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Hi everybody Dave Sullivan here for the credit guy TV
I had a viewer ask when his student loans will be reported
because he wanted to apply for a home loan and he didn't want to apply for a
student loan
and have the effect his mortgage application. now
if you're going to go through mortgage application you are required by law to
fully disclose
all of your intentions and if you intend to
you know obtain a student loan you are required by law to provide that
information
as you go through the application
for a house, you can apply for any other credit. A student loan is going to report
that
debt whenever they cycle is. so if they're gonna have reported the debt.
you can get a loan in August for classes in the Fall
they are going to report the loan, the next billing cycle
for them so more likely is gonna show up in September for that term
and as you know student loans for whatever reason are by
terms are you loan for that term you get another loan for the next term
that is why at the end of a college career
many times you have you now, eight or nine
loans. that's why I talk about the consolidation
loan has an our way to improve your credit score after you graduated
you can watch more on that video right there
but you are required to disclose everything
when you're applying for a mortgage so you can't really hide the fact that
you're planning to go into more debt later
you should disclose that to your loan originator
and like i said not a good idea to apply for anything
during the mortgage process, it is much more difficult
to get a mortgage now even harder than just a year ago
things are continuing to get more stringent
as we move forward and i think is going to continue, so you are in the market for
a loan
I will definitely tell you go on get one right now
because only gonna be harder later on alright so I hope that helps
fully disclose all intended purchases
don't buy anything during the mortgage process I hope that helps
that is Dave Sullivan for the credit guy TV so you
with a little bit me we're gonna change the credit industry thank you