E195: INTERVIEW - Myths of Medical Student Loan Fears

The myth around student loans preventing you from getting approved for other loans is just that - a myth! With flexible payment plans and careful planning, you too can own your dream home. Listen to this couple's story about taking the leap into homeownership. Both of them had some HEFTY student loans. Find out how they were able to navigate their way into getting another loan so they can walk into their beautiful model home!

Here are some power takeaways from today’s conversation:

• Jumping into the unknown
• Dispelling the myths around student loans
• The process of buying a model home
• The benefits of owning a home
• The importance of taking your time 

Episode Highlights:

[02:49] Jumping Into the Unknown

Don't hesitate to take the leap into the unknown, even if you're uncertain or scared about your current position. With a little guidance and direction, it's definitely possible to succeed. The biggest hurdle for people is often fear of the unknown, but once they educate themselves and gain knowledge, the process becomes easier and less daunting.

[07:36] Dispelling the Myth: Student Loans and Future Borrowing

Many believe that having a large student loan will prevent them from getting approved for another loan of similar or greater size. However, this is a common misconception. Unlike car loans or personal loans, student loans often offer flexible payment plans that are spread out over a longer period of time. This means that the monthly payments are much more manageable, which can actually increase your chances of being approved for future loans. It's important to educate others on this topic and have an open discussion to dispel this myth.

[19:14] The Process of Buying the Model Home

Do an inspection walkthrough and use blue tape to mark any issues, and speak with your mortgage lender to figure out which loan would be best for you. This requires research on the differences between FHA and conventional loans to decide what's best for you. 

[25:14] The Benefits of Owning a Home

If you're currently paying more than you'd like for housing, consider the benefits of owning a home. While the price tag may seem daunting, a home offers many intangible benefits that can make the investment worth it. Walking through your potential home, you may feel excited about the natural light, yard, and extra space it provides. But the true value of homeownership is felt every day when you get to come home and live in it. Besides improving your financial situation, owning a home can also positively impact your mental health by providing a comfortable and stable living environment.