Risk-based pricing is when a lender offers you less favorable loan terms, such as a higher interest rate. The lender decides this based on information in your credit report or application. Lenders often charge higher interest rates to people they ...
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Yes, if the payments are likely to be consistently made. None A creditor such as a lender or broker can consider the amount of such income and likelihood that it will continue, as with all other forms of income. In ...
In general, only if you want the creditor to consider such payments as part of your application for credit. None A lender or broker may ask whether income stated in your application comes from alimony, child support, or separate maintenance ...
A creditor may request information about your spouse or former spouse only in certain cases. None Generally, a creditor such as a lender or broker may request information about your spouse or former spouse only in the following cases: Your ...
A creditor such as a lender or broker cannot discriminate against you because you receive public assistance income. None Like any other income, a lender or broker may consider whether your public assistance income is likely to continue. If your ...
How does my credit score affect my ability to get a mortgage loan?
Your credit score, as well as the information on your credit report, are key ingredients in determining whether you’ll be able to get a mortgage, and the rate you’ll pay. None Your credit report and your credit score are two ...
Can a lender make me provide documents like my W-2 or pay stub in order to give me a Loan Estimate?
A lender or mortgage broker cannot require you to provide any documents as a condition for providing you with a Loan Estimate. None To receive a Loan Estimate, you need to submit only six key pieces of information: Your name ...
What do I have to do to apply for a mortgage loan?
To apply for a mortgage loan, you will have to provide a lender with personal financial information and information about the house you want to finance. None The first step of applying for a mortgage is to request a Loan ...
What are some of the financial considerations when thinking about buying or renting a home?
None Buying a home and taking out a mortgage might make sense if: You have a steady source of income and a good record of paying your bills on time. Lenders will look at your ability to repay the mortgage ...
How can I figure out if I can afford to buy a home and take out a mortgage?
Focus on a mortgage that is affordable for you given your other priorities, not how much you qualify for. None Lenders will often tell you how much you are qualified to borrow – that is, how much they are willing ...
Before giving you a credit card, credit card companies have to make sure you have the ability to make your payments. If you're over 21 years old with a spouse or partner, a credit card issuer can choose to look ...
Yes. Before granting credit to you the card issuer may ask about your income so they know whether you can pay the required minimum periodic payment. The card issuer may also ask about your age so they know you are ...