Can I get a mortgage loan? I just found out I have a delinquent student loan, but I can pay it off today.?
The seller just accepted my offer on the house!! I’m excited, but a little worred about a possible snag in the mortgage loan process.
A lender prequalified me for a mortgage loan. He said that one of the three credit reports said I was delinquent on a student loan. At that time, I said it must be a mistake. With that information, he prequalified me for the mortgage loan. (My credit scores were approximately 750, 700, and 650. The last one, 650, is the only one that listed my deliquent student loan.)
I looked into it and found out the loan was real, and I hadn’t been paying it for the past four years. (My parents are paying some of my loans, and I’m paying some. I thought the only loans I had left to pay on were with Sallie Mae. So, somehow, my parents and I overlooked this one.) The total is only a couple thousand dollars, so I can pay it off now.
I waiting for my lender to call me back. I’m going to tell him that the loan is real, but I can pay it off today. Will I still be qualified for the mortgage loan?
Thank you for the responses. They’re very helpful. Yes, now I learned the importance of checking my credit scores BEFORE trying to get a loan.
It’s very reassuring to hear I should be able to get the mortgage loan. I’ll pay off the student loan and show the lender the document.