Purchase a home, or get out of debt first?

Jump to Last Post 1-5 of 5 discussions (5 posts)
  1. Mersaydee profile image61
    Mersaydeeposted 14 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 image64
    jennshealthstoreposted 14 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 image61
    Mersaydeeposted 14 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 image60
    green tea-cherposted 14 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 image60
    Miranda Foxposted 13 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.


This website uses cookies

As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://corp.maven.io/privacy-policy

Show Details
HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
LoginThis is necessary to sign in to the HubPages Service.
Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
AkismetThis is used to detect comment spam. (Privacy Policy)
HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
MavenThis supports the Maven widget and search functionality. (Privacy Policy)
Google AdSenseThis is an ad network. (Privacy Policy)
Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
Index ExchangeThis is an ad network. (Privacy Policy)
SovrnThis is an ad network. (Privacy Policy)
Facebook AdsThis is an ad network. (Privacy Policy)
Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
AppNexusThis is an ad network. (Privacy Policy)
OpenxThis is an ad network. (Privacy Policy)
Rubicon ProjectThis is an ad network. (Privacy Policy)
TripleLiftThis is an ad network. (Privacy Policy)
Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)
ClickscoThis is a data management platform studying reader behavior (Privacy Policy)