Should I pay off student loan first before applying for mortgage?

[Melissa Espinoza]

I am paying my student loan off in full before the federal repayment/interest starts back up in February (current balance is around $13k). At the same time, I want to apply for a mortgage loan for my first property. However, I'm concerned how paying my student loan off in full will impact my mortgage loan application and rates I'll qualify for (as I've heard credit dips a bit once a loan is paid in full). There's also the variable that my debt to income ratio will be more favorable once I pay my student loan in full. My question is, will I receive more favorable mortgage rates if I apply for the mortgage loan before or after I pay off my student loan in full?