This question is about whether a house mortgage "on its own" would improve a persons chances to qualify for a personal loan. With this I mean, does a house loan provide benefits that, simply because of having such a loan (with payments made on time, of course) vs. renting, would make a lender more willing to grant a loan?
For example, please consider these hypothetical situations:
- Person X, a 30 year old male, has a house mortgage that he has been paying for 3 years. He owns $80K USD on a house valued at $100K. His monthly payment is $2000 USD.
- Person X, a 30 year old male, has a house mortgage that he has been paying for 3 years. He owns $60K USD on a house valued at $100K. His monthly payment is $2000 USD.
- Person X, a 30 year old male, has been renting a house for 3 years. His monthly rental payment is $2000 USD.
For the sake of simplicity, the person has no other debts and now he wants to apply for a personal loan (from some reputable bank) for $30K USD. Would situation #1 automatically be better than situation #3?
(Here I purposely made the personal loan larger than the difference between the debt/value ratio in situation #1. But what if the debt/value ratio was like in situation #2?)
Are there much benefits from house ownership when it comes to qualifying for personal loans from banks?