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The lenders whose rates and other terms appear on this chart are ICBs advertising partners they provide their rate information to our data partner RateUpdatecom Unless adjusted by the consumer advertisers are sorted by APR lowest to highest For any advertising partners that do not provide their rate they are listed in advertisement display units at the bottom of the chart Advertising partners may not pay to improve the frequency priority or prominence of their display The interest rates annual percentage rates and other terms advertised here are estimates provided by those advertising partners based on the information you entered above and do not bind any lender Monthly payment amounts stated do not include amounts for taxes and insurance premiums The actual payment obligation will be greater if taxes and insurance are included Although our data partner RateUpdatecom collects the information from the financial institutions themselves the accuracy of the data cannot be guaranteed Rates may change without notice and can change intraday Some of the information contained in the rate tables including but not limited to special marketing notes is provided directly by the lenders Please verify the rates and offers before applying for a loan with the financial institution themselves No rate is binding until locked by a lender
In short, mortgage lenders are not permitted to ask you lifestyle questions when you apply for the loan. Lifestyle questions, including when you plan to retire, are not relevant to your mortgage application and should not factor in to if your loan is approved or declined.
I am not sure why the lender asked you this specific question but my only guess is that the lender is trying to be personable or perhaps match you with a specific mortgage program based on your financial goals including your time frame for owning the home.
Mortgage lenders are certainly not required to ask lifestyle questions and you are not required to answer them. The only questions you are required to answer and information you are required to provide are outlined on the loan application.
Additionally, according mortgage regulations, lenders cannot discriminate against applicants on the basis of age, race, religion, nationality, marital status, gender or sexual orientation. For example, a 75 year old applicant should answer the same questions, provide the same documents and submit the same loan application as a 25 year old borrower.
If you do not like the way you are being treated by a lender, including the questions the lender asks, we advise you to change lenders. You can cancel your loan and switch lenders any time before you sign loan documents for a home purchase mortgage, which is usually the final step before your loan closes.
The table below shows shows leading lenders in your area. We recommend that you contact multiple lenders to find one that offers a high level of customer service as well as competitive loan terms including the lowest mortgage rate and fees. Shopping lenders is the best way to save money on your mortgage.
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Finally, if you believe that you experienced lending or housing discrimination, we recommend that you contact your state attorney general or the Consumer Financial Protection Bureau (CFPB) to review your situation more closely and to review your legal options. These organizations can also look into claims of discrimination and represent your interests with the lender.
Consumer Financial Protection Bureau (CFPB) Contact Form
Sources
“What protections do I have against credit discrimination?” CFPB. Consumer Financial Protection Bureau, 2019. Web.
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