Will credit card debt affect my mortgage application? Mar 27th

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Will credit card debt affect my mortgage application?

– moneysense.ca

If you’re shopping around for a mortgage, you probably already know that lenders ask for a ton of financial information before determining how much you can borrow. That list includes your household income and how much you owe—including credit card debt, car payments and unsecured personal loans.

With debt being so common these days—the average Canadian consumer carried a credit card balance of $3,745 at the end of 2021, according to TransUnion—you might be wondering how, exactly, outstanding credit card debt affects your mortgage eligibility and whether it’s something you should be worried about. Here’s what you need to know.

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How credit card debt can hurt (or help) a mortgage application

If you have a relatively small credit card balance and diligently make your minimum payments on time, that debt is unlikely to have any effect at all on your mortgage application…

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