My husband and I live simply but we're content. I'm an avid budgeter and love finding ways to be frugal. My dilemma right now is that we've been able to keep our living expenses below what we make, but I don't know what our focus should be for using the extra.
We've got $100K in student loans (ug), with rates ranging from 3.3% to 9.1%. We're just making minimum payments right now. We'd like to buy a house in the next 5 years or so. We've been saving in a money market account and have $10K there now.
Our credit scores are excellent, but we're afraid that our hefty student loans could hurt us when it comes time to apply for a mortgage. Does anyone know how our loans will affect a mortgage rate? And if it does hurt us, how much should we try to pay off before we're safe?
Basically, should we put our focus on paying off our student loans, or saving for a house?