What to put for mortgage on credit app

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Aug 14th, 2019 11:28 am

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Aug 13th, 2019 10:46 pm

Sammie82 [OP]: Newbie; Aug 12, 2019; 1 posts

Aug 13th, 2019 10:46 pm

What to put for mortgage on credit app

Hi everyone,
I’m going to try to apply for an unsecured Line of Credit (not joint).
My husband and I are both on our mortgage, and he pays it.
When applying for the LoC do I have to put the entire monthly payment? Or just half? I’m wondering as it will affect my tds ratio to 41%

Thanks in advance

2 replies

Aug 14th, 2019 11:12 am

bomber17: Deal Fanatic; Apr 5, 2016; 5407 posts; 3850 upvotes; Calgary/Vancouver

Aug 14th, 2019 11:12 am

Depends on the lender. Best practice is to take the full amount. Reason being is if the other guy can't pay, then you're fully responsible for making the payments.

The lender could make a case in mitigating it where they will take half.

In your case though, 41% should be instant approval for PLOC. I wouldn't worry about it unless your credit report is bad.

Aug 14th, 2019 11:28 am

BrokeMillennial: Member; Jan 7, 2019; 342 posts; 329 upvotes

Aug 14th, 2019 11:28 am

You need to put the entire amount. The reason is because the other party (your husband) is not on the app and when providing new credit, financial institutions always take the more conservative approach.

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