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> This is scary as hell, to hear banks refuse loans due to age. They don't, it is illegal on the federal level to use age as a factor when determining eligibil
by filoleg 4y ago
> This is scary as hell, to hear banks refuse loans due to age.
They don't, it is illegal on the federal level to use age as a factor when determining eligibility for most loans (including mortgages) in the US. Check the "must not discourage you from applying or reject your application [...] based on these factors" section of this page[0] on the FTC website.
That concern about age is just how the parent comment imagines it works, without checking how it actually is first.
0. https://consumer.ftc.gov/articles/mortgage-discrimination https://consumer.ftc.gov/articles/mortgage-discrimination
- phone8675309 4y agoIt's illegal, but of course the banks won't tell you "you're too old" - they'll just deny you.
- NovemberWhiskey 4y agoThey can't do that either - they're legally required to give you an adverse action notice indicating why they are unable to extend credit. For conforming loans, they don't even care as they're just going to sell them anyway, rather than holding them on their books.