Will a students-loan hurt the chances of getting a mortgage? This column replies and gives answers on this problem. At first, lenders do not only look at what you owe, but also at your income. On the basis of your income they determine how much you can loan. Of course they do not only look at your repayment of the mortgage, but also at the taxes and other debts. So you won’t have too many money problems.
Another important factor: the more money you can put down, the bigger your chance will become you will get a mortgage. That’s because the lenders don’t want to take too many risks. Also important is your credit score, and in this part the student loan could be a problem, but not necessarily. And that is because a student loan is more favourably than a credit-card debt.
Owing a lot of money in instalment debt isn't going to hurt your credit score as much as maxing out your credit cards. And now we arrive at the important part of the column. “Young people get often problems, because they blow off their student loans” !!!! And that while you have more support by the government when you have a student loan than when you owe a current mortgage.
To help out the students with their loan-problems they can also do this:
-if you can’t find an income, ask your lender to spread the repayment.
-if you have an income, but it is too low, you can ask too the lender to repay the loan by proportion of your income.
It’s nice to know that there are several options to lend money or get a mortgage for young families. Often are these aids not well-known and aren’t there a lot of people who can use it. That’s I think also a problem in Belgium. The reason of this silence is to make sure that the mortgage companies and banks, won’t lose to much money.
Another important factor: the more money you can put down, the bigger your chance will become you will get a mortgage. That’s because the lenders don’t want to take too many risks. Also important is your credit score, and in this part the student loan could be a problem, but not necessarily. And that is because a student loan is more favourably than a credit-card debt.
Owing a lot of money in instalment debt isn't going to hurt your credit score as much as maxing out your credit cards. And now we arrive at the important part of the column. “Young people get often problems, because they blow off their student loans” !!!! And that while you have more support by the government when you have a student loan than when you owe a current mortgage.
To help out the students with their loan-problems they can also do this:
-if you can’t find an income, ask your lender to spread the repayment.
-if you have an income, but it is too low, you can ask too the lender to repay the loan by proportion of your income.
It’s nice to know that there are several options to lend money or get a mortgage for young families. Often are these aids not well-known and aren’t there a lot of people who can use it. That’s I think also a problem in Belgium. The reason of this silence is to make sure that the mortgage companies and banks, won’t lose to much money.
Els
1 opmerking:
I think this is a very interessting article. Most of the young couples are looking for good mortgages but don't have enough of money to get one. This article shows that they do have some options, but are not always given to them.
Kathleen
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