Are Mortgage Companies allowed to hand over an Adjustable Rate Mortgage(ARM) to lenders of a undisputed age?
I understand that some law prohibits mortgage lenders from giving ARM to associates over certain age. I am 54 years old and I am struggling near this rate now. Someone told me I could use this fact to tempt my lenders to reduce my interest rate, or to move me to a fixed rate. Is this true?
Answers:
I have never hear of such a law but there are law that protect against discrimination such as age, race, masculinity, 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 lone 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 after 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 own 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 Source(s): 7 years surrounded by mortgage industry
With the exception of have a minimum age requirement (that is you have to be of legal age to enter surrounded by to contracts), age is never a factor in a mortgage lending edict.
Whether or not you can get a fixed rate also has nought to do with your age.
You can talk to your current lender just about converting to a fixed rate program, but there are no guarantees about what they can do for you.
You can other 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 unusual loan. Source(s): 7 years mortgage lending experience.
what law requires that lenders violate the carnival housing act?
i wouldn't think that they could discriminate on the proof of age for ANY reason. it is illegal.
Related Questions:
What is a apt rate for a 100% mortgage, including closing costs and no money down?
7% 100% financing carry other higher rate than mortgage for people near min.5% down payment. in my feelings any rate is good if you can afford the payment- after 6mth, 1yr you can refinance for better rate if...
Answers:
I have never hear of such a law but there are law that protect against discrimination such as age, race, masculinity, 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 lone 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 after 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 own 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 Source(s): 7 years surrounded by mortgage industry
With the exception of have a minimum age requirement (that is you have to be of legal age to enter surrounded by to contracts), age is never a factor in a mortgage lending edict.
Whether or not you can get a fixed rate also has nought to do with your age.
You can talk to your current lender just about converting to a fixed rate program, but there are no guarantees about what they can do for you.
You can other 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 unusual loan. Source(s): 7 years mortgage lending experience.
what law requires that lenders violate the carnival housing act?
i wouldn't think that they could discriminate on the proof of age for ANY reason. it is illegal.
Related Questions:
What is a apt rate for a 100% mortgage, including closing costs and no money down?
7% 100% financing carry other higher rate than mortgage for people near min.5% down payment. in my feelings any rate is good if you can afford the payment- after 6mth, 1yr you can refinance for better rate if...