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Mortgage loan reporting And CC apps

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CAS2019
Frequent Contributor

Mortgage loan reporting And CC apps

Hi.  I have a couple of questions re mortgage reporting to the CRA and cc applications.  When the bank reports the mortgage, is it just the loan amount minus the PMI, taxes and home owners insurance (I have mine set up this way to make everything easier on me), or is it the entire payment amount?  Also, I am gardening (and will continue for approximately a year), however, when I applied for my Lowe’s card as soon as escrow closed,  it asked for my monthly mortgage payment.  I wasn’t certain, so, I put the entire amount (loan, PMI, taxes and home owners insurance).  My actual loan amount is $1043–should I have used this instead of the $1397 (loan, PMI, et al)?

 

Thank you for any information!

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Current Score: 784
Goal Score: 800


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CreditInspired
Community Leader
Super Contributor

Re: Mortgage loan reporting And CC apps

Hi Op and welcome

$1,397 is the monthly payment (PITI = principal, interest, taxes and insurance) and also what’s reported to CRAs and the amount you should put down when applying for credit.


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CAS2019
Frequent Contributor

Re: Mortgage loan reporting And CC apps


@CreditInspired wrote:
Hi Op and welcome

$1,397 is the monthly payment (PITI = principal, interest, taxes and insurance) and also what’s reported to CRAs and the amount you should put down when applying for credit.


Congrats

Oh, thank you so much!!  I was driving myself crazy trying to figure out what I should do, and ended up I erred on the safe side.  

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Current Score: 784
Goal Score: 800


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