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:
Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.
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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