Many people will claim that it is impossible to get a mortgage if you’re a veteran or recreational gambler, but the opposite is true. Anyone who indulges in healthy gambling activities now and then can apply for a mortgage by following the right advice.
This article details a few factors involved when applying for a mortgage loan and examines how gambling can be problematic. People claim that they have been rejected in the past because of certain gambling transactions on their accounts.
However, it is not one or two transactions that are problematic, but a history of gambling can sometimes have a major or minor impact on a mortgage application. It also depends on the lender, as some have strict eligibility criteria that prohibit any gambling activity where a series of large sums were lost to gambling.
This is not the end of the road for gambling enthusiasts, as mortgage lenders will normally approve and look at mortgage applications on a case-by-case basis. Where some casino games might be considered as a gambling activity in one country, the same activity might not even be regarded as a risky venture in other countries.
The rule of thumb would just be to gamble responsibly. Veteran gamblers know to look at an in-depth online casino review before engaging in games online. The gambling operators will vary, just like the mortgage lenders’ appetite for risk.
Most lenders will make a decision on a mortgage application based on the amount of money a player spends on betting relative to their income and other fixed financial commitments. There will always be lenders that will be happy to overlook frequent gambling if it’s well managed and within the player’s means.