Is it legal for companies not to refinance a home because of a low credit score? 6 Answers as of November 09, 2012

I am in debt, and slowly paying things off. I have not been late on my house payments but still cannot be refinanced to a lower interest rate.

Ask a Local Attorney. 100% Anonymous. Free Answers.

Free Case Evaluation by a Local Lawyer: Click here
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
Yes, they are not obligated to give you a loan if you are not a good credit risk.
Answer Applies to: New York
Replied: 11/9/2012
Law Office of D.L. Drain, P.A.
Law Office of D.L. Drain, P.A. | Diane L. Drain
Yes. A creditor can chose to accept you as a customer, or not.
Answer Applies to: Arizona
Replied: 11/6/2012
Law Office of Bijal Jani | Bijal Jani
No, it is not illegal. Lending institutions reserve the right to make determinations on refinances, as well as purchases, based upon many different factors, including market valuations, personal credit scores, and income.
Answer Applies to: New York
Replied: 11/5/2012
Gallagher & Associates Law Firm, P.A.
Gallagher & Associates Law Firm, P.A. | Charles R. Gallagher III
Refinancing a loan is an arms length transaction and there is no entitlement to a refinance of your mortgage under law. Lenders have the right to underwrite your application to refinance and to use the informaiton contained in your credit report.
Answer Applies to: Florida
Replied: 11/5/2012
Scott Goldstein | Scott Goldstein
It is entirely legal for a lender to refuse to refinance a home for almost any reason, except for protected things like race, religion, or gender. Lenders have criteria for refinancing, which you may not meet.
Answer Applies to: New Jersey
Replied: 11/5/2012
Click to View More Answers: