STUDENT LOANS
Addressing your student loan payments is crucial when buying your first home because it directly impacts your financial stability and your ability to secure a mortgage. Lenders assess your debt-to-income ratio (DTI) to determine your creditworthiness, and student loans are a significant part of this calculation. If your student loan payments are high relative to your income, it can reduce the amount of mortgage you qualify for, potentially limiting your home-buying options. Additionally, managing your student loans effectively can help improve your credit score, which influences the interest rates and terms of your mortgage. Ignoring student loan payments can lead to missed opportunities, higher interest costs, and even loan defaults, which can severely impact your financial future and homeownership goals. Therefore, it’s essential to have a clear strategy for handling your student loans to ensure a smooth path to buying your first home.
To help you we have partnered with industry-leading Student Debt Solutions (SDS). (https://start.myresolvent.com/NFDM)
SDS is the only software solution that looks at an individual’s entire student debt situation, financial status and current goals to provide the best scenario for the lifetime of the loans. They also go further and look at:
- Loans in default and/or facing garnishment or collections
- Parent Plus loans, which are overlooked by most platforms
- The monthly payment today and total loan debt in the future
See your options at no cost!
BASIC– $49.95 – Action Plan with step-by-step instructions and required documents. Access to calculators and planning tools.
STANDARD– $89.95 – Everything in BASIC plus access to expert online chat and our RapidWrite document preparation feature
PREMIUM– $238.95 – Everything in STANDARD plus a one-on-one session with one of our student loan experts
What you need to get started:
- Your most recent household tax return(s)
- Your student loan data. If you have federal loans, you can download this information from National Student Loan Data System. If you have private loans, a recent monthly statement should have everything you need.
- About 5 to15 minutes of your time!