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About to take out a mortgage and large student loan in the same month.bad?
Posted on May 6th, 2010 1 comment
jonathanj003 asked:
I am currently applying for a mortgage and qualify no problem by myself and on my credit for a good sized mortgage with my current financial status. However, I am starting school back this semester and am needing to take out a large student loan (~$15,000). How bad will this effect me getting my mortgage? Student loan payments will be deferred until graduation so there will be no monthly payments for a few years. If I have to do them both (and yes I need to) should I wait until the underwriters approve my mortgage and then continue with my student loan application? I may have to take out my student loan before the mortgage–how would this effect it?Sorry for so many questions….just looking for some advice.
ElsieRenting & Real Estate Applying For A Mortgage, Current, Graduation, Loan Mortgage, Monthly Payments, Mortgage Loan, Mortgage Payments, Mortgage Qualify, Student Loan Application, Student Loan Payments, Underwriters1 responses to “About to take out a mortgage and large student loan in the same month.bad?”
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You need to wait on this, unless you have extremely low front and back dti ratios and excellent credit. Most lenders will pull your credit again right before closing. If your on the boarder as far as qualifying goes, this could break the deal. I would be quite about this, get your loan closed then get the student loan, it just takes the guess work and worry out, good luck
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Big daddy May 6th, 2010 at 18:12