Are Mortgage Companies allowed to give an Adjustable Rate Mortgage ARM to lenders of a certain age?
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?- 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
- what law requires that lenders violate the fair housing act? i would not think that they could discriminate on the basis of age for ANY reason. it is illegal
- 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
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What is the best credit card for an 18 trying to build credit?
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Public Records Reading - Mortgages, Do home equity loans show or just reverse and second mortgages?
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Knowledge Base: Mortgage
If I purchase a home in all cash would I get a mortgage or home equity loan?
i am planning on purchasing an investment property with a hundred percent cash. i can purchase the property at 60 percent of market value. i then plan on pulling a
President Bush, Farewell address Did he accept responsibility for the failings of his two terms
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what is the negative features of reverse mortgages
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What is the most outlandish thing you have said to get rid of a telemarketer?
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My credit score is 666. I am buying a house. Is that bad?
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Knowledge Base: Mortgage Lenders
I personaly think after the Olympics are over China is going to go to War. They are just behaving
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when the democrats put pressure on the mortgage lenders to give high risk loans to people, especially minorities, that could not afford the homes in the first place. david, over
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i am buying a home and am comparison shopping among different mortgage lenders. the usual big names like countrywide, bank of america, citibank etc have higher rates than the lesser known / unheard of places. how can you know which ones are reputable and which ones to stay away from?
I am buying a house, the outside wall is single brick, why is the mortgage lenders giving me h le?
i do not understand what the mortgage lenders issue is, the house has stood since 1950ish! there is one wall that is single brick, i have had to get a quote to make the wall double brick! is it just me or are they being petty?. most exterior brick walls
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