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BUYING A HOME AS A STUDENT
There are numerous motives for purchasing a house while attending college. Developing equity in your home is a fiscally smart thing to do compared to paying rent.

Simple benefits of being a homeowner while a student!
Owning a home will allow you to develop a strong credit rating that will make it simpler for you to get approved for loans and credit in the future. You will also earn money from the property's increase in value over time. As a homeowner, you will likely receive an interest rate tax deduction from the property.

 

** You will also save money as a homeowner, instead of renting.

Have no credit? Have your parents co-sign for you!
Although Star Loan Services specializes in helping people with no credit obtain loans for home purchases, you may want to consider having your parents co-sign your home loan. Your parents may be more than willing to help you obtain a mortgage. Not only will they be assisting you in acquiring financing that you would not normally be able to obtain on your own, as loan co-signers they will be helping you build your credit history. 

What happens if I don't make payments, and my parents are the co-signers?
As loan co-signers, your parents take responsibility of making mortgage payments if you fail to do so. If they do not, there credit rating is going to be adversely effected the same as if the loan was in their name.

Your parents will also be 100% responsible of making sure that the lender is paid even if you declare bankruptcy or your home is sold in foreclosure. We suggest that you and your parents take a look at the section on co-signing loans to learn more about the responsibilities of being loan co-signers.

Some more ideas....
Maybe you are not ready to own a home. Perhaps your parents are looking to do some investing. They may want to buy a house, and have you live in it and pay rent to them. Not only will they be helping you reduce your cost for housing while in school, they will enjoy the tax benefits of owing a home.

Another option is to buy a condo. A condominium is a great alternative to buying a house, allowing you to eliminate paying rent!

 

What are your goals?
Are you looking to build your credit? If yes, then owning a home is not your only option. Applying for a no credit student car loan, personal loan, computer loan or applying for a credit card with no credit are other options that have far less responsibility attached to them.

If you have extra money and are looking to invest, then buying a home is a good idea. Having your parents co-sign for you may help you with the interest rates you receive, but it is not necessary when looking to obtain approval for first time home loans with no credit with Star Loan Services.

In conclusion, regardless of what your ambitions, owning a home is a big responsibility. We offer many articles related to home buying that will not only help you understand the buying process, but will aid you in obtaining a mortgage at a low rate.

Become a smart buyers by reading the house purchasing guide. Understanding the housing market will help you choose the right area for living for your needs. It is also important to understand the difference between buyer's market or a seller's market. Before you make an offer on a house, you should familiarize yourself with the proper questions to ask.

Calculating Mortgage Payments
Determining if Your Salary is Enough for the Loan You Want
Evaluating the Costs of Homeownership


 


        

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