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Real Estate'
Eileen M. Day REALTOR
NEVER TOO OLD
When does a home buyer become too old to obtain a mortgage loan? Well, let me reassure the elder citizens out there that age alone has very little to do with a lender approving a mortgage. It is not unusual for mortgage terms to exceed life expectancies. It is done all the time. When you think about it, basing a mortgage loan on age alone would preclude many of today’s buyers from getting the average 30-year fixed mortgage.
The primary consideration of the lender is the value of the underlying asset being given as security. In other words, “How much is the property worth?” The other major consideration is the ability of the borrower to meet his or her repayment obligations.
If the property to be purchased is of reasonable value, a reasonable down-payment is made and the borrower shows the financial ability to make the monthly payments, elder buyers should not experience any unusual difficulty in arranging a mortgage.
If there is anything we can do to help you in the field of real estate, please stop in at EILEEN M. DAY, Realtor, the Clopton House, Washington, VA 22747. Phone 6753033. We’re here to help.
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