Finance
Under the Equal Credit Opportunity Act (ECOA), Vermont lenders are prohibited from discriminating in lending based on:
ACredit score and income
BRace, color, religion, national origin, sex, marital status, age, or receipt of public assistance✓ Correct
CDown payment amount
DLoan amount requested
Explanation
ECOA prohibits credit discrimination based on race, color, religion, national origin, sex, marital status, age (as long as the applicant is of legal age), and receipt of income from public assistance programs. Vermont lenders must comply with ECOA in all lending decisions.
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Key Terms to Know
Pre-Approval
A lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Math Concepts
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