Student Loans and Home Loans - The Bills.com Blog

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Student Loans and Home Loans

Question: I am in the process of consolidating my student loans (aprox. $45K) and would like to purchase my 1st home soon. Will having student loans be a deterrent to obtaining a mortgage loan? How do lenders view student loans?

Answer: Your total debt level, and your debt to income ratios will definitely impact your ability to obtain a loan. However, they are not the only factors.

Credit rating isa major factor in making a loan decision, and if you are able to prove that you can repay those debts, it could benefit you.

Additionally, accumulated equity or have a sizable down payment, that could provide cushion in an LTV (loan-to-value) calculation,

could help to get you approved. Also, your income will be a major (possibly the most important factor) as it will determine your DTI (debt-to-income ratio). Most of all, it cannot hurt to apply and see what lenders think of your own situation.

Bills.com

makes it easy to compare mortgage offers and different loan types. Please visit the loan page and find a loan that meets your needs.

Also, make sure to get a free financial health check-up with Bills IQ!

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Bill has answered all sorts of questions and has been able to provide those in need of financial guidance with helpful and valuable advice and information on their specific financial area of interest. If you need specific guidance on any of the above mentioned financial areas, feel free to Ask Bill your financial questions and get better informed. Also, make sure to get a free financial health check-up with Bills IQ!

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