Most answers are correct so far. Banks cannot discriminate because of age on loan products. I do agree you should shop at least 3 lenders before making a decision and compare lender fees and interest rate. Don’t fall for someone grossly understating title costs and government costs as these will all be the same in the end.
Will mortgage companies give 30yr 20yr home loans to senior citizens with good credit?
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Yes
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Absolutely. We do not discriminate on age. As long as you have the income to support the payment, it doesn’t matter if you’re 100 years old and want a 40 year loan.
I believe that was an issue decades ago, but hasn’t been since.
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10 years in mortgage banking
of course they will but shop around for the best lender and best rate, dont be suckered in by the first offer.
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yes they will and can ,if you would like to know more just email me.(arthuraudie@yahoo.com
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Yes, they should. They cannot decline you because of your age. I have provided you link below that highlights ECOA (Equal Credit Opportunity Act).
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http://www.ftc.gov/bcp/conline/pubs/credit/ecoa.shtm
diti. If you have enough income to support the mortgage.. you are good to go.
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Most answers are correct so far. Banks cannot discriminate because of age on loan products. I do agree you should shop at least 3 lenders before making a decision and compare lender fees and interest rate. Don’t fall for someone grossly understating title costs and government costs as these will all be the same in the end.
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You cannot say they cannot turn you down, that would be discrimination. You can bet your butt they can turn you down, it is their bank. They can do what ever they want. You have a 75 year old man come into the bank and wants to borrow 250k with 50k down. That bank does not want to loan out 200k to a 75 year old man. The insurance you are talking about is a mortgage insurance and believe me that would be more expensive than the mortgage payment at that age.
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http://www.MortgageAdvises.info