How to Get a Mortgage With Student Loan Debt (Yes, You Can)

Many college graduates hoping to buy a b57cb3fe060b4e365f4756e99b2b4287w-c273506xd-w640_h480_q80home wonder how to get a mortgage while saddled with student loan debt. Is it even possible to take on more monthly bills when you’re already haunted by college tuition? Turns out it is, in spite of how bad things look.

And yes, we know it looks quite bad. 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.

Nonetheless, owning a home is still well within reach for many—here’s how to qualify for a mortgage while juggling college debt.

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4 Home-Buying Mistakes That Trip Up Unmarried Couples

First comes love, then comes … a mortgage?! home-buyer-coupleThat’s right: Many couples are buying a home together before tying the knot. In fact, 1 in 4 homeowners said they purchased a home with their significant other before marriage, according to a 2016 survey by TD Bank. And that’s presuming they end up tying the knot after all; many continue cohabiting without ever heading down the aisle.

But getting a home loan as an unmarried couple presents some unique financial challenges. For starters, you need to consider the possibility—slim though it might seem—that you might break up one day. Yes, these things happen.

You, as an individual, need to take steps to protect your investment. So, before buying a home with your significant other, make sure not to make these common mistakes.

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How to Buy a Home With No Money Down (You Really Can!)

Drumming up money for a down paymentbroken-piggy-bank-628x354 on a home can feel like a lost cause: After you’ve shelled out money for rent, gas, groceries, and other expenses, you might have little or nothing left over. Which may have you fantasizing: Is there some secret out there, somewhere, that could show you how to buy a home with no money down?

Believe it or not, it’s not just a pipe dream.

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How to Sail Through the Home-Closing Process Without a Hitch

Few steps in the home-buying process are mortgage-closing-process-4as stressful as the closing. While some jurisdictions refer to closing as “settlement” or “escrow,” it’s essentially the same wherever you go: that pivotal moment when all parties meet to transfer ownership of a home from seller to buyer, and all the money required to make that happen changes hands.

And if you got a mortgage, your lender will no doubt be involved, too. So what can go wrong that could stall this process? A whole lot, if you aren’t prepared!

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How to Shop for a Mortgage

Ready to go shopping … for a mortgage? how-to-shop-for-a-mortgage-628x354We know: It’s not exactly the kind of fun holiday shopping you had in mind. Still, your ability to sniff out a great mortgage is crucial to your financial well-being as a future homeowner, because the decision you make could stick with you for a very long time, maybe even 30 years. Gulp.

No pressure, right? All we’re trying to say is, it pays to learn how to best compare your options—which is where this latest installment in our Stress-Free Guide to Getting a Mortgage will come in handy. Like your most trusted shopping buddy, our guide will show you how to hone your bargain hunting skills and get the most for your money.

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The Lowdown on Down Payments: Everything a Home Buyer Needs to Know

Ask most people what’s the home-buying-the-low-down-on-no-down-payment-mortgagesbiggest obstacle to buying a home, and hands down they’ll say it’s scraping together enough money for a down payment. But understand a key point: This is not a separate and distinct issue from landing a mortgage. Lenders, after all, like to see clients lay down a sizable chunk of change before they fork over a mortgage, because this shows you have skin in the game and lowers the odds that you’ll default on your loan. So how large a down payment do you really need?

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