All Forum Posts by: Olivia Umoren

Keaton Roberson thanks so much for the additional details! I think it’s definitely a learning experience in general because I’m in the process of changing my mindset entirely. With how I spend and how I save. I think the social “norm” is to spend any time you get a promotion, better paying job, etc. Im lucky to have parents like mine because they’re allowing me to stay until I can afford my own mortgage (or once I head to grad school). They don’t want me wasting money w/ rent. I appreciate you breaking down your plan and I’ll definitely pick up the book you mentioned. Best of luck with your future property!

@Alex Deacon For sure! And yes, Boston prices are absolutely insane. My dad is a contractor and he works on some of the condos they have in Boston proper and the prices are enough to make your head spin. I'm definitely not looking to buy there at all...I'm looking in the suburbs and some of the surrounding areas so we will see what happens. Also planning on moving in the next year or two, not sure where to but I've been trying to get some info on the markets in the places I'm interested in.

@Gary Swank Thanks for this suggestion Gary, I will definitely make a post in the Boston forum. Thanks!

@Robert Gunby That's great! Did you find you had to do much to prepare other than getting your debt down?

@Keaton Roberson That's amazing! Thanks for posting this...definitely very motivating seeing someone the same age as me making it work. Honestly, clearing your student loan debt right now is a big accomplishment (in 2 years at that) so don't let anyone make it seem like you should've done something differently. Everyone's path is different and clearly you've set a great path for yourself!

Do you mind giving some details on how you did this? Do you live at home, have you delayed a car purchase, don't go out as much, etc.? 

@Harjeet Bhatti I'm on an income-based repayment plan and have been paying every month since 2016. For the first year I did $50/mo but this year I increased it to $100/mo. With me paying for the past 2 years, would lenders be more willing to approve me or does that matter?

@John Acheson Thanks for the info John! Currently working on getting my cc utilization down to 10% and I've been pretty disciplined with it. I'm on an income based repayment plan already and have been since 2016. They gave me a minimum $15/mo payment plan but I pay $100/mo because I can afford to pay more. Does me paying more than the minimum amount have a negative affect on anything? 

And would you recommend meeting with a mortgage lender or a mortgage broker? I worked in a bank for a few years during my winter and summer breaks at home and I was a floater so I was able to know everyone in my region and have a relationships with them. However, even w/ having the relationship I've heard that mortgage lenders work for the bank and mortgage brokers works for the customer. Let me know your thoughts!

@James Galla The current plan I have is income-driven and I've been paying every month since 2016. I do have a car note though (roughly $12,000 left) and some, but not significant CC debt so I'm not sure how this would affect a mortgage approval. I can tackle the CC and car note in the next 2 years but I was more concerned about my student loans because as of now it's not feasible for me to pay off $45,000 (or even half) in two years w/ my current income.

@Amy Beth I currently live at home and have been doing do since I graduated so I've been able to save money and pay down some debts. However, I do have a car note, insurance, student loans and a phone bill that I pay for every month. I am trying to cut down on my expenses though by making small changes like eating at home instead of going out, skipping some trips w/ friends, etc.

@Uchenna A. Thank you!