Are Mortgage Companies allowed to give an Adjustable Rate Mortgage(ARM) to lenders of a certain age?
October 14, 2008 - I understand that some law prohibits mortgage lenders from giving ARM to people over certain age. I am 54 years old and I am struggling with this rate now. Someone told me I could use this fact to persuade my lenders to reduce my interest rate, or to move me to a fixed rate. Is this true?
With the exception of having a minimum age requirement (that is you have to be of legal age to enter in to contracts), age is never a factor in a mortgage lending decision. Whether or not you can get a fixed rate also has nothing to do with your age. You can talk to your current lender about converting to a fixed rate program, but there are no guarantees about what they can do for you. You can always refinance with another lender provided you qualify and fortunately fixed rates are still relatively low. Good luck resolving your rate problem. Shop well for your new loan.
- what law requires that lenders violate the fair housing act? i wouldn't think that they could discriminate on the basis of age for ANY reason. it is illegal.
I have never heard of such a law but there are laws that protect against discrimination such as age, race, gender, etc. Whomever told you this is incorrect. what it comes down to is an ethical question, is an arm product the best program a mortgage professional can put you in? Probably not. While an arm or interest only program will lower your payments for a period of time, you must consider two things, one you will pay closing costs for the initial closing and then again in 2-5 years depending on the program, so how much do you really save. Also, your not paying down the principle, so when you have to refinance again, you could be in a pickle. I would consult a mortgage professional that will evaluate your entire financial situation and put you in a program that suits your situation. Good Luck
Knowledge Base: Mortgage
Is there a reverse mortgage available for people less than 62 years old?
October 19, 2008 - Category: Mortgage
i am a us homeowner. instead of refinancing, i wanted to explore the possibility of a reverse mortgage. all i have seen so far is that this is only good for homeowners aged 62 or more. is there a company that provides reverse mortgages for those younger than 62?. have
reverse mortgage available people 62... »
Reverse mortgage?
October 19, 2008 - Category: Mortgage
i have found there is a ton of misunderstanding around reverse mortgages. 1. what do you think a reverse mortgage is? 2. how do you think it works? 3. why do you think it is good / bad? you must answer all three to be considered for best answer. reverse
Reverse mortgage »
How much equity is needed for a reverse mortgage?
October 19, 2008 - Category: Mortgage
i am looking into getting a reverse mortgage for my father. he lives in the miami, florida area. about a 2 years ago he refied and i want to know whether or not he will be qualified because of the last of equity. the maximum allowable for a reverse mortgage
much equity needed reverse mortgage »
Knowledge Base Categories:
- Loans
- Home Loans [13]
- Finance Loans [9]
- Private Loans [4]
- Bank
- Bank Loans [6]
- Bank Accounts [12]
- Banking [30]
- Credit Cards
- Apply Credit Card [22]
- Student Credit Card [12]
- Best Credit Card [25]
- Mortgage
- Reverse Mortgage [15]
- Mortgage Lenders [13]
- Mortgage Rate [13]
- Tax
- Tax Relief [9]
- Tax Law [14]
- Tax Help [27]
- Insurance
- Auto Insurance [15]
- Insurance Online [6]
- Car Insurance Quote [14]
- Business
- Business Process [3]
- Business Software [5]
- Web Business [9]
- Investments
- Forex [6]
- Stock Prices [12]
- Buy Stock [12]
If you found copyrighted material or your content published in this website, please contact us
Skin: grey-blue
Query: 28
Time: 1.159 sec.
Mem: 1.217 MByte
