Monthly Insurance

[DominicArthur]

I am paying monthly insurance premium on a car. As it is on a credit payment it is shown in my credit file as a monthly payment. When I lend money from somewhere else on mortgage is it necessary to mention this to my mortgage agent. Will the monthly installments will also be covered under the category of loan?

[edcampbell613]

NO, Auto insurance is not calculated against you when you get a mortgage. Now I am confused as you said it shows up on your credit file? I have never seen tihs before as auto insurance is not a loan.

[StartingOver10]

In some subprime auto loans the auto insurance is included in the montly payment. I don't have experience with that aspect. I have heard of it.

OP is the insurance shown as a separate line item on your statement? Or is it shown as one monthly amount?

[edcampbell613]

Have you pulled your credit and checked? I guess it would be the underwriters discretion, but they could remove the payment against you as it should not be calculated against your ratios.