Purchase a home, or get out of debt first?

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  1. Mersaydee profile image60
    Mersaydeeposted 8 years ago

    Purchase a home, or get out of debt first?

    Do you think it's wiser to pay off debt first and rent a home, or to purchase a home and begin investing in that and pay your debt down over two to 3 years?

  2. jennshealthstore profile image89
    jennshealthstoreposted 8 years ago

    If you could afford a mortgage payment, then it might be wiser to buy then to rent. If you are renting, then all that money that you could be using to pay off your mortgage will be used to pay rent to somebody else. You can always consolidate your debt after you purchase your house which might save you some money. On the other hand, it might depend on the interest rates you would get on good credit vs not so good credit.

  3. Mersaydee profile image60
    Mersaydeeposted 8 years ago

    Definitely some things I've thought about as well.  Thing is my rent is dirt cheap and it really is a better option than buying.  Building equity in myself rather then for someone else can be frustrating though.

  4. green tea-cher profile image59
    green tea-cherposted 8 years ago

    Figure out the amount of the mortgage payment you can reasonably afford. If you buy a home you also must take into account the property taxes, utilities, and essentials such as lawn mower, appliances and draperies. Some of these items may come with the house.  If the mortgage plus expenses is similar to what you are paying in rent, then purchase may be a good decision. If mortgage plus expenses is quite a bit more than your current rent, look at how much disposable income you will have to pay your debt down and have enough money left for regular living expenses.   If your debt has a low interest rate,  you can pay it down gradually.   If your debt is at a high interest rate, try to pay it down as soon as possible.

  5. Miranda Fox profile image58
    Miranda Foxposted 7 years ago

    Considering most banks take into account your debt-to-income ratio, you could probably afford more home or get a faster loan approval if your debt is paid off.

 
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