Will a lender even approve us for a 15 year mortgage at our age?

Age is not a factor, income and credit are. I would speak with a mortgage lender to discover what options are available to you. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Manuel, as a Senior Real Estate Specialist (SRES) I get this question a lot, and the straight answer is that your age cannot be the reason a lender turns you down. The Equal Credit Opportunity Act prohibits lenders from denying credit because of age, and a lender who tells you otherwise is breaking federal law. What lenders actually look at is your debt-to-income ratio, credit scores, assets, and the property. The one place age quietly matters is income that will change. If one of you plans to retire in the next few years, the lender will want to see that the income used to qualify will continue, such as pension, Social Security, or retirement account withdrawals, and they will document it differently from wages. That is probably what is behind the cautious looks you are getting, and it is a documentation question, not a rejection. The bigger issue on a 15 year term is the payment. On $200,000 the monthly payment will be meaningfully higher than a 30 year loan, and that hits your debt-to-income ratio harder, so run the numbers both ways. Ask your loan officer to price the 15 year and the 30 year side by side, and ask them to show you how they are counting any retirement income. You can also take a 30 year loan and simply prepay like it is a 15 year, which keeps your required payment lower if income changes. I am a real estate professional, not a lender or financial advisor, so get a pre-approval in writing from a lender and let the numbers answer the question. If you are in the Palos Verdes or South Bay area I would be glad to help, and anywhere else I can connect you with a strong local agent and lender. This is Zoltan Peresztegi, SRES, and I wish you both the best. Zoltan

Lenders cannot discriminate because of your age! I would check with a lender in your area to verify!

Being 58 and 60 doesn't by itself rule out a 15-year mortgage. Age alone generally isn't a valid reason to turn you down. Your income, debts, credit, assets and the property will matter in qualifying for that $200,000 loan. If retirement is coming during the loan term, the lender may need to understand how your income will continue. That doesn't automatically make you ineligible. I'd have a loan officer review your actual numbers and explain any specific concern. Other people's reactions aren't a lending decision. Then look at whether the full monthly payment will still feel comfortable on your expected retirement income, even if the lender approves it. Austin Moore Broker/Owner, Austin Moore & Company Real Estate Realtor in Longview, Texas

Manuel, the short answer is YES! You and your husband can absolutely qualify for a 15 year morthat at ages 58 and 60. Your age alone should not prevent you from being approved. What matters most is your income, credit scores, debt-to-income ratio, and ablility to repay the loan. If you're approaching retirement, the lender may also consider your anticipated retirement income. A 15-year mortgage can be a great option because you'll build equity faster and pay less interest over time, provided the monthly payments fit your budget. My advice? Speak with a reputable lender, request a pre-approval, and ask for a clear explanation of any concerns. Bottom line: Homeownership doesn't have an age limit! If your fiancés qualify, your ages alone should not stand in your way. Brenda Ashby | REALTOR® | JohnHart Real Estate | DRE License # 01700249