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Reply to "Did you pay off student loans before buying a house?"
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[quote=Anonymous][quote=Anonymous]FYI, I am a financial planner. If all else is equal, it is better to have a lower mortgage vs. student loans. The reason is that student loans are not attached to your house and won't force foreclosure if you later have financial difficulty. Student loans are very easy to defer if you lose a job, get divorced, have medical issues, etc. So if the tax adjust rate difference isn't signficant, it is much better just to keep the student loan debt. [/quote] I wish I'd heeded this advice 10 years ago. I didn't pay off student loans before I bought a place, but when I sold it, I did use some of the proceeds to pay off most of my loans. I suppose it was the right decision at the time - allowed a much more comfortable lifestyle at the time, but man, I wish I'd dumped that $40,000 into my down payment. Although my loan is so cheap now, it doesn;t make much of a difference. [/quote]
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