Reply
Regular Contributor
Posts: 140
Registered: ‎08-10-2007
0

Refinance: Age a consideration?

My parents wish to refinance their home.  With credit ratings near the 800 mark, will their ages 77&78 be a factor on whether or not they are approved?
 
Thanks
Jan 07: tu 498, ex 501, eq 504
Oct 07: tu 716, ex 712, eq 723
Nov 07: tu 693, ex 664, eq 672_post app frenzy
Moderator Emeritus
Posts: 9,252
Registered: ‎03-19-2007
0

Re: Refinance: Age a consideration?

It is illegal to discriminate based on age.

Cooneyca wrote:
My parents wish to refinance their home.  With credit ratings near the 800 mark, will their ages 77&78 be a factor on whether or not they are approved?
 
Thanks



Regular Contributor
Posts: 204
Registered: ‎06-16-2008
0

Re: Refinance: Age a consideration?

True...
 
However at that age, it's unlikely they have salaries. They most likely live on a fixed income. That can be a problem when figuring DTI vs a younger person with a salaried position.
6/16/08 EQ-632
8/1/08 TU-717 EQ-690 EX-696
9/6/08 EQ-711
Super Contributor
Posts: 8,362
Registered: ‎09-28-2007
0

Re: Refinance: Age a consideration?

Non-taxable retirement income, such as social security, can be grossed up by 125% for qualifying purposes.
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.