment, downpayment assistance

Explanation Letter: Explained

Posted by Morgan Saylor on 5/4/16 8:30 PM

If you’ve begun the process as a first time homebuyer, at some point or another, you could be asked to provide a Letter of Explanation. If it sounds scary – know that it’s not.

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Topics: Loans, First Time Home Buyers, Home Loans, home buyers, letter of explanation

The Skinny on Student Loans

Posted by Morgan Saylor on 4/4/16 7:30 PM

Student loan debt is a hurdle facing many millennials as they become interested in becoming first-time homebuyers. But is it a hurdle that can’t be overcome? Here’s the skinny on student loan debt and mortgages.

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Topics: Loans, Mortgage, First Time Home Buyers, Credit, student loans, Home Buyer, reduce, DTI, debt

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