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Banks Taking Online Gambling Into Account When Issuing Mortgages

Online gamblers beware. This may not be the time to buy a new house, or even refinance an existing home. Lenders have become much more careful of who they are giving loans to, and that means an increase in scrutiny from many of the financial institutions. The fallout from that is being felt in many industries.

Anyone looking to become approved for a mortgage may want to curb their betting habits. It has been reported that lenders are now taking into account betting transactions that are made on an applicants bank account. The most common form of these transactions is online gambling sites.

One of the reasons that financial institutions look into the gambling activity, according to Chief Executive of Mortgage Debt Advisory Firm Negotiate Trevor Grant, is that most people coming looking for a loan, should be tightening their extraneous spending. Gambling, says Grant, is considered to be a red flag that the applicant may not have self control.

Millions of people across the world have taken a liking to online poker and casinos. The slot rooms at online casinos are usually packed, and the poker rooms are not far behind. Online poker has become one of the hottest hobbies in the world, even in places where prohibition is still in place.

Ironically, it is the online poker that sometimes leads players to apply for a loan in the first place. Thousands of professional online players have made enough money at the game to seek out a new residence. The transfers to bank accounts, in these cases, could actually help an applicant be approved for a loan.

Those looking to restructure their existing mortgages are at the most risk of being turned away by lenders. If the applicant is looking to restructure, according to several loan officers, it means they are struggling to pay their current bills. In this case, any online gambling transactions could be a red flag that the funds are not being used in an appropriate manner in relation to the debt.

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