Thursday, June 01, 2006

Blacks and Latinos are often fleeced
when shopping for home loans

Black and Latino home buyers are more likely to pay high mortgage rates than white borrowers with similar credit ratings and income levels.

The Center for Responsible Lending said either loan sellers are charging higher rates to the minority customers or those borrowers are being steered to loan sellers that specialize in higher rates.

The study found that blacks were 29% more likely to pay a high interest rate on a fixed-rate home purchase loan. A Latino borrower also was more likely to pay a high rate.

Read the study here.

And a higher interest rate isn't the only way black and Latino home buyers are victimized. See previous post here.

10 Comments:

At 8:40 PM, Blogger Paul Adams said...

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At 3:42 AM, Blogger Joe Berenguer said...

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At 7:09 AM, Anonymous Anonymous said...

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At 5:29 AM, Anonymous Anonymous said...

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At 9:18 AM, Anonymous Anonymous said...

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At 3:15 AM, Anonymous Anonymous said...

Pop goes the Housing Bubble? A Florida subdivision -- -- characterizes the area, the problem, and the answer.

 
At 9:49 PM, Anonymous Anonymous said...

In this "cooling off" real estate market, suggest that the average residence is shown about 4 times a week during the first 3 weeks of a real estate listing. After that, an unsold home goes "stale" ... it gets shown less .

 
At 8:24 AM, Anonymous Anonymous said...

The No. 1 sellers' complaint on the is the "showing" process ... the line of people trudging through their home, inspecting their lives, in search of who knows what .

 
At 9:48 AM, Anonymous Anonymous said...

So many blogs, so little time. Got to get back to work on my own real estate sites. Enjoyed the visit. Stop by my site if you have a chance.

 
At 12:26 PM, Anonymous Anonymous said...

If you're selling your home, consider . Faded walls and worn woodwork reduce a lot more than house appeal. They cut into your price. Invest in a few cans of paint. Brighten up the interior. .

 

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