Will Gambling affect getting a mortgage?

**veriableodds** · 09-13-20, 02:45 PM

Dont know but if you do make sure your putting 30% down to avoid a very costly ppi
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**dustyy** · 09-13-20, 02:51 PM

Originally posted by juvunits

Wondering if anyone has any insight on this topic? I’m going to need to get a mortgage in about 4 months as my place will be ready around that time. So I was wondering if gambling will affect me getting a mortgage.

What I mean by this is, will a mortgage broker/bank be able to see that I have gambled in the past? I’m not a huge gambler, I maybe deposit 2 to 4 thousand a year. I will not be getting a mortgage through my current bank where I have my money nor through the banks where I have C.red.it cards

i haven’t made any credit card deposits for 2 or 3 years. I have made email transfer deposit through pinnacle. I have also done bitcoin deposits which I think will be harder for a bank to trace that.

Basically what I am asking is my gambling traceable by a mortgage broker or any bank that I am getting a mortgage from. It’s kind of an odd question but it’s reall got me thinking about me lately and I really want to deposit a few hundred for football but I’ve held off because of me needing a mortgage soon.

thanks for any info

The answer is no. Credit score and debt to income will be the drivers in the bank's decision. If you report income from gambling on your tax returns they will discount them but it doesn't sound like you report them.

If your credit is good and you can support the proposed debt, you should be fine.

**juvunits** · 09-13-20, 03:11 PM

Originally posted by dustyy

The answer is no. Credit score and debt to income will be the drivers in the bank's decision. If you report income from gambling on your tax returns they will discount them but it doesn't sound like you report them.

If your credit is good and you can support the proposed debt, you should be fine.

So they can’t trace where you spend your money or they simply just don’t look at where you spend your money? Thanks for your reply.

**dustyy** · 09-13-20, 03:13 PM

Originally posted by juvunits

So they can’t trace where you spend your money or they simply just don’t look at where you spend your money? Thanks for your reply.

They will want to know where your down payment comes from but beyond that, you don't have any worries. They don't want any debt associated with your cash in. You getting a 30 year fixed?

**dustyy** · 09-13-20, 03:20 PM

Originally posted by juvunits

So they can’t trace where you spend your money or they simply just don’t look at where you spend your money? Thanks for your reply.

I;m sure there are some residential lenders in here but I am not one of them. I do know that if the loan will be sold in the secondary market, the requirements are tighter thanks to the Great Recession. Usually 30 and 15 year fixed rate mortgages.

**KVB** · 09-13-20, 03:23 PM

Originally posted by juvunits

Wondering if anyone has any insight on this topic? I’m going to need to get a mortgage in about 4 months as my place will be ready around that time. So I was wondering if gambling will affect me getting a mortgage.

What I mean by this is, will a mortgage broker/bank be able to see that I have gambled in the past? I’m not a huge gambler, I maybe deposit 2 to 4 thousand a year. I will not be getting a mortgage through my current bank where I have my money nor through the banks where I have C.red.it cards

i haven’t made any credit card deposits for 2 or 3 years. I have made email transfer deposit through pinnacle. I have also done bitcoin deposits which I think will be harder for a bank to trace that.

Basically what I am asking is my gambling traceable by a mortgage broker or any bank that I am getting a mortgage from. It’s kind of an odd question but it’s reall got me thinking about me lately and I really want to deposit a few hundred for football but I’ve held off because of me needing a mortgage soon.

thanks for any info

No.

They don't really care what you so with the money you have, you can drink it away, or gamble it away, they just want to know if you can afford the morgage.

Unless you are reporing it as income to them, they don't care.

**juvunits** · 09-13-20, 03:32 PM

Originally posted by dustyy

They will want to know where your down payment comes from but beyond that, you don't have any worries. They don't want any debt associated with your cash in. You getting a 30 year fixed?

not really sure what kind of mortgage i will be getting I’m still in the early stages. I had put a down payment already as the place would take 2 years to build. It’s ready in January so I’m just in the early stages of this mortgage thing. Thanks for your replies

**juvunits** · 09-13-20, 03:33 PM

Originally posted by KVB

No.

They don't really care what you so with the money you have, you can drink it away, or gamble it away, they just want to know if you can afford the morgage.

Unless you are reporing it as income to them, they don't care.

thanks for your reply

**KVB** · 09-13-20, 03:42 PM

**dustyy** · 09-13-20, 03:50 PM

Originally posted by juvunits

not really sure what kind of mortgage i will be getting I’m still in the early stages. I had put a down payment already as the place would take 2 years to build. It’s ready in January so I’m just in the early stages of this mortgage thing. Thanks for your replies

Whatever type mortgage you get, the rate will be excellent. Avoiding pmi by having 20% down is crucial. Hopefully you have a good broker or banker to guide you through the process. If not, I am sure there are plenty of experienced people around here to help out.

So I take it you got a construction loan? If you did, it might flip to a permanent once completed without having to deal with the hassle of a new closing. 2 years doesn't sound like it was a construction/perm . Either way, good luck