Does age affect a mortgage?

When considering a mortgage, you may want to consider your age. Different ages, and different stages of life, often require a different approach to purchasing a home. Younger individuals tend to have a significant amount of debt, so they often need to get a home that has a lower down payment. First-time home buyers such as young couples will often qualify for loan packages that are easier to get. 

Middle-aged homebuyers are often attempting to trade in their current home for a larger home. These borrowers often have an easier time securing a loan, but still need to consider whether or not the home will be suitable for their family in the future.

Finally, retired individuals are often on a fixed income, and this can make it more challenging for them to get a loan. Thus, they may need to downsize their property needs to make it more reasonable. For more information about how age may affect your mortgage, contact us today! We are happy to help you with your questions at Avis Lending

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