Inappropriate Mortgage Question
Ask the Real Estate Lawyer: Real Estate Law Q&A
REM ## LAW 698
By Ilyce R. Glink and Samuel J. Tamkin
Summary: A reader is applying for a mortgage and is pregnant. Ilyce and Sam talk about what factors a mortgage company considers when making loan decisions and what questions are inappropriate.
Q: Is being pregnant at the time you apply for a mortgage seen as a negative?
Obviously it will be an extra expense, but can the mortgage company say that with a baby on the way you can't afford a mortgage that you otherwise could afford if you weren't expecting?
A: Your pregnancy should not affect your loan application whatsoever.
Your lender should approve your loan on the basis of your credit score, your credit history, the amount of money you earn, your debts and any other monetary factors that affect your credit. Your lender should not look at your gender, color, race, religion, age or whether you are pregnant in determining whether you qualify for the loan.
You might remind lenders who ask you gender-related questions that this line of questioning is irrelevant to the lending process.
But it is a good idea for you and your spouse or partner, if you have one,
to think about the extra expenses you will incur with a baby in the house. Run
some numbers so that you will be sure you can afford your new home and the cost
of caring for the newest member of your family.
Samuel J. Tamkin is a Chicago-based real estate attorney. Ilyce R. Glink’s latest book is 50 Simple Steps You Can Take To Sell Your Home Faster and For More Money In Any Market. If you have questions for them, write: Real Estate Matters Syndicate, PO Box 366, Glencoe, IL 60022 or contact them through Ilyce’s website www.thinkglink.com
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