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Posted in Student Loans
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Question By
Bryanp10197

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Will a student loan refi affect my score?
Looking at consolidating my 4 student loans using sofi and drastically reducing my monthly payments. I am also looking at applying for a mortgage in the next few months. My score right now is below average. Is it wise to refi now or should I wait until after I apply for a mortgage? Will the refi affect my score?

Thanks in advance.

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Lowering your monthly payment will make a huge difference. I had a 625 when I bought my house, which was barely enough to qualify, so they went through my finances with a fine-toothed comb. I refinanced my loan right before buying the house, to an income-based plan. This was very confusing to my lenders, but the main thing they were concerned about was my minimum monthly payment. I believe they calculated several possible future payments in order to get a handle on whether I'd be able to meet my mortgage obligations. If I had not refinanced, I would not have qualified for the loan, as my minimum monthly payments would have been too high.

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The only way a refi will affect your score, is the hard credit pull Sofi will do to check your credit.

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