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Equal Credit Opportunity Act (ECOA)

What's the meaning of Equal Credit Opportunity Act (ECOA)?

 

Equal Credit Opportunity Act (ECOA) :
Federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status or receipt of income from public assistance programs.

 

Interpreting buzzwords like Equal Credit Opportunity Act (ECOA) can be very intimidating. Hopefully we have helped you to understand Equal Credit Opportunity Act (ECOA) a somewhat better. Do visit DGC Finances again.

 

No problem understanding Equal Credit Opportunity Act (ECOA) so how about Community property

 

 

What Not to do when taking a mortgage or loan

Don’t fall for a loan from a door-to-door salesman or home improvement contractor who comes to your home. Don’t take out a loan on your property for anyone else unless you can afford to lose that money forever. Don’t decide whether you can afford a loan by the monthly payments alone. Don’t sign anything that has blank spaces. 

If you’re like most homeowners, your house is the most important and valuable thing you own. The money you’ve put into your home can enable you to borrow money with a home equity loan. Your home secures the loan—unfortunately, you can lose your home if you are unable to make the loan payments.

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