Mortgage not reported on credit report
Hello everyone and thank you in advance for any info,
After closing my lender asked if I wanted the loan reported on my C.R.. I didn't know that not reporting was an option. Does anyone have any experience with this. I would love to have it not reported as it would keep my D.T.I. lower for other future loans. Do I need to disclose this loan while applying for other loans?
Thanks for your time!
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#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
@Joshua Zdunich You have to disclose the debt when applying financing anyway, otherwise it’s mortgage fraud, doesn’t matter if it’s reported or not.
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- Investor
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@Joshua Zdunich
I recommend having it shown so it builds credit.
Even if not reported if you go get another loan and fail to disclose it - you just considered fraud.
Application will ask you for properties you own and if you have other mortgages.
They will also see it on your banks statements and ask the question.
This is not going to help you when getting other loans. I have commercial loans that don't show up on my credit report but I still have to report them as obligations when I'm working a new deal. It is probably marginally helpful that they don't show up - I have a credit score in the 800s so I don't particularly care one way or the other - but when you are filling out your paperwork not reporting a loan that you are obligated to pay is mortgage fraud.
Thanks everyone for your input!
I figured as much but wanted to confirm.