which should I do first school loans vs Mortgage loans?

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Ok I just found out that I might have to get a loan for my school which I don’t want to do for the rest of my school year which I want to get me a home. Now I spoke to realtor which told me to get my house first then once I get in I can get all the student loans I want. But then i talk to my student advisor and he mention that I am getting a student for my education which is a good point. But what I want to know is if I get a student loan would it hurt me my chance to get a mortgage loan in the long run.

I would need to get a loan of $ 30,000 per year to cover the costs of my mortgage and other bills until I graduate. Are there any loan companies that would loan this amount? Would the loan company continue to do this until I graduate?

  1. Reply
    February 19, 2011 at 6:40 pm

    A realtor does not care about your loan problems, they simply want to SELL you a house.

    There is always a lender that would be thrilled to help you with a home owner mortgage for buying a house.

  2. Reply
    February 19, 2011 at 7:22 pm

    In the long run? Nope.

    I advise you to get a student loan and live without extraneous responsibilities like mortgages for a while – enjoy life, and educate yourself in your formative years in a way that only people without heavy responsibilities can do – what if you want to travel, or move in with a lover in that time? The essence of education is autonomy, travelling light and discovering the world, not being tied down to some place you bought two years ago. Move around the city in which you study. Meet new people, live with them, see how other people live. I won’t labour the point – I think you get the idea.

    Then graduate with a great degree and eventually when you can put it off no longer get a mortgage at lower interest rates because you have a degree and therefore more earning potential than someone without one…. don’t worry, once you have your degree you will be earning loads more and you will have had a great fancy-free time at university and stories to tell your future employers in interviews. It is important to be agile and be able to move around early in your career, sampling different experiences.

    I am from England by the way, so assuming you live in the USA it may be a bit different.

  3. Reply
    February 19, 2011 at 7:26 pm

    Your realtor is right, you need to get your mortgage first. Even though it’s a bigger loan it won’t hurt your chances of getting a student loan, it will actually increase it because you are a homeowner and have collateral now and will have equity and all that good stuff. However even getting a $ 1000 or $ 2000 loan for school could ruin your chances to get a mortgage. I know, it’s lame, but it’s true. There are too many families that get all excited that they are getting a new house and they go out and buy all this furniture and appliances on credit while the deal is in the works only to hear back their mortgage is suddenly denied because they have too much credit out, even if they were preapproved. It happens, I’m not exaggerating.
    If both things are important to you than I suggest getting your mortgage first. Understandable realtors want to sell you a house, it’s their job but in this case they are right that taking out any new loans or racking up currently open credit cards will certainly hurt you in the long run of getting a house.

  4. Reply
    February 19, 2011 at 8:16 pm

    Pharmacy schools are VERY expensive. I had a friend who borrowed quite a bit to cover the cost of her tuition and books and then had some left over to cover housing, but if it will be enough depends on how expensive your mortgage is and how much your school is as well.

  5. Reply
    February 19, 2011 at 8:47 pm

    My school on the cost of attendence financial aid sheet does have a line for housing expenses. If you think it is too low, you can appeal the ruling. You will get loans: federal and private up to the cost of attendence.

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