Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Mortgage
Profile Image

Question By
3teekids

12 Contributions
17 People Helped
Are all loans included in debt-to-income ratio when applying for mortgage loan?
If I have a personal loan that I am paying off and have less than 2 months remaining on the personal loan, would that loan be counted as part of my debt-to-income ratio? Current loan was for $2000 balance is less than $500

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
5038 Contributions
1131 People Helped

I would imagine that it will be counted, but you will have to ask the mortgage lender to be sure. The only thing is, if this is your only installment loan, paying it off and closing it will cause damage to your scores, I am not sure what to tell you here, kind of a catch 22, I would talk to the mortgage lender before you do anything.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.