As a Mortgage Brokerage, we have seen a lot of changes in this regard as of late. In most cases, we can ignore 0 balances on available credit and use just the balance on the credit card or line of credit when qualifying. Many financial institutions, on the other hand, often have to take into account all available credit, regardless of whether it’s being used.

Another big change we’re seeing a lot of lenders making is using a 3% payment on the balance you carry, which can greatly affect the amount for which you can qualify. We still have a few lenders who’ll use minimum payments on credit cards and lines of credit, although these lenders are getting to be few and far between. Contact one of our fully licenced and trained Independent Mortgage Brokers today to find out what you may qualify for without all the imaginary payments a lender may include in your home purchase or refinance picture!