When you’re hoping to lock down a home loan, the focus is on making sure you look like a safe bet for prospective lenders. Conversation tends to drift to the key pieces of the pre-approval puzzle, from credit score and stable income to acceptable debt levels and suitable assets. No one’s arguing the wisdom there. But what often gets glossed over, if not entirely forgotten, are the things lenders won’t or even can’t factor into their decision.
Some of those non-factors help protect homebuyers and maintain a level playing field. Others might push a home loan out of reach for certain borrowers. That’s why it’s important to consider some of the things lenders might not.
1. Race, Age & Family Status: The Fair Housing Act and the Equal Credit Opportunity Act both protect consumers from discrimination regarding real estate and credit transactions. Lenders and creditors are barred from discriminating against people based on their race, religion, family status
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