(Closed) Credit question: mortgage & student loans??

posted 6 years ago in Career
Post # 3
Hostess
18637 posts
Honey Beekeeper
  • Wedding: June 2009

I would try to refinance.  It will probably look better on your credit than 4 loans that you only pay interest on. 

Plus you have about a year so the credit inquiry won’t be as recent and won’t have as much standing on your application then.

Post # 4
Member
676 posts
Busy bee
  • Wedding: February 2013

I would refinance, hopefully with a lower interest rate AND payment. The mortgage company will want you to have a low debt to income ratio. Are your student loan payments your only debt payments? (according to your credit report)

Post # 6
Hostess
18637 posts
Honey Beekeeper
  • Wedding: June 2009

Leave your credit cards open after you pay them off.  That will keep your debt to credit ratio looking good.

Post # 7
Member
10366 posts
Sugar Beekeeper
  • Wedding: September 2010

Refinancing probably requires a hard pull of your credit, which may or may not be held against you come mortgage time.

Your monthly payment counts against your total debt to income ratio, which will determine how much they let you borrow. If you think you can significantly lower your payment, and put you into a different house budget you would like, it’s worth it to do it now (assuming you have excellent credit, and the hard pull won’t drop you below 750).

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