Archive for the ‘realestate’ tag
Loans For House Purchase
Does it hurt my chances of getting a college loan, if I buy a house or a car just before the loan is needed?
My Sun is 16 years old, my daughter 13 years old. I live in an apartment, my car has 120 thousand miles on it. The business I own grows. Should I buy a house, take a mortgage interest deduction, and put $ 25 000 down? Should I buy a new car to replace the old one that is dying? Will acquire significant assets rise or decrease my ability to get loans to pay for their college education?
Buy the house if you can afford it. There is always a way to pay for college. You will qualify for federal loans for your child's education. Your child may also have to take loans to pay for college. Do not let your child settle in a community College, just because you do not think you can afford college. As I said, there is always a way to fund education. It sucks graduated with some debt, but it beats the hell out of not having a university education.