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• what types of private loans are out there? (IE: Student/mortgage/business) ETC “?”?

Comments

1. 
   On February 23, 2012 Veritas et Aequitas (Luke 6:37) says:

   Yes, of course. You just need to have a solid job with adequate income and a stellar credit score (700+). Also, your debt to income ratio needs to be low. Like not having a lot of credit card debt.

   http://www.ehow.com/how_7226_calculate-debt-income.html

2. 
   On February 23, 2012 SmartA$$ says:

   Sure you can, as long as your debt to income ratios and credit scores still qualify.

   Typically the bank looks at your income, then they determine how much you can afford in debt payments, typically around 25% to 35% of your income. They subtract other payments such as credit cards, car loans, or student loans from the total amount and that tells them how much of a monthly payment they are willing to give you.

   So, you can still qualify, but if you have a $300/month payment on student loans, you will qualify for $300/month less in mortgage payments than if you paid the student loans off first.

   Generally speaking, I would recommend you just get crazy and pay off the student loans. Rent the cheapest hole in the wall that you can tolerate, live on a tight budget, and get debt free, get an emergency fund, and get 20% down. That will place you in a much, much better position long term. I’m currently in a house and I didn’t do those things, and although I’m current on my mortgage, I certainly regret passing up the opportunity to secure my financial picture when I had the chance while paying a lot less in rent.

3. 
   On February 23, 2012 Noneya says:

   Sure as long as you have a credit score of 580+, 3.5% for a down payment and you make enough money to qualify for the loan.
   A lot of people defer their student loans for 12+ moths to get approved.