The Dottie & Kate Team
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Equal Credit Opportunity Act (ECOA)

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When potential homeowners apply for a mortgage (or any other loan), the most important factor in getting approved and setting interest rates is their credit rating. The Equal Credit Opportunity Act (ECOA) forbids lenders from discriminating based on certain factors. Specifically, ECOA (enforced by the Federal Trade Commission) prevents creditors from discriminating based on:
  • Race/color
  • National origin
  • Religion
  • Marital status
  • Age (except in some situations)
  • Marital status
  • Sex
  • Whether a person receives public assistance
Often, credit applications will ask for at least some of this information. However, it is completely voluntary to provide such information, and it is used to ensure creditors and lenders are following the ECOA. Lenders may not reject your application, or even discourage you from applying, based on these criteria, though.

The exception to these discriminatory laws is age. Creditors may reject your application outright if you are under 18 or otherwise too young to sign a contract. In addition, if you are near retirement age, your income will likely drop soon, which will impact your income. However, there are some instances in which creditors favor applicants over 62 years old, as they will have a longer employment history. Favorability based on age in this situation is perfectly legal.

Though discrimination based on sex is illegal, women are often at a disadvantage, especially if they have been married. A record of payments on credit cards and loans may only exist in the husband’s name. It may be necessary for a separated or widowed woman to contact their credit reporting companies and ensure payments are recorded under their own name.
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Mortgage applications can be confusing, but an experienced real estate agent can provide advice to ensure you are getting the best loan for your situation.
Dottie Toney                                                                                                                                                                                                                       Kate Swarthout
Keller Williams Realty                                                                                                                                                                                       Keller Williams Realty

Cell:
770-715-0512                                                                                                                                                                                                        Cell: 770-715-0612
Email: dottietoney@kw.com                                                                                                                                                                      Email: kateanne@kw.com
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  • Home
  • Find a home
  • Featured Properties
    • 225 Late Rise Rd Monticello Ga
    • 120 Friddell Rd
    • 1600 A Hwy 81
    • 1809 Stark Rd
    • 13759 Woolsey Rd
    • 225 Tussahaw Ln
    • 469 Parker Rd
    • 267 McDonough Rd
    • 1600 B Hwy 81
    • 115 June Court
    • 332 Roberts Point Road
    • 7625 Wright Circle
    • 695 Moreland Road
    • 2551 Hidden Hills Drive
    • 110 Walnut Ridge Way
    • 108 Greenland Drive
    • 29 Highland Circle
    • 521 Blue Cedar Court
    • 779 Crumbley Road
    • 2933 Old Snapping Shoals
    • 171 W Nuthatch Drive
    • 118 Bell Road
  • Home Staging
  • RESOURCES
    • Blog
    • Selling Tips
    • Locations
    • FAQ
    • Real Estate Glossary
  • Contact
  • 1809 Stark Rd