Is it okay to apply for a student loan prior to applying for a mortgage loan?

I%26#039;m looking to buy a condo but I just found out that I will need to get another student loan to help cover the rest of the school year%26#039;s cost and balance?

Is it okay to apply for a student loan prior to applying for a mortgage loan?

If you %26quot;need%26quot; the student loan for your overall plan/goal for yourself, then you ought to go %26amp; apply for it. If you do it after applying for the mortgage loan, the inquiry for the student loan will not show until approximately 30 days.

Although the student loan debt may not appear, it is to your best interest to have your loan officer calculate the amount of the student loan debt into your total debt. This will allow your loan officer to give you a more accurate picture of what monthly payment is the most %26#039;comfortable%26#039; or affordable for you when structuring your mortgage loan.

If you don%26#039;t factor in the debt from the student loan, your HOME BUDGET may be calculated high. Some loan officers may be able to hide the student loan, especially if you%26#039;ve found your condo %26amp; can close it close to the 30 days, but it%26#039;s not a good idea: you may end up purchasing a condo that may be too expensive for your overall financial well-being.

Good luck!

Is it okay to apply for a student loan prior to applying for a mortgage loan?

Well they always say when buying a home or if you are in the process of buying a home, not to have alot or a large amount of debt. And you know anything that you put your name on now is debt (cell phones, mortgage, loans, etc.) I would probably hold off on one of them. It is a decision that you will have to make for yourself, which one is more important to you right now. Because once you sign up for a student loan and then you are looking for a mortgage, that is alot of creditors dipping into your credit and that can affect your credit score.

Is it okay to apply for a student loan prior to applying for a mortgage loan?

If your student loan payment is deferred for at least 12 months, some lenders won%26#039;t count that as a payment in your total outgo, but some will. If you don%26#039;t have a (fulltime) job, you will most likely find it extremely difficult to buy a place, unless you have stellar credit and a big down payment.

You might be better off just waiting until after school to buy a place - purchasing a home is extremely stressful and going thru school while doing this can be very very hard.

Is it okay to apply for a student loan prior to applying for a mortgage loan?

Both are completely separated, unless you don%26#039;t make enough money to pay the rent/mortgage/bills/expenses.

School brings a lot of expenses (tuition, books) and that%26#039;s why student loans are there.

The question they%26#039;ll ask : are you able to pay the mortgage if you don%26#039;t get the student loan ?

No : get the student loan first, the question will be obsolete.

Yes : improves your chances to get the loan.

Good luck !