Your Guide to Mortgage Loans and Responsible Gambling
Some people worry about filling out a home mortgage application with a lender because they like to enjoy the hustle and bustle every now and then and think it will cause problems. Whether you like visiting the online lottery from time to time or betting on the results of some great sporting events, there’s no need to worry about admitting this on your mortgage application. Indeed, it is often better to be honest about all your monthly expenses because not doing so can undo the whole process.
The average online casino in Canada provides the same form of welcome entertainment as any other fun thing you might choose to spend your income on, such as going to a restaurant or subscribing to a TV streaming service agen nova88. So far, the majority of mortgage lenders know that their customers will have a variety of interests and that includes enjoying the game for fun.
The only problem arises when such activities are not carried out responsibly. That would apply to anything that gets people carried away, like buying too many collectibles, for example. As long as your enjoyment is within reasonable limits and you are able to pay your monthly installments, then your mortgage application will not be a problem. Therefore, there are several important things that need attention. Read on to find out more about the ways gambling is calculated by mortgage lenders today.
The first thing to say about a mortgage application is that it will be thoroughly reviewed by the mortgage lender. This is not to try and catch you, but to make sure that your financial history and credit rating match what you say about yourself in your application. Not doing so would be irresponsible. After all, taking out a mortgage is often the biggest financial commitment in the life of most Canadians. If you are loaned more money than you can expect to pay back during the term of the deal, then your mortgage lender is effectively defaulting you on.
Therefore, assessing all your financial income and expenses in recent years is as important as the interests of the lender. Failing to pay off a loan benefits no one. This means that outlining the type of gambling you prefer – from online casino games to playing the lottery – should be detailed in your application. This is part of your financial history and is equally relevant to the average amount you spend in a month on groceries, insurance, and any other loan repayments you may have. Most mortgage lenders will look at your recent bank statements and immediately be able to assess the affordability, or vice versa, of your future repayment commitments fairly easily, taking all your typical expenses into account.
Denied Mortgages and Gambling
OK, so despite betting here and there on an acceptable share of normal disposable income, mortgage applications are still sometimes rejected. Why? The short answer is if your bank statement reveals that you are spending most, if not all, of your disposable monthly income, then your mortgage lender will see a pattern of behavior. This may include the stake but will also be a factor in all other non-essential purchases. Anyone who is close to maximizing the income available each month may not be suitable for mortgage payments that exceed or even just match their current rental expenses. What a mortgage provider wants to see is someone spending normally but within their limits,
If your checking account shows that gambling expenses are part of such a lifestyle, then your application may indeed be rejected. However, where it indicates major changes in spending is another matter. For example, if you spend almost nothing on gaming but then show a lot of money being withdrawn to stake or to top up an account with a betting company, mortgage lenders will likely be more cautious. It does depend on personal circumstances, of course, but wild fluctuations in gambling spending are likely to raise alarms.
Getting a Sorted Mortgage
At JackpotCity, we have a range of actions to support responsible gambling and to encourage our customers to have fun. If your financial history shows that you are now gambling responsibly but your proposed lender is still not interested in offering a mortgage, you can turn to a broker that deals in specialized financial products. Some lenders have different policies with whom and how much they will lend but that may mean your interest rate is higher to reduce the perceived risk on their part. If you’ve enjoyed a steady income, saved for the past six months, and only gambled a small amount for fun, a mortgage deal might be waiting for you somewhere.