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Regular or problem gambling can lead to a denied home loan application — but the occasional casino night won’t tank your odds of being approved.
If you’re betting a few dollars of your spending money here and there — and not taking out credit to do so — it won’t have any impact on your mortgage application.
Lenders and private mortgage insurance (PMI) underwriters assess your ability to comfortably pay back a loan. They don’t make any moral judgments on your spending habits.
In short, if your gambling causes problems with your finances, it can cause a problem with your mortgage application.
If you’re taking out personal loans or lines of credit to gamble, lenders will see that as a red flag. Similarly, if the money you spend on gambling represents a significant portion of your ongoing expenses, a lender or insurance underwriter may be concerned that there’s a higher chance of you getting into financial difficulties and being unable to keep up with payments, which can lead to a denied application.
A regular gambling habit will also likely mean you have less of a savings balance for a deposit, which can have a negative impact on your application even if you aren’t taking out loans or credit.
Gambling addiction is a serious problem that can lead to personal and financial issues. If you need help, you can reach the National Council on Problem Gambling helpline 24 hours a day at 1-800-522-4700.
You can also call the Substance Abuse and Mental Health Services Administration (SAMHSA) at 1-800-662-4357 for help finding a counselor or support group.
If you’re planning to buy a home in the next several years:
Gambling can be a serious addiction, and if you’re having trouble staying away, the first step to getting a mortgage is getting help.
If you’re a casual gambler and it’s doesn’t have an impact on your finances or mental health, it shouldn’t affect your ability to get a mortgage. Compare home loan lenders to make sure you’re getting the best deal.
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