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We are closing on a home next week and I am wanting to consolidate my federal student loans. However, I do not want a hard inquiry pop up right before closing. Does Direct Loans pull a hard when you consolidate, or should I just wait until after we close?
Thanks!
I would like to know the answer to this as well!
I don't think so, because the loan is not based on your credit-worthiness, just the status and type of your loans.
BUT, I would just wait to do anything until your mortgage closes. It's not worth the risk just to move the process up a few days.
@SCF wrote:I don't think so, because the loan is not based on your credit-worthiness, just the status and type of your loans.
BUT, I would just wait to do anything until your mortgage closes. It's not worth the risk just to move the process up a few days.
They didn't for me.
Not sure if they do as a general rule...
One thing that you may want to consider, and that I DO know, is that the consolidation loan WILL show up as a new line of credit. It hit me when I did the special consolidation last year, and I am expecting it to hit me again when I complete the regular consolidation. I'm not sure how long it takes to recover from that, or exactly how significant the hit will be.