How likely is it to be approved for a personal loan soon after getting a mortgage?

Not sure if this belongs on this board but I wasnt sure where else to put it. My BF just mortgaged our house about 5 months ago. There have been discussions about him getting a ring soon but I'm fairly certain he is going to have to finance it. He has GREAT credit but he's a little concerned that he wont be approved for a personal loan because he is carrying a mortgage.

Anyone know how likely it is that someone with good credit will be approved for a personal loan of about $10,000 if they are carrying a mortgage that is only about 5 months young?

Re: How likely is it to be approved for a personal loan soon after getting a mortgage?

I want to say slim. Great credit here, and we had issue getting personal loan. They wanted to know what it was for. Have a mortgage and a car payment and around 4k in debt and tried to get loan for around that amount due to an unforseen circumstance. Hope you have better luck.

Re: How likely is it to be approved for a personal loan soon after getting a mortgage?

Credit score is one thing but your debt to credit ratio is another. If you are members of a credit union they are more flexible.