Debt went up during loan process! need advice pls!!
My debt to income ratio went up on my credit file - I just got my experian notification. i am in the process of applying for 30Yr fixed, loan amount 310,000. I make $138k/year, FICO is 710, but I recently had to take over my daughters tractor payments to prevent repossession. she is ill. My debt went up by $3000/month (total debt $8,800). Will this hurt me much? I am worried to tell the LO! by sarulydduc-9515406 from Boise, Idaho. Oct 12th 2018
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
You are always instructed not to add new debt, or apply for debt while in the mortgage process. No one here can answer your question directly without a full look at your file, but it looks problematic. Contact your Loan Officer and tell them now. Because of required checks during the process, it WILL be discovered, so get a jump on how it effects you by talking to your lender.
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