Personal Finance and Investing

JT45242

(3,087 posts)

3. If your credit rating is good and you qualify financially is all that matters

Fri Oct 18, 2024, 12:38 PM

Oct 2024

My mom was 68 when she refinanced to a new 30 year mortgage at a much lower interest rate.

The bank is counting on the equity of the house when it sells or the family taking over to pay the mortgage. So as long as the appraises correctly and you have a down payment and an adequate credit score they cannot discriminate on age. (also debt/income ratio)

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IbogaProject dobleremolque

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Question about mortgage [View all] XanaDUer2 Oct 2024 OP

Yes frogstar0 Oct 2024 #1

Thank you XanaDUer2 Oct 2024 #2

He is biased IbogaProject Oct 2024 #6

Try Penfed.org bucolic_frolic Oct 2024 #17

If your credit rating is good and you qualify financially is all that matters JT45242 Oct 2024 #3

My in laws were in their 80s when they got a 30 year mortgage in Florida. OLDMDDEM Oct 2024 #4

They can't deny you for just age IbogaProject Oct 2024 #5

I'm on ssdi XanaDUer2 Oct 2024 #7

Divide your total annual income by 40 and that is your max monthly payment IbogaProject Oct 2024 #8

You're very kind XanaDUer2 Oct 2024 #9

yes, mainly because mortgages have excellent recoveries, outside of great recession - type situations. unblock Oct 2024 #10

Wow, thank you! XanaDUer2 Oct 2024 #11

Yep, there's really not much risk newdayneeded Nov 8 #18

You might even consider the FHA loan route (great for first time home buyer). waterwatcher123 Oct 2024 #12

Yes DetroitLegalBeagle Oct 2024 #13

I just got a 30 year mortgage on a condo.. Im 75. Joinfortmill Oct 2024 #14

I bought my first home at 62 A HERETIC I AM Oct 2024 #15

Check with your local city/county/state government for Phoenix61 Oct 2024 #16