![]() The mortgage lender may also consider your age if you are under 18, your age is relevant to other factors that determine creditworthiness, such as your income, or you are at least 62, and as a senior, you will be favored. ![]() There are also other circumstances in which you must answer questions related to an aspect of identity listed above, such as when your spouse is jointly applying for a mortgage or you are relying on alimony or child support from a former spouse to get credit. However, your immigration status may be considered when a creditor is trying to make a decision about the length of your stay in the United States to make sure that you can repay the mortgage. Sometimes you will be asked questions related to these categories, and often you may provide answers on a voluntary basis. The ECOA protects you in the context of obtaining a mortgage as well as getting credit in other situations.Ī mortgage lender is never supposed to turn you away from applying for a particular mortgage, impose a higher interest rate, or reject your application because you receive public assistance, or because of your age, marital status, sex, national origin, religion, color, or race. Creditors are allowed to ask you questions about various aspects of your identity in some situations, but they are not allowed to use the answers that you give when trying to decide the terms of your credit or whether to give credit. Mortgage lenders use income, credit history, debts, and expenses to determine whether a borrower is creditworthy. If you are concerned about the questions that you may be asked by creditors when applying for a loan, consult the Boston real estate attorneys at Pulgini & Norton. The ECOA is enforced by the Federal Trade Commission. Creditors are not allowed to use this type of information when deciding whether to provide you with credit or setting terms. The Equal Credit Opportunity Act (ECOA) is designed to stop credit discrimination on the basis of age, marital status, receipt of public assistance, sex, national origin, religion, color, or race. Many people need credit to finance their purchase of a home. Boston Lawyers for Real Estate Matters Involving Financing
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